Are you seeking ways to improve retention rates? It’s the burning question that businesses struggle to answer. In the UK, the average employee turnover rate is reported to be at 15%. The reasons people move on vary, from being attracted by a higher salary to the opportunity for career development. However, the bottom line is that low retention rates should be avoided at all costs; besides disrupting productivity, it can also negatively impact client relationships and employee morale simultaneously.
The retention issue is a top priority for every recruitment agency. When employees leave an organisation, a time-consuming hiring and selection process arises, which turns out to be costly as well. Business growth effectively depends on your pool of candidates and skilled employees. So, what do employees really want?
Reward and recognition
Providing employee recognition through rewards and appreciation boosts morale, increases productivity, and improves employee satisfaction. Showing appreciation by thanking employees makes them feel valued while offering rewards keeps them motivated and engaged. “Listen to your employees,” says David Callaghan, CEO of Centralus. He explains that “independent research shows that employees seek more learning and development programmes, more benefits, more enhanced pensions.” He believes that offering the right range of benefits can keep your talented staff members happy and loyal for years to come, and that “significant discounts on cinema, food, shopping, travel and insurance, could have a greater impact than a typical pay rise.”
Employee engagement packages
If you don’t want to lose your top talent, offer them a compensation package (other than an hourly wage or base salary) that they can’t refuse. Research has indicated that employee benefits can have a significant impact on retention rates. Indeed, 43% of temporary works say that employers could convince them to accept a full-time job offer because of a better benefits package. According to David Callaghan, simplifying the access to benefits packages is vital. “We help HR agencies combine a wide variety of benefits into one user-friendly platform. It includes phone access to a GP or webcam consultations, thousands of pounds worth of retail discounts, and wellbeing perks.”
More than 50% of global organisations strive to retain some of their more valued employees. Today’s workforce has more employment options. Many people are currently employed yet open to new job opportunities seriously consider benefits when evaluating a new vacancy. If they are not satisfied with what employers are offering, they can easily search and apply for a position on their mobile phone. In short, the strategic use of employee benefits can enhance your ability to attract and retain the best talent. There’s no one size fits all benefits solution; in reality, each employee has individual preferences and lifestyle requirements. Therefore, it’s ideal to have the resources to be able to provide a full range of benefits that they can customise to their needs and circumstances.
A win-win formula
A targeted employee benefits plan offers value to both employees and employers alike, making them a mutually beneficial business solution. Savvy recruiters understand that tailored benefits, satisfying workforce needs, will lead to better retention rates. Benefits indeed are the innovative approach for retaining talent and are a crucial element of Centralus’s strategic employee engagement solution.
Centralus leverages technology to make services easily accessible through a Benefits app and user-friendly portal. These digital gateways simplify everything for employees, from accessing real-time pensions valuations and payslip documentation to online learning and medical support, along with exclusive shopping and leisure savings. We adapt our services swiftly in response to exceptional circumstances, such as the COVID-19 platform which provides up-to-date guidance, information, and services to assist employees during this period.