Expert Opinion: The secret to retaining your workforce

April marks National Stress Awareness Month in the UK, and customer and employee experience (CX and EX) specialists insight6 is reminding employers that investing in the well-being of staff is the best way to retain them over the long term.  

Recruiting and retaining a reliable workforce has remained a constant headache and significant expense for many business owners in the last couple of years, so increasing retention rates should be a key business objective.

According to UK Labour Market statistics, vacancies across all sectors remain around 1,161,000 – 29% higher than pre-pandemic figures. ¹ The Chartered Institute of Personal Development (CIPD) estimates the actual cost to a business when filling a vacancy averages more than £6,000, rising significantly for senior roles.

Chris Lowe explains: “Employees are a business’s best asset on the route to great CX, so it’s vital to keep them happy and motivated. Post-pandemic, we have seen a real shift in what employees want from a job and workplace, yet the high vacancies suggest that many employers aren’t yet listening.”

We have seen a real push from many corporate businesses in recent months to get people back to the office; however, many employees want home or hybrid working to become permanent. More than three-quarters of people say it gives them a better work-life balance and almost half said it improves their well-being (ONS, May 2022) ².

Hybrid working isn’t a universal option, with some industries needing staff to be at a physical place of work. This is where businesses need to think outside the box and offer alternative working benefits to support well-being and increase staff retention rates.

Chris continues: “When considering employee well-being in 2023, many businesses need to reassess what their staff actually want and need to enjoy a better work-life balance and positive mental health.”

The 4-day Week Campaign UK pilot, which ran between June and December last year, has seen positive results. Productivity levels remained consistent, and there were improvements in staff retention and well-being, with a 65% reduction in sick days. Importantly, business revenue stayed broadly the same. More than 90% of the participating businesses have opted to continue with the four-day week, with 18 adopting it permanently. ³

Chris concluded: “The only way to really understand what motivates your staff and what would improve their well-being at work is to ask them. And just the act of allowing employees to have their voice heard in a regular, official capacity can instantly enhance engagement.”

“Regularly checking in with staff about their well-being can save a business money through lower staff turnover – a result of remaining agile, visible and empathetic to changing situations within your workforce.”