Answering The Poll: Why Is Employee Retainment Becoming Such A Common Global HR Issue?

You answered our poll; now it’s our turn!

According to last week’s poll ‘Which do you think is the MOST common issue HR staff around the world deals with?’, more than half of the respondents answered employee retainment compared to workplace inequalities, salary regulation, and whether field expertise or work experience should be chosen over one another.

So with that said, we’re going to find out why employee retainment is such a common global HR issue and in what ways can you - as employers - improve retainment!

The Truth Behind The Employee Retainment Issue

According to MetLife’s 2024 Employee Benefit Trends Study (EBTS), 73% of employees are more likely to stay with their employer if they have access to a broader range of benefits. GoGlobal lists the below 6 benefits as the foundation to great employee experiences:

1. Pay / compensation
2. Flexibility / work-life balance
3. Purposeful work
4. Professional growth / training
5. Social and supportive culture
6. Wellness programs / benefits

Businesses who can offer most or all of these essential benefits (especially at better standards than their competitors) will continuously attract skilled global talent. They also lead to greater loyalty, satisfaction, engagement, and productivity - thus resulting in a greater retainment rate amongst employees.

However, if most of these benefits are not met, then businesses are more likely to continue seeing increased turnover rate in their employees. Obstacles such as compliance and regulatory policies, diversity and cultural needs, and competitiveness in cost management are also difficult-to-control factors that may continue affecting this turnover rate.

It’s crucial for HR departments to brainstorm and execute innovative strategies that can provide as many benefits as possible. For example, Mr Money TV’s employee retainment strategy is ‘hire for 5, work them for 10, and pay them for 8’. In summary, this means placing enough trust in his employees by paying them above the average market rate to produce high-quality work and/or results his business needs. The employees who stay on in his business not only experience high employee satisfaction but feel naturally compelled to increase their productivity worthy of the salary they are given.

How To Improve Employee Retainment

It’s often said that a business is nothing without its employees. If your business is having severe difficulty in retaining its employees, then changes must be accepted and implemented. But we’ve taken the liberty of breaking down some of the first steps you can take towards these changes!

Things To Consider

• Identifying employee needs and priorities
• Checking in on employee fulfilment and sense of purpose
• Ensuring compliance and avoiding potentially costly legal issues
• Customising your benefits plan to align with local cultural norms
• Maintaining a balance between financial responsibility and the cost-effectiveness of benefits
• Being understanding of employees who are mismatched with your business’s values and culture

Things To (Try To) Avoid

• Disregarding employees’ financial concerns
• Giving too many monotonous or repetitive tasks
• Granting too little new challenges or growth opportunities
• Enforcing fixed and negative thinking patterns that limit change
• Ignoring negative impacts on mental, emotional, and physical health
• Contributing to toxic work culture through poor management or lack of autonomy

Things To Improve

• Practising mindfulness and exercising emotional intelligence
• Embracing creativity and innovation to work challenges and solutions
• Breaking down large goals into manageable steps while tracking your progress
• Engaging in networking events, industry conferences, or professional communities
• Requesting feedback, insights, and guidance from colleagues, mentors, and trusted advisors
• Defining and setting clear, actionable goals that align with your business’s values and aspirations
• Building connections with like-minded individuals who can offer vision, support, and inspiration

There are many reasons why employees stay at their current business or why they opt to leave and move to another. But regardless, it’s an employer’s responsibility to ensure that employees’ needs are met and that their work enables them to secure a comfortable livelihood.

That’s why, at Hyred, we understand the value that human talent can provide. We’re always seeking a diverse range of talented, passionate people who believe in the importance of progression and in helping others achieve their career goals too. If you’re interested in onboarding with us, visit our Homepage now to set up a free 30-minute consultation for more information! Or visit our Career page for our full list of open job positions in the SEA region!

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