In early 2024, over 23% of employers in Ireland revealed their toughest challenge: recruiting new staff. One surefire way to ease this burden? Stop the revolving door of employee turnover. By keeping your current team happy and engaged, you can maintain high morale, build a strong work culture, and save on operational costs.
Michael Page’s Global Talent Survey uncovered a few key findings on employee expectations. We’ve taken each theme and broken them down into actionable strategies for you to create a more loyal workforce.
Employee Expectation 1: High salaries
Why it matters: Wages need to keep up with the cost of living.
Action plan: Ensure your salaries are competitive by keeping pace with inflation and the cost of living. Utilize tools such as a minimum income calculatorto establish a baseline income and refer to a Salary Guide for benchmarking senior-level roles. Regular salary reviews will help you stay competitive and demonstrate to employees that you value their contributions!
Employee Expectation 2: Autonomy and flexibility
Why it matters: Employees want work-life balance and the ability to manage their own schedules.
Action plan: Offer remote work options and flexible hours. Even one day a week from home can make a big difference in job satisfaction.
Employee Expectation 3: Inclusivity, respect and trust
Why it matters: Employees need to feel valued, listened to and understood. According McKinsey, 51% of employees resign as they do not feel that they belong.
Action plan: Foster a feeling of belonging and collective accomplishment by rewarding employee efforts. Implement a mix of peer-to-peer recognition and formal programs such as "Employee of the Month" awards and performance reviews – even consider posting your employee’s accomplishments on social media!
Employee Expectation 4: Proactive response to change
Why it matters: Career development is one of the main reasons why employees leave, yet only 11% of companies offer formal career programs for employees. The workplace is evolving rapidly with AI and other new technologies, so current employees need to be kept up to speed.
Action Plan: Invest in employee development. Offer continuous learning opportunities and adequate training for new processes and technologies. Upskilling existing employees is more cost-effective than hiring new talent and enhances employee loyalty. By supporting their professional growth, you help employees build on their experience and feel more engaged and motivated in their roles.
By focusing on these strategies, you'll create a more supportive and engaging workplace, reducing turnover and keeping your best talent right where they belong: with you.