Increasingly in the last three months we are speaking to our clients about staff attrition and the term “the Great Resignation” is emerging.
As the vaccination programme continues to gather pace and the talk of a big bounce in the economy is prevalent, employees now see more certainty and hence those that sat still for the last sixteen months, now think about new opportunities with a lot of movement already commencing. Recruitment firms have never been busier – as the middle man between the employer and the candidate – this sector is facing into a couple of years of strong growth which is great news for them but not great news for companies who may lose good staff.
Hiring staff is expensive – recruitment fees, onboarding, the delayed delivery level one expects from a new hire – all these things cost the business money.
Where you are worried about the potential loss of key staff, we suggest you focus on three key things:
- Communicate – don’t wait for them to resign and react then – check in, take the pulse, see if you can do anything now to stop them if they have started down the job search path before it is too late;
- Share - share the vision for growth with your staff, the potential promotional possibilities, earning possibilities that will abound as a result of a growth and business strategy that you might be slow to share. Exciting times of planning and growth in a company will make edgy staff want to stay a little longer; and
- Evaluate – who are your really high performers whom you want to retain. Look at their remuneration and personal profile and evaluate what is important to them – do they want to buy houses, are their kids in school, is flexibility more important - maybe it is pension payments that they really value – and refocus your offering to them to ensure it matches their profile and retains them for longer.
For further advice on these and any HR matters you can get in touch with a member of the team at HRLegal. See www.hrlegal.ie for more.