The 2023/2024 financial year brings a movement of people and resources which, as an employer, will add to your staff retention challenges. Below, we have outlined why now is the best time to focus on employee retention and some strategies on what this looks like as an employer.
A new financial year equals restored budgets and brings exciting opportunity to invest in HR strategies. Studies have shown that the most common reasons people resign from a job are:
This is the perfect time to consider how you can further invest in your retention strategies, which will also pay dividends when attracting new talent to your organisation.
A new financial year brings heightened activity to the job market. This is because new goals are set, projects start, and new budgets are allocated, creating new jobs. It is the perfect time for dissatisfied employees to consider their options. In fact, Jobfitts recommends for employees to use the new financial year to thoroughly evaluate what they have accomplished so far and if they’re happy in their current roles.
“It is a time when employees traditionally reassess their careers and make the decision to stay or go.”, reports News.com.au.
This coupled with the fact that one third of Australian workers are considering quitting their jobs; means organisations have a higher risk of losing good people and fast, at this time of year.
Although it is important year-round, the new financial year brings an opportunity to address these risks and to focus more heavily on employee retention.
Employee retention is defined as the organisational goal of keeping talented employees and reducing turnover by fostering a positive work atmosphere. Some examples of nurturing employee retention include:
You can explore some more specific employee retention strategies to adopt here.
Not only is a strong retention strategy great for business, ultimately it is your customers that reap the benefits with consistent service quality, which means repeat business.
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Editors Note: This post was originally published in June 2022 and has been updated for accuracy and comprehensiveness.
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