Smarter upskilling. Greater team diversity. Better work life balance. They can all help to boost employee productivity, engagement and retention. But getting these elements right is a big challenge – especially when the world of work is undergoing radical change.
Introducing new processes, technologies and workstyles at such a turbulent time can do more harm than good if not managed and communicated correctly. Even prior to the Covid-19 pandemic, 57% of companies said organisational change was a major risk to employee wellbeing1.
And employee wellbeing is going to be a big focus in 2021. Mental health experts predict that up to 10 million people in England will need either new or additional support as a direct consequence of the Covid-19 crisis2.
As well as conducting wellbeing initiatives, business leaders need to help employees get smarter at managing their work life balance – especially as more people are now based at home instead of an office. This will not only help to reduce the risk of mental health issues and absences but also increase talent retention: 49% of employees prefer to work for an organisations that protects their health and financial wellbeing3.
But that’s not all. Employees also want their work to give them a sense of purpose. When people feel they are making a difference, it can have a massive impact on employee retention: businesses rated highly for a purposeful mission experience 49% lower attrition rates4.
With skills gaps and availability still a major concern, maximising employee retention needs to be a top priority not just for HR departments but every leader and manager. And that means rethinking how best to harness the potential and passion of your people.
From flexible hours and assistive technologies to talent marketplaces and collaboration tools, they can all make a difference to how people work. And how people feel about work.
But where do you begin? Our latest Insight Guide will help you identify the strategies and solutions needed to inspire stronger employee engagement and retention. Produced in partnership with Microsoft, the Insight Guide combines industry research with expert advice and best practice checklists.
By investing in your people today, you’ll also be able to attract – and retain – the talent of tomorrow.