The United States is experiencing record-high levels of resignations throughout the country with staff leaving their jobs across all industries for “greener pastures” and new opportunities.
A study conducted on Microsoft employees across 31 countries found that 41% were considering switching jobs.
Many experts predict this same phenomenon will reach Australia. Better flexibility, mental wellbeing and work-life balance are some of the cited reasons why this is happening.
So what does this mean for your organisation? Well, it could be a huge opportunity or a big problem.
Read on to find where promotional merchandise fits into an employee retention/attraction strategy and why you should be using them.
- Why should you care about employees leaving
- What can cause employee turnover
- How to reduce employee turnover
- How to attract high performing employees
Why should you care about employees leaving?
Other than it being sad to see someone you have come to know leave, there are a number of other costs to the business including:
- Turnover is costly (both in time and cash)
- Potential loss in sales
- Decreased productivity (especially for key staff members)
- Team morale may be negatively impacted
What can cause employee turnover?
Some employee turnover is always natural. But if your organisation is receiving a large amount it might be due to one of the following:
- Staff feeling burnt out or overworked
- Feeling a lack of opportunity for growth or career development
- Lack of recognition or constructive feedback
- Toxic workplace culture
- Better offers from other employers
- Little opportunity for decision making
- Negative perception of management
How to reduce employee turnover?
So now that you know some of the reasons why people may leave and why you should care. How can you prevent it from happening?
1. Reward and recognise employees
Sometimes a simple “thank you” or “good work” is more valuable than any pay raise or bonus.
Having a reward plan in place that includes both monetary incentives as well as non-cash incentives (such as corporate gifting) is an effective way to keep employees motivated and engaged.
This could include things like corporate gifts for Christmas, reaching milestones or simply an unexpected surprise.
Speak with one of our experts today for some suggestions your staff will love. You can have your logo added to just about anything you can think of.
2. Encourage feedback and listen to it
Everyone likes to feel like they’re being listened to. This doesn’t mean that every suggestion needs to be put into practice.
But it does go a long way to have that conversation and explain why certain decisions are made.
3. Create a positive work environment
Happy workers are more productive. A study run by Oxford University found that happy workers were up to 13% more productive.
Creating a work culture that fosters positivity is critical to creating a great work environment.
This could be done by offering mental health support networks, hosting company events and team-building exercises, promoting diversity, enhancing the physical work environment, more flexibility with work locations/hours and more.
4. Closely monitor employees relationship and engagement
It’s important to always pay attention to how engaged your team is. Higher engagement means less turnover.
Even in industries where the work being done isn’t inspirational in themselves, there are always strategies that can be put in place to increase engagement.
Set up employee engagement surveys, focus groups and create a plan that acts on what’s discovered.
5. Offer a good work-life balance
The global pandemic has changed the mindset of many workers, opting to earn less if it means a healthier work-life balance.
This will look different for each person. It could be working from home, flexible hours or reduced workloads.
Having options available especially now that working remotely has become more normalised can make a big difference in employee retention.
6. Allow opportunities for development and growth
Opportunities for growth and development are very important for keeping good employees around.
If there’s no room for progression it’s very likely they’ll go somewhere else that offers a chance to improve their income or status.
7. Hire the right people (and get rid of those who don’t fit)
It’s not me, it’s you.
Sometimes an employee just doesn’t match the company culture/values and trying to get them to change simply will never happen.
It’s worth investing time upfront in the hiring process to ensure the right person joins the team and maybe even more importantly the wrong person doesn’t.
8. Conduct exit interviews
Sometimes you don’t know unless you ask.
What’s worse than losing one of your best employees? Losing multiple because the problem was ignored!
Having an honest conversation can offer great insight and ensure you don’t make the same mistake twice. You may not be able to change their mind but at least you’ll know for next time.
How to attract high performing employees?
With so many people looking to change things up it’s the perfect opportunity to attract high performers that were previously unavailable.
But how do you do it?
1. Create an awesome onboarding experience
First impressions count.
Setting up an awesome onboarding experience will keep your new staff sticking around and convey that your organisation cares about its employees.
It’s also great content for your social media.
Add branded merchandise to your onboarding kits to instantly create a sense of connection with your new hires and make them feel proud for sporting your logo.
2. Build an image that your organisation is a great place to work
The values and image of a brand are becoming more and more important in the decision making process for choosing where high performing employees work (especially for younger demographics).
Show off the good things you do for the community as well as any perks or benefits your employees receive.
Make your organisation somewhere people want to work.
3. Treat your current team with respect
Word of mouth can travel fast.
And the quickest way to scare off any good hires is hearing from existing or ex-employees that your organisation is one they should avoid.
In the age of the internet, bad news travels fast.
4. Offer competitive benefits
Benefits and pay are some of the core drivers most people take jobs and show up every day.
Like fishing, you’re not going to catch anything without the right bait.
It’s a no brainer that the more you pay the more choice you will have over hiring.
5. Be active on social media and display good company values
Social media allows you to show off the more casual and approachable side of your brand. As well as show your team enjoying themselves.
Most employees now will look at a brand’s social media content before even having an interview.
No presence on social media can be a big red flag for new hires.
Summing Up
These times present both an opportunity and a risk to your organisation.
Getting on top of your strategy for employee retention and attraction ensures you are putting your best foot forward.
Want to level up your onboarding and Promo gifting game? Our team are here to help. Speak with us today for some ideas your staff will love.
Matt has spent over eight years in Australia’s promotional products industry. As part of the Promotion Products marketing team, he manages product catalogues and content, keeping brands up to date with what’s new and what works. A contributor to the APPA Magazine, Matt brings practical insight into how quality merch helps businesses stand out.