Do Cultural Changes in Society affect Employee Retention?
Michael B.
Associate Director - Real Estate Finance at Falmouth Fairfax Recruitment UK/EU | [email protected] | 020 3854 3873
Over the last five years, there have been multiple changes in culture that have significantly impacted employee retention.
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Candidates have started looking for shared values, beliefs, behaviours, and norms that shape the work environment within a company. When there are shifts in the culture of an organisation, it can affect how employees perceive their work experience and their alignment with the company's values and goals.
?Here are a few ways that changes in culture can influence staff retention:
It is important for organisations to be mindful of the potential impact that cultural changes can have on employee retention. Clear communication, involving employees in the change process, and ensuring that the new culture aligns with employee needs and expectations can help mitigate negative effects on retention.?
Combat employee retention challenges
?Let us explore some strategies to combat staff retention challenges and create a thriving work environment:?
Positive company culture: Cultivate a positive and inclusive work culture that aligns with your organisation's values and fosters employee engagement. Encourage open communication, recognise and reward achievements, and provide opportunities for growth and development.?
Employee well-being: Offer flexible work arrangements, wellness programs, and initiatives that support mental and physical health. Show genuine care for your employees' personal lives and create a supportive environment.?
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Employee engagement: Actively engage your employees by involving them in decision-making processes, seeking their input, and providing opportunities for professional growth. Encourage innovation, collaboration, and knowledge sharing to create a sense of ownership and belonging.?
Competitive compensation and benefits: Ensure that your compensation and benefits packages are competitive within your industry. Regularly review salaries and benchmark against industry standards. Additionally, consider offering attractive perks, such as professional development opportunities, performance bonuses, or stock options.?
Career development opportunities: Invest in your employees' professional development by providing training programs, mentorship opportunities, and clear career paths. Show your commitment to their growth and advancement within the organisation.?
Conduct stay and exit interviews: Regularly conduct stay interviews to understand employee satisfaction, concerns, and aspirations. Use the insights gained to make informed changes and address potential issues before they lead to turnover. Similarly, conduct exit interviews to gather feedback from departing employees and identify areas for improvement.?
Work-life balance: Encourage a healthy work-life balance by discouraging excessive overtime and promoting time off. Create a culture that values and respects personal time, allowing employees to recharge and maintain a healthy work-life integration.
Remember, employee retention is an ongoing effort that requires continuous monitoring and adaptation. By implementing these strategies, you can create an environment where all employees feel valued, motivated, and compelled to grow.
EMEA Recruitment is the bastion of people-first recruitment. We listen, challenge, and champion our candidates and clients by understanding their growth, culture, and benefits. This puts us in a strong position to take your value proposition to market and identify the right people for your business. If you’d like further advice, please contact me on 31202417368 or [email protected]
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Senior Treasury Manager | Treasury Director | Senior Finance Manager | Assistant Treasurer
1 年Very important subject, although sometimes neglected. As a manager, in the one-to-one meetings I have with people on my team, I always ask the question: "Today, what would make you leave the company?". I believe it is a direct and also open way to hear their feedback. Compensantion and career development are still those most cited. Culture is, in fact, the main driver to employee retention in what touches "internal actions". But in my experience as an employee and as a manager, there are some factors external to the organization that end up weighing heavily on this topic as well: - Region or area where the company is located: if the company is in an area densely populated by companies, especially multinationals, there is a greater propensity for employees to "look at the market" or even be hunted by the competition. This, in a way, also influences the work-life balance point. - Industry: many people are restricted to some type of industry and, after some time in it, end up choosing to leave, regardless of whether the company complies with all the points mentioned in your article. - Relationship issues: yes, there are still people who put their careers aside to live in relationships. And there is a lot of beauty in it.