Staff retention strategies to avoid The Great Resignation

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As we know, our energy flows to where our attention goes and it seems, EVERYONE’S attention is now focused on the phenomenon that is being referred to as The Great Resignation, as we all begin to move forward into the ‘new normal’ World Of Work (WOW!)

Personnel Today gave a big shout-out to Culture Amp last week, the world’s leading employee experience platform, cited as one of Fast Company’s Most Innovative Companies of 2021.

I want to second that shout-out in this week’s FIT Matters, because Culture Amp prove that Employee Experience, which has been nowhere near as high on the company strategy agenda as Customer Experience has over the years, is becoming far MORE important to focus on if we want to build and grow sustainable, profitable businesses in 2022.

Culture Amp have a really simple philosophy around Employee Experience, as their strapline denotes: “Don’t crunch the numbers, connect the dots.” I love that 💖.  They talk about Employee Engagement; Development; Performance & Retention, as being vital to business success, but quote that fancy spreadsheets won’t ever tell us, as business leaders, the full story and we need to join these 4 dots to truly understand where we’re at with EX in our businesses. How true that is!

Thanks to the stormy pandemic seas our staff have had to navigate over the past 18+ months, today millions of people are leaving their jobs in droves, hence the phenomenon being given the title of ‘The Great Resignation.’

One survey found that as many as 95% of employees are thinking about leaving their jobs. However, Culture Amp boldly state that OUR employees DON’T have to be part of this statistic. “Turnover is preventable and there are actions your organisation can take right now to engage and retain your employees for the future” says Didier Elzinga, CEO & co-founder of Culture Amp.

Elzinga goes on to say “The past 12 months have highlighted the value of prioritising culture as a strategic priority. Amongst so much uncertainty and change, the way organisations intentionally create and shape work culture and influence the employee experience is more important than ever”

As Team FIT have always said….

“PEOPLE form a culture – products, processes, systems and services don’t!”

Culture Amp helps its 4,000+ global clients to understand the engagement of their employees, to retain top talent and to foster individual development and growth that leads to greater impact, not only to an organisation’s culture but to bottom-line profits too.

As we know, turnover comes at a high cost, both financially for the business and emotionally for the employees who’ve been left behind. Culture Amp’s people scientists have found that replacing an employee can cost anywhere from 30% to 200% of a person’s annual salary and latest research shows that attrition has grown to an average of 15% UK wide and to 26% within the contact centre environment since March 2020, when the pandemic hit at top-notch speed.

That’s a scary figure, when you interpret those percentages into pounds and pence, let alone when you interpret the emotional impact on both your employees AND your customers – happy employees = happy customers, remember? And happy customers = a happy and (financially) healthy organisation.

So what can we do to reduce attrition and retain our top talent in these post-pandemic months ahead?

Well, one smart move would be to go and read Culture Amp’s latest publication on the subject here 5 Ways To Help Retention

So, to improve Employee Experience in YOUR organisation, in order to drive down costs to serve and enhance your ENPS scores in the future (they’re as important as your NPS or CSAT scores now, remember) ensure you apply the 5 keys to successful retention:

1. Be TRANSPARENT
2. FLEXIBILITY is KEY
3. REVISIT YOUR BENEFITS PACKAGE (COMPENSATION PRACTICES)
4. DOUBLE DOWN ON CULTURE
5. CONTINUE SEEKING FEEDBACK

Good luck with keeping your employees safe under your wing from now on!

Until next time – take care & keep FIT 😊

Best regs
Marie X

Hello... I'm Marie Cross

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