It seems that regardless of how the recruitment and employment sector is performing, attracting and retaining the top talent can be a complicated and arduous task for Australian businesses.
Fortunately, there are a number of methods organisations can adopt to ensure increased employee retention and reduced staff turnover, even in the most competitive market.
Improve the recruitment process
Perhaps the most effective way to reduce employee turnover is to ensure you are hiring the right person for the role.
Not only should the candidate hold the required skills, they should also be a suitable match within your organisation's values and workforce relationships.
Employees who feel they belong within a company's culture are less likely to seek alternative employment and strong relationships will help develop a loyalty to your organisation.
Alternative employee benefits
Monetary bonuses are usually appreciated by employees but are not as effective as other benefits in improving an employee's sense of worth.
This is because increases to pay and other money based rewards are often absorbed into an employee's budget and do not feel like tangible, usable rewards.
Instead, offering benefits such as travel, business health insurance and opportunities for growth can significantly increase an employee's sense of appreciation.
Staff who feel their efforts are being recognised and rewarded will be more likely to want to work harder for a company.
Organisations can also increase the sense of appreciation by offering a comprehensive corporate health plan to show management cares about the health and wellbeing of staff.
A focus on health insurance and welfare within the workplace can also make your organisation stand out as a leader in the industry to potential candidates seeking employment.
Job seekers are more likely to actively pursue long-term careers with companies that offering support solutions such as a business health plan or healthy work-life balance initiatives.
Employee engagement is an important factor in improving retention as a bored staff member is more likely to consider what other, more exciting options may be available to them.
Engagement can be achieved by offering a positive and interesting working environment, including opportunities for growth and challenges.
Staff are more likely to connect with tasks that provide them with a unique experience or test, rather than the same mundane routine each day.
Trust and respect
Many employees decide to leave an organisation due to disagreements and conflict with their managers or employers.
By ensuring all management staff use respect and support when supervising employees in the lower-levels, your organisation can benefit from a more positive working environment.
Trust and respect will encourage employees to develop stronger relationships with their colleagues and supervising workers.
This should ensure they feel their employers are their allies, rather than their enemies, which will increase loyalty within the workplace.
Respect will also help employees to consider their position important within the organisation. This should encourage a greater feeling of self-worth and an increased sense of job security.
Help them grow
Employees are more likely to stay within an organisation if they believe their career can advance beyond their current standing.
By offering training or promotional opportunities, your organisation can encourage a potentially high-performing employee to stick with your company through the advancements in their career.
If you would like more information on improving your employee retention through business health initiatives, contact the team at HICA today.
HICA can offer a health insurance comparison and obligation-free quote to help you ensure your business obtains the best corporate health policy to benefit your employees needs and lifestyles.