Staff Retention in 2024

The war for talent is real. Most small and medium enterprises are experiencing acute difficulty attracting and retaining talent. 

For large organisations with Recruitment and/or HR departments there is the internal capacity to engage on such issues and develop a suite of solutions. For smaller organisations, with no dedicated HR presence, it can be difficult for management to juggle their commercial responsibilities with solving reactionary labour market puzzles.

This article serves to advise readers on simple but effective steps they can take to retain the key people already in your employment. Firstly, you need to consider why candidates would want to work for your business. What makes your business attractive to the type of team member you want to retain. It is also to consider dedicated steps you can take internally to make your business a pleasant place to work and to instil a sense of pride in your brand within your team.

Every organisation has a workplace culture. It may sound like a complicated HR project to develop a positive culture with some core values, but it really isn’t. Work with your team to develop five key phrases that represent the values of your business. Communicate them and ensure that all people associated with your business work to the standards of these values every day. For example, they could be:

• The right advice and the right product
• Every customer matters.
• We care.
• Problems are there to be solved.
• Teamwork is dreamwork

Leadership. The oft-quoted saying goes that “people leave managers, not businesses”. In many organisations, people are promoted into people management roles because they are next in line for a promotion or are there the longest. They may know the technical aspects of their job inside out but may have little or no experience in managing people or teams. Support them in this transition and give them training so they can do well in these roles.

Make them leaders of people, not just managers of people. You want your employees getting up in the morning feeling happy to go to work, not dreading another day under their manager! The terms, conditions, benefits and perks offered by employers have evolved in recent years. Previously, it was usually large organisations who were creative in the benefits package they offered their teams. However, in the modern workplace all employers now need to consider the balance of core terms along with the ancillary benefits they can offer their team.

Competitive wage: The Government are moving toward a Living Wage which will be 60% of the median wage. Currently the minimum wage is moving to ¤12.70 on January 1st, 2024, but expect this to rise further in the coming years as the move towards the Living Wage continues.

• Bonus: Either an individual or team bonus which is based on clearly designed and measurable targets. An employer should want to pay out every bonus they create, because if they are designed correctly it means the employer has made a multiple of the finances, they give to the employee thus making it a win/win situation.
• Remote Working: While not practical for e.g., store teams, there may be others in a business who may have the ability to work remotely, either from home or from a work hub for some, or all, of their working week, while still being a high contributor to the team.
• Pension: Mandatory pensions are coming with auto-enrolment in 2024 but consider a higher contribution for some/all.
• Sick Pay: Statutory Sick Pay continues to increase each year but consider a higher offering if possible.
• Insurance Products: e.g., income protection for long term absence, death-in-service benefit or private health insurance
• Extra annual leave based on length or service
• Paid Maternity and Paternity leave
• Social club and a managed fund to support team building activities
• Lunchtime sessions on financial planning, mindfulness, yoga etc
• EAP – Employee Assistance Programs (offered by most private health insurers on a per head cost)
• Annual health checks – e.g., full medical or just blood screenings
• Champion green. In many surveys, employees express a desire to see their employer as being active in tackling climate change. Engage your employees in creating a plan for battling your carbon footprint and publicise it. For example, maybe you can consider solar panels, an electric forklift, bike to work scheme, sourcing sustainable products etc.

Not all of the above list may be relevant or appropriate for your business, but it does serve as a wider list of terms being considered by other employers and which may have benefit for you. Analyse which options may be of greater value to your team and your business and focus on these.

If, like many others, you have struggled to attract a sufficient number of talented candidates in recent times or have struggled with keeping staff, it is important to remember that “nothing changes if you change nothing!”.

As always, any of the team here at TSA are happy to further discuss and advise on the above information with any HAI member. For further information please contact www.tsaconsultants.ie, 021 463 4154, [email protected]

This Business Support article featured in the November/December 2023 issue of The Hardware Journal