Although the Cost of Living (CoL) crisis has left many UK employees under financial pressure, the record-breaking quit rates of the Great Resignation show no signs of slowing down.
Based on the latest Gallup Poll research, over half (53%) of employees desire jobs that offer greater stability, contributing to ongoing shifts in the job market. This year, businesses should create a cohesive environment that encourages open communication, collaboration, and mutual understanding. This approach can help organisations create a positive working environment for their workforce, boost employee loyalty, and ultimately improve retention.
Consequently, employees are eager to ensure that their employers are dedicated to their professional development and growth and are informed about the company’s strategy for navigating the current economic climate. Therefore, maintaining a stable workforce is a paramount concern for many businesses. Failing to do so can harm productivity, morale, and the company’s financial performance.
Below I have outlined some steps organisations can take to support their workforce and make them feel secure in their roles.
Employees’ expectations from the ‘future of work’-scape
The future of the work-scape is changing, and employees are looking for their employers to adapt to these changes. Those that do will find themselves with loyal employees who can see how much their employer values them. Some of the critical employee expectations for the future work-scape include:
- Job security – Job security is a top priority for employees, as they want to know that their jobs are safe and that they have a future with their employer. Businesses should prioritise communication with their employees and remain as transparent as possible about potential changes that could affect the business. To ensure that employees know relevant policies, they should be easily accessible on the company intranet or employee experience portal.
- Greater flexibility and work-life balance – Greater flexibility and work-life balance are essential for employees, as they want to work from home, set their own schedules, and balance their work with their personal lives. For example, the traditional 9-to-5 workday is becoming less common as remote work and flexible schedules become more popular. Providing this will ensure that employees feel listened to within the business and help to create a positive image of their time at work.
- Career development – Career development is another priority for employees, as they look to their managers for the necessary skills to thrive in their current workplace. Therefore, it is essential that businesses invest in development programmes, including online courses, workshops, and mentoring programs, to ensure that their employees remain motivated and up to industry standards.
Providing internal mobility
Businesses can strengthen employee loyalty and create a link between mobility and retention by establishing opportunity marketplaces that offer internal mobility. Opportunity marketplaces are digital platforms that match people to relevant projects, gigs, and full-time roles.
These are mutually beneficial for employees and the businesses they work for, as they allow good talent to stay within a business rather than taking their skills and knowledge elsewhere. In addition, these marketplaces can help employees find new career opportunities within the company, allowing them to advance their careers without leaving the company.
Businesses can do this by using an employee experience platform like Applaud, which can help match employees with the right roles and opportunities based on their skills, interests, and career goals. It’s a valuable tool to help HR teams identify and quickly address potential skill gaps.
Businesses can offer even greater internal mobility by providing employees with job rotation or secondment opportunities. This allows employees to gain experience in different areas of the company and develop new skills. It can also help employees build a network within the company and increase their visibility to senior management. Businesses can foster this employee growth by launching mentorship programs that enable employees to acquire new skills and progress in their careers.
Benefits of technology for HR teams
In today’s fast-paced world, HR teams can now leverage different tools and platforms to ensure employee loyalty. With the help of technology, HR can track employee performance and identify areas for improvement. This helps improve job performance and shows employees that the company cares about their growth and development.
Another way technology can aid in creating employee loyalty is through automation. By automating mundane tasks such as timesheets and expense reports, employees can focus on their work without being distracted by lengthy HR admin. This has the benefit of freeing HR’s time to focus on more meaningful work.
In conclusion, creating a positive work environment is essential for organisations to establish employee loyalty and promote long-term retention. By prioritising the needs of their employees, organisations can create a supportive and productive workplace.
Employers must invest in their employees’ wellbeing, recognise their achievements, and provide ample growth opportunities to help them realise their full potential. This approach fosters a culture of loyalty and commitment that benefits both employees and the organisation. In addition, employers must cultivate strong relationships with their employees to achieve a bright and prosperous future in the competitive landscape.
Ivan Harding, CEO and Co-Founder, Applaud.