To say that the hunt for talent is more fierce than ever is an understatement.
It’s a strange time right now for employers. We’re dealing with the impacts of the pandemic, the looming recession and the aftermath of the Great Resignation. With the unemployment rate sitting at a 48-year low of 3.5%, we’re also up against an incredibly tight labour market.
After the twists and turns of the past few years, we know that talent retention is at the front of every employer’s mind. With the majority of businesses struggling to find staff to fill open roles, it’s never been a more important time for business leaders to have strategies in place to help retain their team.
Although it might seem overwhelming, there are things you can do to help retain your employees. One of those things? Implementing Employment Hero HR and Payroll.
Our all-in-one HR, benefits and payroll platform is custom-built to help you retain top talent – whether that’s through reward and recognition, employee benefits, a compelling employee value proposition (EVP), or learning and development – and we’re here to show you how.
Don’t underestimate the power of reward and recognition
Did you know that approximately 63% of employees who feel recognised are unlikely to look for a new job? In a world where everyone is busy and rushing to get work done, it’s important not to underestimate just how far a ‘thank you’ can go.
With Employment Hero, employees can recognise co-workers for great work, and it can be attached to a company value when a co-worker goes above and beyond in their role. The best part? You can attach a monetary value to it, such as $10 Hero Dollars.
If you don’t want to attach a monetary amount, our Shout Outs feature can publicly acknowledge a team member by saying thanks. Whether it’s jumping on a call last minute or assisting with a difficult task, Shout Outs are an informal way to show appreciation within your team.
Employee benefits and perks
One of the easiest ways to attract and retain talent is through offering employee benefits. Looking for inspiration? Consider offering free lunch, employee discounts, reimbursed travel expenses, discounted health insurance, flexible working, paid parental leave, or even employee stock options.
Employment Hero can help manage employee benefits in your team. Reward your team with Hero Dollars and they can put them towards buying items from Discounts, our online marketplace with access to savings on thousands of everyday goods and services. Whether it’s movie tickets, discounts on health insurance, gym memberships, or tech gadgets, you can shop online for everyday items at a discounted price.
Develop your people
Giving your team the tools to manage their own learning is just as important as any other aspect of their role. By offering on-demand learning and development opportunities, you’ll broaden their knowledge and keep them engaged in the process.
In Employment Hero, employees have access to a great range of on-demand courses that can help develop their knowledge and skills. It’s one of the easiest ways to manage employee learning and encourage professional development.
Support your team with an employee assistance program (EAP)
According to the Black Dog Institute, one in five Australians aged 16-85 will experience mental illness in any year. What’s more concerning is that an estimated 45% of Australians will experience mental illness at some stage in their lifetime.
Our 2022 Wellness at Work Report confirmed this, revealing that burnout is spreading like wildfire across the working population. With workers feeling an extreme sense of fatigue recently, it’s no surprise that 53% of employees agreed burnout had impacted them in the past three months.
An employee assistance program (EAP) is a confidential counselling service provided to your team. With in-person and telephone support available, your team and their family will have access to 24/7 counselling with qualified psychologists and professionals. It’s a great way to support your employees’ mental wellbeing and show that you provide care for their wellbeing beyond work.
Get serious about goal-setting
When it comes to retaining your team, you want everyone to feel aligned and working towards the same goals. If no one feels aligned or individual goals aren’t connected to the broader company objectives, this can give off the impression that the business is disorganised – especially if your top performers are highly ambitious and goal-driven.
With Employment Hero, you’ll have access to Goals, which uses the Objectives and Key Results (OKRs) framework that focuses on transparent company, team, and employee goals. When using OKRs effectively as a team, all your employees are aligned to your overall company goals. This means that your entire workforce will have visibility over how both their team and themselves contribute towards the one overarching goal.
Improve communication with one-on-ones
We often hear that internal communication is a pain point for many small and medium-sized businesses – and chances are, your employees are feeling the same way.
One-on-ones are a recurring weekly or fortnightly catch-up that an employee has with their direct manager. It’s a time dedicated for the employee to talk through how their past week or fortnight has gone, as well as commit to things for the future. It encourages conversations of learning and development, whilst showing you care about their career journey.
In Employment Hero, you can create a scheduled and recurring one-on-one with your employees and even create pre-set talking points and questions. The feature also includes note-taking and commenting features, allowing you and your direct reports to record the conversation that takes place.
Keep happiness high with employee happiness surveys
Employee happiness is one of the most important factors when it comes to retaining staff. Happy, engaged employees will always be easier to retain than those who are disengaged and coasting through their roles.
That being said, you’ll want to ensure that employee happiness remains high to minimise the occurrence of employee turnover – especially in the current employment environment.
The Employee Happiness feature in Employment Hero allows you to check-in on your employees’ happiness, asking them to rate their happiness as a score from one to ten, and leave comments anonymously. It gives a broad overview of how happy your team is feeling, and allows you to take appropriate steps to improve depending on what the results are.
Create a strong retention strategy with Employment Hero
To reduce turnover and retain your team, you want to enhance their work experience. You want to make them feel valued and appreciated, because if they’re feeling satisfied within their roles, they’re less likely to seek fulfilment elsewhere.
Retaining top talent right now is tough, but with a game plan and robust HR system in place, you can do this.
Our team of HR and business specialists are ready to show you how you can retain top talent with Employment Hero. They can walk you through a demo and show you exactly how to get the most value out of our software. Contact Employment Hero today so you can retain your employees tomorrow.