It’s time to use the C word people – yes, Christmas – what else? Beyond the added pressure to plan the ever important Christmas Party employers need to up the ante on their employee retention efforts with over 32% of the UK workforce planning to leave their jobs in January.
The average employee costs SMEs £11,000 to replace according to Accounts and Legal, which is quite a setback to kick off the New Year. So, here’s three things you can do now to help reduce the costly impact of high employee turnover for your business in 2019.
1. Run an employee survey now, before it’s too late
If you run an annual employee survey at the beginning or end of the year then you are entirely skipping the mid-year point where you can actually do something about the people data you collect. But not just any old survey. You need an agile employee survey tool that truly engages with employees. That goes beyond the obvious and uncovers subconscious factors that could be impacting employee morale. One that then delivers the people data in a way that is intuitive and enables you to then take action fast, so employees feel listened to and you are able to address any issues before they move on in the New Year.
We may be biased, but there aren’t many tools out there like our employee survey platform WeThrive. Empowered with psychological intelligence and supported by intuitive reporting and team manager support. With predictive retention heat maps you can quickly and easily identify specific employees who are most at risk of attrition as well as finding out exactly what you need to do to improve things.
2. Arrange Autumn team building activities
The Christmas Party is often a confusing and emotional affair for anyone who has already chosen to leave in January. Finally they feel closer to their team and begin to question their decision, but by then it’s just too little too late.
To help engage employees beginning to consider moving on, why not have an annual Autumn party? Or simply arrange some interdepartmental team building days. There are plenty of corporate team building group activities that can be affordable and accessible. Departments could assemble a Crystal Maze team, and enjoy some adventure activities like rally kart racing.
If an offsite outing isn’t in the budget then you could setup a ‘bring your own game’ afternoon in the office or run Friday Hackathons when employees can help redesign processes or implement innovative solutions. A clever way to help them reconnect to the business and boost efficiency in the process.
3. Engage employees with development opportunities
If business priorities have been getting in the way of career development pathways for your employees, now is the time to address it. Encourage managers to proactively map out those career pathways and actually implement the next steps. Whether that is beginning the process of enrollment on internal or external training programmes or setting up mentorship partnerships with senior members of the team.
If an employee is thinking of leaving in January then they are struggling to see a future with your business. Help them build a picture of the future to boost their morale and revive a sense of purpose. Even if an employee thinks their main reason for leaving is not getting a pay rise the real reason often goes deeper than that. Based on our surveys across a broad spectrum of clients we found that employees want to:
- Feel valued by their employer
- Understand their role within the business
- Nurture a sense of purpose
Help them do that! If they had all of those the chances are they wouldn’t move on and feel a stronger sense of loyalty and connection to the business. Take the extra time now to make changes that prove you are listening and those employee turnover figures won’t set you off on the wrong foot in the New Year.
How will your business fare in January 2019?
Ready or not Christmas is coming and with the festive season comes a lot of reflection as employees review their lives and plan for the year ahead. Can you afford to lose people who are critical to business success?
Get ready now with our webinar ‘Why people really leave, and what you can do about it’ on Thursday 20th September at 2pm, where our co-founder and business psychologist Piers Bishop will explore the reasons why your employees may be thinking about moving on in January. Uncovering key strategies to help you save money and retain your employees in 2019.