How Much Would a Competitor Need to Offer to Entice Your Employees Away?
Nearly 10,000 respondents were asked to name their ‘price’ to move to a new organization. Almost half said that an increase of up to £5k would be needed to tempt them. In fact, £5k exactly was the most popular option, with 15% choosing this.
However, it is just as interesting to note that 6% of respondents said that they would leave for less money, implying there were many other happiness factors they felt were lacking in their current organisation. It was also positive to see that 16% of those asked said that there wasn’t a salary figure which could lure them away, they were happy where they were. Which shows there are many organisations in the East of England which are successfully creating inspiring, innovative and engaging places to work, something we at Pure are passionate about helping them to achieve.
To try and prevent high-caliber employees from deciding to leave, organizations should ensure that their salaries remain attractive, especially if inflation continues to create a squeeze on pay. Employers can also use our Compare my Salary tool to see how competitive their salaries are and it doesn’t necessarily mean your salary has to be the highest offered in the industry, there are many other factors, such as geographical location, which need to be considered.
In today’s market, employees may also feel more confident to negotiate their pay, yet overall people are still reluctant to move on a salary alone. A happy and fulfilling place to work relies on much more than just how much people are paid. People-focused employers are striving to create the highest standards in excellent employee conditions and getting creative in terms of motivating and inspiring their teams to retain the talent they need to grow their business. There are many other factors which can be considered, including:
Flexibility and work-life balance
Research by Investors in People (IIP) revealed that just under one-third (31%) of employees would rather have a more flexible working environment, such as the opportunity to work remotely, than a 3% pay rise. A lack of work-life balance is one of the biggest factors for people choosing to leave a job. Reviewing your practices around flexible working and looking for opportunities to support employees in striking the delicate balance between work and home life can have a big impact on staff retention.
Don’t risk losing your best employees by neglecting their professional development needs. Let employees have a say in what they would like to achieve by encouraging a two-way dialogue to openly discuss aspirations and further training required. Development plans don’t have to involve additional costs, training could be provided by more experienced colleagues. Where promotions are not possible straight away, look for sideways moves which provide more variety and new experiences.
We are continuing to see an upward trend in organizations choosing to review the benefits they offer to improve talent recruitment and retention. This is echoed by a recent Employee Benefits poll which revealed that over a third (38%) of respondents are planning on introducing new benefits for all employees in 2018. One way in which employers can monitor whether their benefits package still stands out from the crowd is by asking employees for regular feedback within a staff survey.
Reward and recognition
A 2017 survey by Reward Gateway found that 59% of employees surveyed would rather work for a business where they received recognition, over a higher salary job. Try to find ways to regularly remind employees that they are valued and play a key role in the business. Instead of focussing on rewarding staff on an annual basis during performance reviews, look for innovative ways to recognize and reward employees throughout the year.
An inspiring workspace
Arriving at a welcoming and inspiring environment every day will have a positive impact on employee engagement levels. Our physical working environment also affects our ability to work, so spending time and effort on creating a great office space, where people want to be, is a worthwhile investment for productivity. Look for opportunities to create areas where people can break away from their desks to think, problem solve and come up with new ideas, as well as spaces for relaxation and fun.
Overall company culture
The overall culture of the place in which employees spend their time will naturally influence how they feel about coming to work every day. While there are many different elements to developing a successful workplace culture, organizations which have achieved this are all ones where employees feel a real sense of belonging. They understand what the organization is trying to achieve, are inspired by its mission and values and recognize how their role plays a part in achieving overall success. Leadership teams keep employees informed about what is happening and adopt a collaborative approach to fuel discussion and engage teams in a collective vision.