As Australians and New Zealanders look for their next big work opportunity, businesses are left with decimated teams and costly retraining payments.
Research has found that the average cost to fill a new role is $4000 and takes around 24 days1 With employees increasingly dissatisfied in their current roles and open to new working opportunities, organisations must now find a way to elevate the employment experience and make their business known for employee satisfaction.
Just as consumer expectations continue to rise, so too do employee wants. Employees are looking for a workplace that doesn’t just pay the bills, but one that creates an environment for growth and personal satisfaction, so that life can be just as good when on the job as it is when workers clock off.
There are three ways businesses can encourage staff retention, keeping employees engaged and satisfied in their roles.
1. Acknowledge and reward employees
A valued employee is much more likely to be engaged in their role no matter what is happening in their life outside of work. In an unstable political and economic environment where it is easy to be discouraged, employees may be able to reorient their attitude towards a task after receiving a simple “thank you” or “great work”. Acknowledging and rewarding high-performing employees encourages retention and inspires motivation for other team members who are looking to progress in their careers.
2. Provide flexible working options
The traditional office nine-to-five is now a thing of the past. Most businesses have found it not only possible to work remotely but in many ways a positive addition to workplace offerings. Remote working provides team members with the opportunity to avoid commutes, invest in family time, and create a workday that complements their most productive work periods. Automation and communication are key to a functioning remote working program and can result in more engaged employees both in and out of the office.
3. Eliminate manual processes
Automating manual tasks has become critical for businesses looking to compete against larger corporations for top-tier talent. By automating tasks like expense and invoice management, team members can focus on the more creative and human elements of their roles, and even invest additional time into learning new skills to grow.
As businesses begin to think more about what they can bring to the employer-employee relationship, new priorities will emerge, and the retention of top-tier talent will become a greater priority.
This will largely depend on employers having the ability to automate repetitive, manual tasks so that employees can focus more on driving strategy and revenue growth. Automating finance processes touches most employees in an organisation, so has the highest chance of enhancing the workplace experience. With the right workplace tools, job satisfaction will grow among employees, which allows organisational loyalty to blossom and ultimately provides new opportunities for employees and businesses alike.
