Employee retention can be a challenge in today’s business landscape.
The State of Employee Engagement 2023 report found retention has become HR professionals’ top priority in recent years, with 36% of employers stating retention had jumped to the top of the list - followed by wellbeing at 29% and recruitment at 28%.
Retaining talent is key to keeping knowledge and expertise within the business, but how can this be achieved?
Are businesses formally listening to the people within their organisation on ways in which the business can be improved? Are employees’ needs being heard and fulfilled?
Workers with caregiving responsibilities now represent the fastest-growing category of employee identity groups - and with the likelihood of more employees becoming caregivers during their career, this is the talent that organisations need to attract and retain.
Attracting and keeping talent is about more than just asking what your people want and giving it to them; this approach only addresses material aspects that are top of mind in that moment, with things like pay - which has the least enduring impact on retention - being easily imitated by competitors.
Engaged employees are less likely to leave their jobs, which is why companies need to focus on what workers need to thrive long-term, balancing material offerings with meaning and purpose, as well as opportunities to grow, connection and community.
A statement which cannot be more true than when pinpointing what working caregivers truly need from their employer.
This is why boosting your company’s employee value proposition (EVP) with benefits for employees and wellness at work should be at the forefront of HR strategy.
The strategy
Designing and implementing EVP is composed of four interrelated factors:
Material offerings
Flexibility, schedules, perks, compensation, computer equipment, physical office space, employee benefits, location and commuting subsidies all fall under this category.
Meaning and purpose
What are your organisation’s aspirational reasons for existing? What drives the employees in your business? What is their purpose inside and outside of work? Work with your employees to create meaning and purpose across all areas of the business.
Opportunities to develop and grow
Assign employees with new roles, put them through job rotations, offer them training and promote them.
Think of all the ways you can help employees become more valuable in the labour market. Give them the opportunities they know they are ready for or face losing them to competitors.
Connection and community
Being a part of a group enables employees to feel appreciated and valued for who they are.
Creating a sense of community within your organisation helps people express themselves freely and creates a sense of belonging for all.
Inclusive EVP
Organisations with inclusive EVP offer employees more than just salaries and benefits - it demonstrates unique aspects of working for your organisation and what sets you apart.
An inclusive EVP emphasises a commitment to diversity, equity and inclusion (DEI), demonstrating your company values all employees and is dedicated to creating a welcoming and supportive work environment where everyone has equal opportunities to succeed.
This means, all employees feel respected, valued and included in the workplace culture and opportunities for growth.
HR should incorporate:
- Supportive policies and employee benefits: Emphasising accessible policies and benefits for employees tailored to diverse needs - such as ensuring the Carer’s Leave Act and Flexible Leave Act have been effectively implemented
- Equal opportunities and an inclusive workplace: Highlight your organisation’s commitment to creating an inclusive workplace and providing equal opportunities
- Career development and leadership commitment: Demonstrate your commitment to supporting career growth and the leadership’s commitment to DEI
- Continuous improvement: Stress the organisation’s focus on continuous improvement in DEI initiatives and its desire to be known - in culture, theory and practice - that you are an inclusive employer in the industry
The importance of promoting wellness at work
Mental health is one of the most pressing issues for businesses today.
In the UK, 23.3 million working days have been lost due to stress, burnout and poor mental health, costing the economy £28bn a year. There has been huge growth in the number of people seeking mental health support, particularly in the over 50s.
However, there is a greater desire from employees seeking businesses that support their people with holistic health and wellness.
The Bupa Wellbeing Index found 1 in 3 people believe their employer has a role to play in this, with 53% of respondents saying they would choose to work for an organisation offering health and wellbeing benefits to support prevention as well as access to care.
About 600 working caregivers leave work every day in the UK because of caring responsibilities, with many stating they are struggling to cope with the strain of juggling their professional and caregiving roles.
Recognise the role of the caregiver
2024 has been a big year for carer legislation, with working caregivers gaining significant rights by law, but businesses need to do more than signpost employees to Carer’s Leave Act and Flexible Working Act.
Of course, employers need to be flexible and understanding with these requests, but more can be done with internal policies too.
Revamping policies require investment and cultural change from the top down to create a foundation of support - which could be as simple as providing resources such as access to knowledge or caregiver training.
Carers do not necessarily have all the knowledge about the condition or disease of their loved one they care for, and understanding the care system in the UK has often been described as a minefield.
That’s why a caregiver employee benefit like KareHero is essential, as we can help employees navigate through their care journey with ease.
By acknowledging the responsibilities employees juggle, you will build a culture of support, empathy, collaboration and belonging that will help promote openness within the business to help carers feel seen and understood.