1 in 4 employees are actively looking for a new job!
by Heat Recruitment
The Truth Behind Staff Retention.
This is a very general statistic across all businesses not just insurance, but it demonstrates just how important it is for businesses to positively engage with their staff. Especially, when you consider that just 40% of staff members are actually positively engaged about their jobs and the company they work for. That’s quite a startling figure when taking into account that’s more than half of the Staff force are not being motivated or engaged in what the business is trying to achieve. Imagine how much more productive the organisation can be if the business can reach the other 60%!
All too often, we hear from our clients that the reason they are looking to recruit is to replace someone who has decided to move on. This has an obvious impact to the business in terms of: training, succession planning, finding a replacement, associated costs as well as its impact on existing relationships with clients.
So why do good employees move on?
It’s no secret that people like to feel valued, they like to feel part of something, they like to feel that they are empowered and have a genuine autonomy to do their role. We work with incredibly successful businesses with high staff retention rates who pay close attention to these core concepts, but we still see so many disillusioned candidates on the market who feel underappreciated and undervalued.
Another reason employee’s look to move on is a lack of progression or development within their role. Insurance qualifications are now a MUST for many and companies and it is possible to lose staff who view becoming qualified as a crucial part to their personal development.
Clear direction in terms of a career path is another area that many feel is neglected, having that knowledge and target to work towards is a key motivator for ambitious individuals.
Additionally, whilst money is a key motivator we now also find that recognition for simply doing a really good job is something that many crave. Only 28% of Generation Z said money would motivate them to work harder and stay with their employer longer. We have found that non-monetary incentives often yield better results and have a greater impact on overall engagement.
How can you engage employees and improve staff retention?
A clear strategy for the business that resonates across every staff member, leads to enhanced staff engagement. There is an increasing need for transparency throughout companies so that everyone feels like they are contributing to the overall strategy and they can truly identify with the business.
Listening to staff is often the first step and many of our clients now sit down with employees to review the perception of the business, as much as they review the individual performance of the employee. You don’t have to say YES to everything but hearing what people have to say will help to create a culture where ideas are listened to and it will give business leaders a lot of food for thought.
Additionally, never underestimate the value of a comprehensive exit meeting. Rather than simply marching leavers out of the door when they hand their notice in, take the time
understand what has led the individual to seek opportunities away from the business. Feedback tends to be more honest at this point and it is possible to uncover potential problems that could lead to further employees leaving if left unresolved.
About Heat Recruitment:
Heat Recruitment is a Specialist Recruiter that provides Permanent and Contract Staff to the Professional Services and IT markets. Heat Recruitment has been recruiting with the Insurance market for over 10 years and Heat Training also provides Qualified Insurance and Financial Services Training for their respective markets. To learn more please visit www.heatrecruitment.co.uk or better still give us a call on 0345 375 1747.