Corporate policies that kill retention
Construction is a traditional industry but one would hope that in 2021 people have become more enlightened and that companies are becoming for progressive in their approach to employee engagement and retention. Yet biases still creep into the workplace that can result in conflict, exclusion and even in employees leaving.
It’s common knowledge that hiring new candidates costs seven times more that retaining existing employees and the recruitment fees are the least of that. The loss of expertise and the time it takes for new employees to get up to speed is more significant. So what are the corporate policies that impact retention?
Gender pay gap
While a gender pay gap may not be formal corporate policy, it’s well known that women consistently earn 15% less than men in the same position. However companies justify it, the reality is that it’s simply not acceptable. Addressing the gender pay gap with new hires is one thing, but what are companies doing to level the playing fields for existing employees? With diversity high on the hiring agenda, top female employees have high potential of being headhunted for other roles. If you want to find out what the benchmark is for levelling up, read how tech giant Salesforce is going about it.
Family responsibility leave
The past year and a half has acutely highlighted the impact of family responsibility on work and vice versa. Through the pandemic many employees had to care for family members which impacted their time availability as well as mental and emotional capacity. Family responsibility incidents are often unpredictable. One can’t determine when an elderly parent will get ill or pass away. Similarly with a birth, the exact date can’t be determined in advance. Companies that demonstrate empathy and understanding for these types of situations are more likely to retain their employees than those who have rigid policies in place that put company policy ahead of employee’s needs.
Flexible working conditions
Remote and flexible working is no longer an exception and it’s a high priority on when candidates are job hunting. Companies that want to return to rigid, in-office policies, may find a bunch of unexpected resignations coming through. The pandemic proved that remote working has its benefits, especially for employees who appreciate having more flexibility in their work week. If companies wish to retain their expertise, they should be open to flexible working.