For the third consecutive year employee retention ranks as the top workforce management challenge, cited by 47% of HR leaders surveyed for the 2018 SHRM/Globoforce Employee Recognition Report. Recruitment was the second-biggest challenge at 36%, while culture management came in third with 34%.
This year’s survey confirms many medium to large-sized companies are still struggling to retain employees in an economy that’s increasingly defined by gig workers and job hoppers, rather than lifelong employees. One possible reason for increased concern is social media, which has vastly increased transparency into the inner workings of a company’s operations, with nearly one in three full-time workers declining a job offer due to negative online reviews.
- Employee retention
- Culture management
- Succession planning
- Employee engagement
Where is HR headed in the future? HR professionals were asked which initiatives they plan to change in the next 12 months – either in strategy or as a new area of focus. The survey results show that organisations will continue to improve upon inclusion and growth, as well as overall employee wellbeing. May organisations are also reorienting their strategies toward engagement and increasing their emphasis on the employee experience as a holistic complement.
Another important aspect of recruitment is employee referrals, which can dramatically improve companies’ time to hire. But to get great employee referrals, your employees need to have a positive view of the organisation. To achieve this, HR professionals are reimagining reward and recognition and employee development to not only drive greater business impact, but also to create a better experience for employees. One way is through celebrating employees’ life events – such as getting married, buying a house, or having a child – in the workplace. This ties into a broader initiative by forward-thinking companies to create work environments that allow people to bring their whole self to work. Indeed, employees are nearly two times as likely to be very or somewhat satisfied when organisations take an active interest in their lives outside of work.
While HR may have traditionally shied away from activities that support work / life blending, this year’s survey makes a business case for celebrating the whole human at work. Creating a community celebration of life events can help instil a sense of belonging and humanise employer brands, making them more attractive to potential and future hires.