Overcoming the Challenges of High Workplace Turnover

Business Insights

It is no secret that many companies need help with low-engaged employees, people on the lookout for the next best thing and finding new ways to attract talent. So, how can businesses change this? The answer lies in cultivating a dynamic work culture that sparks engagement, builds strong relationships, and ignites motivation. When employees feel valued and connected, loyalty and dedication naturally follow, driving long-term success. Let’s dive into the root causes of high turnover and explore actionable strategies for employers to overcome this challenge.

Battling High Turnovers & Low Engagement

It can be a challenge for companies in the UK to retain staff, now more than ever people are expecting more from their workplace in terms of benefits, flexibility and opportunities. The average turnover rate in the UK is a staggering 35%, with nearly 1 in 10 employees leaving a job within 90 days of joining. This evidence highlights the necessity of promoting employee motivation and appreciation in the workplace. To fight the high turnover rates, organisations identified employee engagement as their number one priority.

A recent study by Love2Shop found that poor work culture was heavily associated with high turnover rates. In fact, when employees were asked why they were leaving 41% said they felt their contribution to the business was not acknowledged, 32% cited poor pay and benefits, and 29% believed that loyalty is a one-way street and they did not matter to their employer. Evidencing the clear need to improve company culture in order to retain your talent as well as attract new ones.

A top tip Ellie Austin Williams, author of ‘Money Talks’ and a well-established financial and workplace wellbeing educator, recommends to professionals wanting to develop an engaged team is to “connect directly with your employees and offer them the opportunity to feedback on the support they need, rather than assuming or taking a one-size-fits all approach. Particularly in organisations with a diverse workforce, there's a high chance that groups will respond to different forms of engagement to each other and look for support in varying areas”.

Another study found that a massive 87% of employees are less likely to leave a job if they are engaged. Revealing that to battle high turnovers in your business, you should make employee welfare a priority. Many more surveys reveal similar results. One Gartner survey from June 2023, of over 3000 people, found that those who reported being energised and excited about their work were 31% more likely to stay with their company, 31% more likely to go above and beyond, and contributed 15% more.

Ellie Austin-Williams, believes company benefits not only help the individual but also the business, sharing

“There’s no doubt that the expectations of employees have shifted dramatically compared to previous generations. The challenging economic environment in today’s work landscape means that no longer does company loyalty for your entire career guarantee the financial security and comfortable lifestyle that it once did.”

Ellie admits it's no secret that

“employees are increasingly seeking more than a paycheque from their employers. Rather, company culture and values have become more significant in attracting and retaining talent. Employers taking a short-term view and simply providing the bare minimum when it comes to wellbeing will continue to see high turnover and low output as employees seek a nurturing, supportive workplace.”


The Problem of Attracting & Retaining Talent

Professionals are always on the lookout for a company that will offer the best benefits, opportunities, and flexibility. A shocking nearly three quarters (71%) of UK workers were looking for a new job last year, clearly evidencing that a lot of companies are lacking a positive and motivating work culture. In fact, 28% of companies said the best approach to tackling the current labour shortage crisis is to improve company culture.

To become a successful business in 2024 where the work culture speaks for itself, you must stay ahead of industry standards and provide benefits which go above and beyond the basics, this could mean enrolling a bespoke rewards and recognition package into your organisation. Dedicating time and money to the correct benefits can have a dramatic effect on your workplace, Avado found that 70% of employees are more likely to stay with a company that offers well-made benefit packages. Not only this, but 65% of candidates consider employee benefits as a critical factor when evaluating job offers.

Another modern approach to retaining employees is to create a strong culture and implementation, Ellie Austin Williams says,

“Employees who feel connected to the company values and ethos, are far more likely to remain engaged and committed to helping the company progress. Helping team members at all levels to feel part of a wider purpose can foster this engagement and loyalty”.

Many professionals are also seeking out work which offers support beyond the workplace, this could be gym-related, health-related or financial support that can benefit their personal lives. Currently, only 30% of workers believe their company offers adequate support in these areas. This is a growing trend for 2024, in which many businesses are realising they need to offer in order to stay ahead. A survey from CY Partners highlighted that 75% of businesses underscored the significance of fostering internal development and staff promotion to remain competitive in the talent market in 2024.

Ellie is a passionate advocate for employee benefits, drawing upon her extensive experience in finance and empowering people within the workplace, she is certain that a strong employee wellbeing and benefits package is no longer a nice-to-have, it’s a necessity for companies who wish to position themselves at the forefront of their industry and not only attract the best talent but retain them for the long term too.

Adding to this, Ellie shared,

“Engaging with the workforce regularly and understanding their needs and wants to shape the support on offer - rather than offering a cookie-cutter wellbeing package - can help companies to remain proactive in developing and supporting their employees. For example, with the cost-of-living crisis continuing to place pressure on many workers’ bank balances, helping individuals to improve their financial wellbeing can have a significant impact on the morale and output of workers.”

How Each Person Supports Companies Like Yours:

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