New year, new job? Let’s talk employee retention. As January approaches, so does the surge in job hunting activities among UK workers. Research indicates that almost 75% of employees actively explore new opportunities during this period. With job search activity on platforms like Glassdoor skyrocketing by an average of 55%, it’s evident that January is a critical juncture for career reassessment and change.
So what can employers do to help prevent their top talent heading to the job site to find out if the grass is really greener? If you’re a HR leader looking to keep hold of your talent, and maintain or improve your employee retention… keep reading!
Understanding the January job search phenomenon
First things first, you have to understand the January job search phenomenon. According to The Muse, January is widely recognised as a ‘kick-starting month,’ marked by individuals not only joining gyms but also actively seeking new job opportunities. We’ve all been there with the “new year, new me”, where we identify parts of our lives that we could look to improve. As employers, it’s up to you to make sure “job” isn’t on that list.
This trend is also substantiated by the fact that 30% of employees, equating to around 9.8 million people in the UK, are actively looking for their next role while still employed in their current position.
So with these stats in mind, we guess what you’re now asking is “how do I lower those stats in my organisation?” Employee voice platforms are a great place to start!
The role of employee voice platforms in employee retention
With the impending January job hunt surge, employers are presented with a crucial opportunity to proactively address employee concerns and enhance retention strategies. If you can address any niggles, concerns or challenges in an employee’s day-to-day role, then they are more likely to enjoy their job. More likely to enjoy their job, more likely to stay within your company.
Employee voice platforms emerge as a powerful tool for achieving this goal. By leveraging these platforms, employers can:
Listen to employee voice
Employee voice platforms serve as a purposeful part of the retention process, offering employees a structured channel to articulate their thoughts, concerns, and feedback consistently throughout the year.
By empowering organisational leaders to address these inputs, these platforms become an effective mechanism for amplifying the voices of your workforce.
Operating on the principles of confidentiality, they provide a spectrum of feedback methods tailored to individuals’ comfort levels, ensuring a diverse range of voices feel at ease expressing their thoughts. Just take a look at the range of feedback channels available in Hive. We know not everyone likes giving feedback in the same way, which is why it’s important to complement typical in-person options such as: one-to-one meetings, town halls, suggestion boxes, team meetings with digital ones too:
Hive Surveying – With Hive’s flexible employee survey platform you can ask what you want, when you want—with baseline, pulse, themed and targeted surveys—and collect meaningful insights to drive a great employee experience and even better organisational performance.
Hive Open Door – Always-on listening, giving your people the freedom to have their say on what matters to them, at any time.
Hive Fives – Peer-to-peer recognition, aimed at boosting morale, protecting wellbeing and enhancing culture.
Hive Messenger – Identity protected, virtual chats for digging deeper into feedback, closing the feedback loop and showing your people that you’re really listening.
Hive People Science – Get the insight, coaching and confidence to drive meaningful organisational change with experts in occupational psychology.
Your retention strategies all start with listening, so you know what issues you need to address to not only create a thriving workplace, but one that keeps your people from putting on their running shoes and heading for the door.
Understand workplace sentiments and take strategic action
Employee voice platforms can offer a world of insights into how employees feel about the workplace, company culture, and their roles, facilitating a better understanding of potential retention challenges.
Armed with real-time insights, employers can take strategic actions to address issues and concerns promptly, creating a positive and engaging work environment.
Hive is proven to help our customers retain employees as well as increase engagement but don’t take our word for it, ask Travelodge. We helped them reduce turnover by 5.5% and grew their eNPS by 28 points.
By providing a confidential space for employees to share their thoughts, employee voice platforms build trust. Trust is a fundamental component of employee-employer relationships, and when employees feel they can express themselves without fear of reprisal, it strengthens their commitment to the organisation.
Confidentiality is the key to driving positive change. It allows your people to see that you want to hear what they have to say and are happy to provide a safe space for them to express themselves as openly and honestly as they can. But we’ll let Pam from Bloom tell you all about that:
“The confidentiality commitment helps build confidence that the intent is a positive one and that the key driver is about listening and improving the employee experience.” – Pam Lamming – Chief People Officer – Bloom
Journey to retention starts with listening
So as we navigate the imminent January job hunt surge, it’s clear that proactive measures are essential for retaining top talent. The statistics speak volumes—75% of UK employees actively explore new opportunities during this pivotal period.
But there is hope to drive that statistic down. Book a demo with Hive today, follow Travelodge and maybe you’ll be next year’s mention on how your employee retention improved. As we conclude this exploration into the strategic approach to employee retention, let’s embrace the power of employee voice platforms. They are not just tools; they are catalysts for creating workplaces where employees thrive and stay. Let’s aim for “New year, same job!” in the coming years.