Failure to address low employee retention rates means your business won’t succeed.
Many people had the opportunity to reconsider their relationship with work during the pandemic. And employers are now having to adapt to the new needs of employees.
One key change is the desire for hybrid working. While a hybrid approach has been proven to make employees happier and more productive, it’s been met with resistance from some employers — one reason why employee retention rates are on a downward spiral.
If you want your teams in the office (at least some of the time), then you need to address long, uncomfortable commutes — and that’s where this article will help.
But first, let’s explore the importance of employee retention.
Why employee retention is important
Putting effort into increasing employee retention rates means your workers will stay at the company for longer. It’s the opposite of employee turnover, where you’re consistently hiring and rehiring.
Taking steps to improve staff retention will make your team:
- More engaged;
- Highly motivated;
- Better at collaborating.
Dealing with high employee turnover is a time-consuming task. It takes, on average, 42 days between opening a position and hiring someone — and this doesn’t include notice periods which can often add a further 1–3 months to the process.
And during that time, the rest of your team may have already felt the downsides:
- Loss of productivity and morale;
- A higher workload (at least in the short term);
- Uncertainty as to whether their role is valued.
All of this can have a knock-on effect, and before you know it, you’re handling an employee turnover crisis.
For these reasons, it’s essential to keep on top of your team’s concerns, expectations, and desires.
Fail to invest in your team, and they’ll move on
Since 2021, employees worldwide have been quitting their jobs in favour of opportunities that better suit their needs.
Such is the scale of this mass exit that it’s been named The Great Resignation (or The Great Reshuffle). And it shows no sign of slowing down, as one in five workers chose to leave their job in 2021.
It’s worth making clear that these employees aren’t quitting their jobs hoping that something better will come along — they’re finding more desirable alternatives to their current roles then moving on.
Reasons for this point back to the pandemic when employees had a chance to consider their employer’s response:
- How they kept employees safe during the pandemic;
- If they expected employees back in the office at the earliest opportunity;
- Whether they have an ongoing commitment to supporting a healthy work-life balance.
This final point was crucial for many. Before the pandemic, travelling to and from the workplace was rarely questioned. Then, 40% of Europeans and 36% of Africans started working from home, and people saw the value in getting back that lost commuting time.
“I used to commute for 3 hours a day — 1.5 hours there, 1.5 hours back. That was dead time. I couldn’t do anything, and it made me miserable. After the pandemic, nobody wants to go back to being miserable.” Nick Powell, VP of Bolt Business
Not spending that time behind the wheel of a car is an opportunity for your team to make the most of early morning productivity, be with family, and get more rest. Being an employer that supports this work-life balance is one of the best strategies to boost employee retention.
Finding the right employee retention strategies for your team
You won’t see an improvement in staff retention unless you collect and act on feedback from your team. Some common wishes include:
- A higher salary;
- Better working conditions;
- Opportunities to develop.
But the favoured employment benefits of workers are ever-changing. And since the pandemic, one key draw for hiring and retaining top talent comes up time and time again: hybrid working.
Understandably, employers want to see their team in the office, at least some of the time. But failing to adapt to this new way of working will see team members moving on.
“Many companies have accepted that hybrid working is a reality for most roles. We’ll never see the same working environments again as before the covid pandemic.”Nick Powell, VP of Bolt Business
One reason why many people prefer hybrid working is due to the commute. For most people, commuting is seen as wasted time, and 23% of people have left their job due to a bad commute.
But this is a problem with a simple resolution — making the commute more comfortable for your team. Addressing this will help get employees back in the office and boost staff retention — as La Gelateria Romana found out.
Employee retention in action
When several employees at Gelateria La Romana wanted to move on, the employers decided to ask why. By doing so, they found that many staff members were making long, uncomfortable commutes.
Rather than accepting employee turnover as a part of business, La Romana took action by giving their team a more reliable, convenient, and safe way to travel to and from work. And now, their employee retention rate is at an all-time high.
“I decided to use Bolt Business to give our employees another reason to stay in the business.”Cristian Moldoveanu, La Gelateria Romana
Without the foresight to address why employees wanted to leave, La Romana would have faced an employee turnover crisis — something many companies have been dealing with in recent years.
Start using travel perks to boost employee retention
Leading businesses are already addressing travel as a way of retaining employees, as Nick Powell, Vice President of Bolt Business, has seen: “Giving employees an incentive to travel to the office is a super smart way to boost employee retention and engagement. Smart businesses have recognised this and are adopting travel perks to get their employees back to the office.”
People love to drive — why else would there be 1.4 billion cars on the road? But driving in rush hour means sitting in traffic. After seeing how this time can be better invested — on a personal and professional level — few people want to lose that time again.
Giving your team the perk of travelling to work in a Bolt car or on an electric scooter can boost employee retention, reduce stress, and increase productivity.
Read Everything you need to know about Bolt Business to see how it can help you achieve your employee retention goals.