We understand that for businesses, one of your top priorities should be to retain your best employees. After all, top talent is essential for driving innovation, improving productivity, and maintaining a competitive edge. But, if you’re not careful, you could be at risk of losing your best talent to other companies.
Recruitment and the economy
The news in 2022 was dominated by the rise in the cost of living and energy prices, and that trend looks set to continue in 2023. However, with week-on-week analysis changing in regards to the future prospects of the UK economy, many companies are unsure of the scale of recession the UK might fall into. Some have already taken decisive action in reducing their overall headcount.
However, recent reports have shown a 24.5% increase in job adverts in the first few weeks of January 2023 compared to 2022 and news surrounding mortgage lenders cutting interest rates, shows that it is very difficult to gage where things might be going. Are lenders predicting a decrease in the Bank of England base rate?
All of these things have an impact on recruitment and talent acquisition strategies and may lead to more or less competition for your top talent. Therefore it’s important to keep a close eye on developments to understand which way the ship might be sailing and if you need to work on your strategy to retain or attract the best people.
In this article, we’ll explore some of the warning signs that your top performers may be considering leaving and provide strategies for preventing them from doing so.
What should you look out for?
Feeling undervalued or unappreciated – If your employees feel like they are not being recognised for their hard work or that their contributions are not being valued, they will be more likely to start looking for new opportunities. To avoid this, make sure you take the time to regularly communicate with your employees and recognise and reward your top performers.
Have they hit a ‘career ceiling’? If your employees don’t see any opportunities for advancement within your organisation, they may start looking for opportunities elsewhere. To avoid this, make sure you have a clear career development plan in place so that your employees know what steps they need to take to move up the ladder.
Are they being challenged? Have your employees been given opportunities to take on new and challenging projects and grow within their role? If not, they may become bored and disengaged. Make sure you are giving your employees the opportunity to engage in new exciting challenges that will help them with professional growth and career development.
‘Quiet-Quitting’ – Are your employees happy and satisfied in their roles? Are they going above and beyond or just doing the bare minimum to get by? ‘Quiet quitting’ can be difficult for you to detect as it is not a sudden and obvious change as just handing in their notice. However, it can be just as detrimental to your company as your employee traditionally quitting, as it can lead to decreased productivity, morale, and then potentially leading to losing a valuable employee. You should regularly check in with your employees and encouraging open communication, provide regular feedback and address any concerns or issues that your employees may have.
Culture shift – As your company grows, the culture also changes; in some cases this can lead to some cracks or faults to easily manifest over time without you realising. If there is a negative culture shift within your company you might start to experience various problems like low productivity, absenteeism and ultimately put you at risk of losing your best talent! Here are some warning signs to look out for:
How can you retain and attract new staff?
Retaining top talent is crucial for any business, by communicating openly and honestly with your employees, you can uncover the underlying reasons for their potential departure and address those concerns to keep them committed to your organisation. By proactively addressing these issues, you can increase the likelihood of retaining your best staff members.
As purse strings are tightened or your budget is constrained due to current economic situations, you may not be in a position to offer a bigger salary package. Lucky for you, our amazing recruitment team here at Stellar Select have compiled a list of five key strategies for employers looking to retain top talent or attract new employees in the current job market:
In conclusion, retaining your best talent is essential for the success of your business. By making sure your employees feel valued, have opportunities for advancement, and are being challenged, you can reduce the risk of losing your top performers to other companies.
If you do need support in your recruitment process, our talented team are here to help.