In a context marked by the "Great Resignation" phenomenon and by major recruitment difficulties, employee retention is one of the main HR challenges of 2023, cited by 60% of the executives surveyed by OpinionWay and Grant Alexander.
So why is it absolutely necessary to fosteremployee engagement and retention? And more importantly, what concrete measures should be implemented to improve theemployee experience and retain talent?
Mozzaik365 explores the question from all sides.
Challenges related to employee retention
Employee loyalty and the reduction of turnover are the essential conditions of a sustainable company.
And for good reason, several important issues are directly linked to employee engagement and talent retention:
Controlling recruitment costs
The company's ability to engage and retain talent has a financial impact first and foremost.
The departure of an employee represents a significant cost, especially when it occurs shortly after taking up the position.
According to the recruitment firm Hays, a "failed recruitment", characterized by a departure from the company within 12 months, would cost the employer between 45,000 and 100,000 euros.
This estimate takes into account direct costs, such as recruitment fees, the salary of the new recruit or the cost of training, but also indirect costs such as missed business opportunities or team disorganization.
Building an attractive employer brand
Employee retention also has an impact on the employer brand and the organization's ability to recruit the profiles it needs to operate.
A high attrition rate and the multiplication of negative reviews (spread via word of mouth or through rating sites such as Glassdoor or Indeed) are of course likely to discourage potential candidates.
In 2022, according to a survey conducted by Pôle Emploi, nearly a quarter of recruitments were considered difficult because of a lack of image of the company.
Remain competitive in your market
Finally, talent retention is a condition for remaining competitive in your market.
In addition to facilitating access to skills and limiting the costs associated with recruitment, controlled turnover makes it possible to retain knowledge and know-how within the organization.
But that's not all...
A reasonable turnover rate also promotes employee productivity and motivation by avoiding situations of disorganization and stress resulting from the departure of a team member.
As we can see, employee engagement and retention are strategic challenges for employers.
So, how do you explain the departure of employees and, more importantly, how do you retain employees within the company?
Why does talent stay with their company?
There are many reasons why an individual might stay engaged their work and retain a job. Nevertheless, several trends seem to be emerging.
According to an OpinionWay Study for Microsoft France published in January 2022, the main factors that encourage employees to remain loyal to their company are:
A flexible work organization
In the aftermath of the pandemic, workers are primarily looking for flexibility.
59% of respondents see workplace flexibility as a critical need, and 58% of those who could work remotely but are not allowed to do so are even considering changing employers.
In addition, 60% of respondents say that more flexibility in their working hours "would make them appreciate their company more."
💪 To go further, discover our article on telecommuting: principles for successful management (mozzaik365.com)
A good working atmosphere
Workplace atmosphere is also an essential component of a good employee experience and a key factor in employee retention .
83% of respondents say that the atmosphere, work habits and events organized by the company play an important role in the attachment they feel towards the company.
The values carried by the organization
Finally, the company's values also have an impact on its ability to retain employees.
85% of respondents indicate that their employer's environmental, political and societal commitment is a determining factor in their attachment to their employer.
Based on these observations, what concrete steps can you put in place to improveyour employees' experience and make them want to stay?
7 concrete measures to retain your employees
There are many solutions for engaging and retaining employees and they are experiencing a revival in a post-pandemic context.
Here are 7 concrete, actionable steps we recommend you implement to improve theemployee experience and retain your top talent:
# 1 Optimize your recruitment process
The first contact between the company and the employee is decisive in the employee's willingness to join the organization and then to stay.
To retain your future recruits, avoid multiplying the steps during recruitment.
A process that is too complex could discourage candidates and give them a bad "first impression".
Above all, be transparent. Be honest about the missions, the work atmosphere and the values of the organization.
This way, new employees won't be disappointed once they join the company and will be more likely to want to stay on.
# 2 Ensure quality onboarding
Onboarding your new employees well is essential to retain them.
According to a study conducted by Glassdoor, companies that take care of the Onboarding of their employees improve their retention rate by 82%.
A real plus when you remember the financial cost of a "castingerror"!
In practice, various measures can be implemented to facilitate the integration of new recruits, including
- Sending a "welcome pack" orkit containing useful information (transport, access, contact details, first day's schedule, etc.), a welcome message or "goodies" (water bottle, pen, etc.) to the future employee before he or she arrives. The objective: to reassure the newcomer, to facilitate their integration and to allow them to immerse themself in the company's values.
- The organization of a welcome event to break the ice, strengthen cohesion and establish a good working atmosphere between colleagues. At Mozzaik365, for example, we organize a "Team Fit", that is to say a friendly moment during which the new employee meets the whole team.
- The implementation of a sponsorship system aimed at assigning a "Buddy" to each new employee so that the latter can ask practical questions (use of the bicycle garage, location of the canteen, dresscode, etc.) and feel supported in their integration into the organization.
- The creation of a digitalized Onboarding path (via Teams, for example) to guide the new employee in taking up their position while giving them access to the resources they need to increase their skills (training to be followed, documents to be read, people to be contacted, checklist of objectives for the first weeks or months, etc.).
🤩 To go further, find out how to properly onboard new employees... (mozzaik365.com)
# 3 Rethink the organization of work
As mentioned earlier, flexibility of time and place of work is an important factor inimproving the employee experience and employee retention.
In order to attract and retain employees, especially young ones, it is now essential to set up a hybrid work combining on-site presence and telecommuting.
According to the above-mentioned OpinionWay survey for Microsoft France, 58% of employees in "teleworkable" jobs say that 2 to 3 days of "remote" work per week would make them appreciate their employer more.
What about jobs that are not eligible for hybrid work?
For these, other solutions exist, such as the 4-day week (without a reduction in salary).
Already tested by several French companies, this measure was also tested in 2022 by 61 British companies and adopted by 92% of them. It is said to have a positive impact on employee retention, as noted by 57% of participating organizations.
# 4 Improve the quality of life and working conditions (QWL)
As the French National Agency for Working Conditions (ANACT) reminds us, the notion of Quality of Working Life and Conditions is broader than that of quality of life at work (QWL).
QWL refers not only to a favorable work environment , but also to work methods that"improve work with the aim of developing the health of people at work and contributing to the overall performance (operational, economic, social and environmental) of the organization.
In practice, in order to improve the QWL within your company, to encourage employee commitment and, ultimately, to retain your employees, you must ensure that
- The balance of the workload entrusted to each employee;
- Clarity of missions and roles assigned to each person;
- The availability of the management and the way they listen ;
- The autonomy of employees in the choice of their working methods;
- Employee involvement in decision-making processes;
- The provision of the means and resources necessary for the proper conduct of the work;
- Ergonomics of physical and digital workspaces, notably through the Digital Workplace.
💫 To go further, find out how to Transform Your Intranet into a Digital Workplace | The Guide (mozzaik365.com)
# 5 Facilitate internal mobility
Internal mobility, whether vertical or horizontal, is a lever for engaging employees, retaining talent and avoiding a knowledge and skills drain.
Advancing in your own company allows you to break the routine and set new challenges while remaining in a familiar social environment.
There are several mechanisms that can facilitate internal employee mobility, including
- The implementation of a personalized training program, via the Viva Learning platform, accessible from Teams, for example;
- The strengthening of internal communication in order to highlight the different professions;
- Increasing internal collaboration in order to promote porosity between the poles;
- The development of internal recruitment and the dissemination of internal opportunities.
# 6 Organize regular events
Professional events are a great way to maintain a good work atmosphere, build a strong corporate culture and retain employees.
The adoption of hybrid work and telecommuting makes it even more necessary to organize regular meetings and social moments.
According to the OpinionWay study for Microsoft France mentioned above, 90% of employees who work remotely say that "small convivial rituals" contribute to their loyalty to their employer.
Different types of events can be considered to meet this expectation, improve the employee experience and retain employees, for example:
- Daily "Zoom Cafés" with your team and your manager;
- Face-to-face breakfasts;
- Off-siteseminars with all members of the organization;
- Team Buildingseminars;
- Internal sports competitions.