Is your employee retention strategy ticking the box?
Irrespective of the ongoing Brexit saga, Ireland is approaching full employment. This sounds great on the news, but in practice makes it harder to find and keep good staff. Companies must be innovative to stand out from the competition and a good way to do that is to look at the overall package you are offering.
By 2020 a third of the workforce will be millennials. As with generations before them, they bring new ideas along with new needs from their prospective employers. Quick to adopt conveniences that make day-to-day life easier, they tend to be good with efficiencies, but can come across as impatient when pursuing change or climbing the career ladder.
Meeting the needs of your future workers
Often referred to as the “giving generation”, millennials are attracted to companies that demonstrate shared values. Encouraging and facilitating volunteering in the community will be hugely attractive. As will flexible working and the promise of a good work life balance. This can benefit both parties when planned properly.
Although they can be accustomed to job hopping whilst seeking their perfect match, this generation is also mindful that they are likely to be living and working longer.
Does your approach to retirement planning strengthen your remuneration package? With millennials making up a third of your future workforce, it could be helpful to make positive pension planning a key benefit of your retention strategy. Although legal, a compulsory retirement age can be off putting for those planning to work longer. It can also be risky on the grounds of age discrimination when not implemented correctly.
A good range of benefits, which need not cost a fortune, can make all the difference when advertising a role.
While pensions are not at the moment compulsory for employers to provide, it is widely anticipated that it will be compulsory in law in the coming years. It is however compulsory to provide your employees with access to a PRSA (pay related savings account). You could get ahead of the curve and set up a pension scheme for your team, this is a tax efficient way of giving your employees a benefit.
Finally, millennials do want a career path that includes plenty of mentoring alongside planned professional development. Both of which can be achieved through scheduled 121’s and flexible lifelong learning.
Planning for the future
Whilst employees are thinking about their future, you will also be thinking about the future of your business and who you need in place to drive success.
We have plenty of ideas on people planning and can advise on organisational structure, employee retention and much more. If you’re thinking ahead and could do with a second opinion before making important changes, give us a call today.