Employers must adapt to changing employee expectations
Countless factors can influence the steps people take in their lives, in particular when they decide to resign from their job and move elsewhere.
For instance, some may be struggling with expensive childcare costs, while others might find it hard to get on the housing ladder. On the other hand, some people might be frustrated with a long commute to work each day.
It therefore pays for employers to be conscious of the day-to-day pressures their staff may be facing and do all they can to make it a bit easier for them. After all, it could be crucial in preventing their top talent from handing in their notice and moving elsewhere.
So if you're worried about your best people potentially moving on, what steps should you be taking?
Look again at your employee value proposition (EVP)
Take a fresh look at the benefits and perks you offer to members of staff in exchange for the skills, experience and capabilities they bring. Your EVP can say a lot about your company, in particular whether you're a firm that caters for the workforce of today or if you're stuck in the past.
Identify the benefits members of staff want
This is crucial, as there might be a considerable disparity between the perks you offer and what employees demand and expect. If you are falling short of expectations when it comes to your EVP, you can be sure that a competitor is meeting and exceeding them, and ready to poach your best people. So do your research to see what's on the wishlists of your existing staff and the kind of people you are looking to hire.
Redesign your EVP
The next step is overhauling your EVP with business and talent needs firmly in mind. Ask yourself what criteria are most important to the candidates and employee groups you consider most critical to your business. And find out what perks people don't consider a priority, as there's little point wasting resources on benefits that aren't particularly wanted or appreciated.
Promote your EVP
There's little point offering perks to secure top talent and set you apart from rival firms if you aren't talking them up and letting people know they exist. Openly promoting your EVP also gives you a strong incentive to keep delivering on what you promise rather than let it slide, thereby reducing the chances of people getting disenchanted at work and leaving.
According to a study by CEB, flexibility is a particularly big priority for Australian employees, with data showing many will leave a firm if they feel it doesn't fit their work/life balance needs.
After all, it's something that can make problems like childcare and lengthy commutes a lot easier to manage, and with modern technology making remote working viable, there's little excuse for many firms not offering some degree of flexibility over working locations and hours.
Aaron McEwan, HR advisory leader at CEB, comments: "Work/life balance is so important to Australians that they would willingly trade it over money, holidays and development opportunities offered by any prospective or current employer.
"A lack of flexibility won’t be tolerated by a workforce that knows sophisticated technology and remote connectivity could enable them to achieve their workplace KPIs from any location."
The same survey showed that confidence in the job market is growing among Australians, with plenty feeling confident about their chances of finding a new role. And if these people are talented and motivated individuals you'd ideally want to keep hold of, their confidence could be quite justified.
The onus is therefore on employers to be open to the needs of workers and willing to adapt their processes accordingly. It could be the key to creating a happy, productive and loyal workforce and a successful and thriving business.