The most expensive headline cost within a business is usually staffing and employee salaries. However, with the right structures in place, you are able to get the most for your pound.
Business leaders will find it frustrating to train a staff member and when they just start getting value from the effort of training, the staff member looks to move on.
In the current digital world, it is not difficult to find a new role, with the likes of LinkedIn and other platforms like Indeed, providing multiple options at any time.
Similarly, there are more headhunters because of the ease of access to the market.
In previous years, an employee was able to retain staff by simply offering an attractive enough salary package. However, for the millennials, and certainly the Generation Z, loyalty doesn’t just come through the paycheck. As a reaction, it should be no surprise that employment packages are becoming bespoke. However, you can be doing far more.
Here are 5 elements that will support staff retention:
Business opportunities arise from collaborations.
This air of collaborations is only possible from a business being set up in urban areas, so meetings and other forms of connections can be arranged with other leaders. Arranging meetings at coffee shops have become way too common to have any real impact, whereas vibrant environments, including serviced offices, introduce a splash of excitement to conversations.
2. Parking Location / Traveling Aids
Parking facilities may have been a must in the past but employees are expecting it less as cities develop.
Local councils, for instance, have improved transportation where getting around has become easier. Longer journeys, e.g. getting a train from Leicester to London, now only takes one hour, allowing staff members to travel into work from further afield.
On the other hand, there has been a rise is serviced transportation for set requirements. This can be anything from an office-wide trip to a training day. Our blog partners for this piece, OMC Global, has also seen a rise in their transportation businesses where individuals and businesses are hiring regular services.
3. Office Environment
Employees opt to work in creative environments as the gen Z values the feel good factor.
We have seen examples of major businesses reallocating to bring in the charm of a nicer working environment. For instance, Mattioli Woods have created different working spaces including a home like kitchen and large living room with projecting screens. This encourages staff to take breaks and feel comfortable when working longer hours, as per requirements.
4. Salary Packages
In the 80s and 90s, businesses were able to offer higher salaries to retain staff and attract the best candidates.
However, recent research suggests there is a limit to salary becoming a motivator. Therefore, the lifestyle choices offered are now preferred.
For example, travel and training opportunities, available onsite nurseries or remote working options to work around families. All such options work, as long as the specific needs of employees are kept in mind.
Businesses with a brand are more likely to attract skillful staff despite offering less pay because individuals enjoy working for recognizable businesses with known cultures.
Therefore, it’s a good investment to build a brand for not only customer sales but also growing a team, in terms of employer branding. Find out more here.
To learn more, get in touch with us today.
This blog was made possible by a partnership with OMC Global. Check them out for your transportation needs.