How not to lose our employees?

19.07.2024

Research shows: Half of the employees in Bulgaria are looking for a new job

It turns out that in 2024, 50% of employees in Bulgaria are looking for a new job while they are still in their current position, according to a study held by nPloy. Last year, this percentage was only 33%, which is proof that more and more employers are having difficulty retaining their employees.

By " employee retention" many would understand the physical retention of staff. But this is only one dimension. There is another element that is often overlooked, and that is the employee’s engagement, which relates to the emotional and behavioral aspects of an employee's role.

Employee retention is important no matter what industry you're in or how many employees you have. However, many professionals devote more attention and resources to the selection of good personnel with appropriate qualities and skills, and the process of employee retention remains in the background.

How can you improve this part of your business? To understand, we must first examine the main reasons why employees leave. According to a 2023 study by Pew Research Center, the most common reasons are:

 - Poor pay and lack of benefits

First of all, employees cite poor pay as the reason for leaving. Workers say that the compensation and benefits offered by the company are extremely important to them.

- Lack of opportunities for career development

The interviewees shared that if they don’t have the opportunity to learn, grow and develop, they would most likely start looking for a new job. They want to be able to see their future in the company.

- Workplace disrespect and lack of appreciation

Employees want to be respected by both their colleagues and leaders. If they encounter the opposite at work - aggression and lack of respect, this would quickly become a reason for leaving among a large number of employees.

- Lack of flexibility

More and more employees prefer the hybrid or even remote work mode. On the other hand, still not every employer offers these flexible options, and some even force employees from a completely remote work mode to return to the office permanently. Such a sudden change or the lack of such flexibility forces employees to start looking for other job opportunities.

"How to Manage Remote Teams" and other useful books for HR professionals can be found in this article.

- Poor management

It turns out that 50% of employees quit because of their boss. When workers do not receive proper treatment, attention, and respect from their direct supervisor, they often begin to feel out of place. If the "boss" only gives orders, but visibly works less than his team, this leads to a drop in motivation. Leaders who are not sufficiently committed to their staff will inevitably lose them.

It is important to note that there is no one-size-fits-all solution to employee retention, rather there are steps that can be taken to improve working conditions, employee loyalty and engagement. Let's take a look at what these steps are:

1. Enhance your benefits package

It may be time to redesign your benefits package. Many companies think that a few free bananas by the coffee machine or a half-price gym membership are quite enough to improve employee well-being. This is far from the truth, to improve their wellbeing employees need a benefits package - food vouchers, extra health insurance, extra days paid holiday etc.

Think about how your perks are addressing this - are you taking steps to improve mental wellbeing, putting money back into your employees' pockets and enabling your employees to improve their physical health? Focus on what your employees really want - benefits that make a real difference to the lives of your workforce.

2. Career development

Invest in your employees. According to the nPloy survey, almost 50% of employees indicate that training and qualification programs are one of the most important additional benefits for them. By helping your employees to develop they feel valued and engaged with the organization, while the contribution and quality of your employees' work increases.

3. Workplace respect and appreciation

The trust and respect of employees can only be gained and maintained through open and honest communication. Always use transparent communication without lies and half-truths.

The relationship between recognition and employee retention cannot be overlooked. If you show appreciation to your employees, they will begin to feel valued and important to the success of the organization. This is what makes employees stay longer – they feel like they are contributing to the business, they feel recognized for their achievements, and they see their career progress.

Companies with a “culture of recognition” have 31% lower employee turnover than those without such a culture. But keep in mind that to do this step effectively, it is not enough to express your appreciation only once a year or even once a month, do it at any convenient time.

4. Flexible working hours

More and more companies are offering flexible work models – with flexible working hours, home office, hybrid work model, etc. Employees report that these models help them maintain a better work-life balance, making them a happier and therefore more productive workforce.

If you don't offer any such opportunities - many other companies do and it is very possible that your employees will leave to take advantage of the better opportunities that other employers offer.

5. Proper management

Pay attention to the "support from above" that your employees receive. A Gallup survey found that 50% of employees quit their jobs "to get away from their manager." It's important to hire and retain only leaders who believe in and share your company's values.

As Jim Clifton, Gallup's CEO, said, “The most important decision you make in your job—bigger than any other—is who you name a manager. When you put the wrong person as manager, nothing fixes that bad decision.”

6. Employee engagement

Employee engagement is very important for fostering a healthy work environment and increasing the amount of time an employee will spend with the company. To make employees feel engaged, it is important to involve them in activities outside of their core job responsibilities.

Charitable activities can be a powerful means of engagement. For example, Edenred Bulgaria implements this strategy by organizing the charity Edenred Run, where employees can contribute to a good cause while promoting team spirit. Participating in such initiatives helps employees feel part of something bigger than themselves that contributes to the good of society. It fosters a sense of pride and shared purpose, strengthening employees' connection to the company.

Team building is another effective way to engage employees. These activities strengthen interpersonal relationships, encourage open communication and cooperation.

By incorporating these strategies, companies can create a supportive work environment that encourages employees to stay longer and perform at their best.