Boosting Long-Term Employee Commitment in the Security Sector
Adjusting Workforce Strategies in Tough Times:
In the face of economic challenges and a competitive labour market, security firms can bolster their workforce by focusing on employee retention and fostering an environment that values high-performing workers. Here's how:
A Shifting Labour Landscape:
Recent figures from the Office for National Statistics show that the United Kingdom's employment rate is stuck at 75%, with an unemployment rate of 4.3% and an economic inactivity rate of 21.8%. This means that more than 9.2 million citizens between the ages of 16 and 64 are not working or seeking employment, a figure that's over 700,000 higher than pre-pandemic levels.
To add to the complexity, the Employment Rights Bill looms on the horizon, set to impact employers in the next two years. Policymakers are discussing changes to unfair dismissal, zero-hour contracts, flexible working, sick pay, fire and rehire practices, and unpaid leave.
Employee Retention: The Cornerstone of Success:
In this difficult landscape, security contractors can take a proactive approach by placing more value on their current workforce. By promoting employee retention, businesses can create stable work environments that foster cohesion and experience, avoiding some of the hurdles in the current job market.
Appreciating Top Talent:
For companies aiming to break the cycle of constant hiring, it's essential to recognize the importance of acknowledging employees who are already performing well. The cost of acquiring top talent can be steep – the Society for Human Resource Management (SHRM) estimates the average onboarding cost at around £3,608. Large companies estimate a new hire can cost four times the position's salary due to factors like time spent hiring, advertising job openings, interviews, and training.
By retaining talented employees, companies can save on training costs, hold onto valuable experience, and create a positive work environment that attracts other top talent.
Open Lines of Communication:
Conversations with employees are key to retention. According to a PwC global workforce survey, salary is the main reason workers consider leaving, with 71% citing monetary concerns. Job fulfillment ranks second at 61%. By actively listening to workers' needs, employers can foster a company culture built on open communication, encouraging job satisfaction, and providing opportunities for rewarding employees through incentives.
Career Opportunities:
Workers thrive when they can grow professionally. A PwC survey on the UK workforce shows that 65% of workers are excited about learning new opportunities and 74% are ready to adapt to new working methods. Offering career advancement opportunities, such as mentorship programs, job shadowing, and cross-training, helps employees develop skills and reach their goals, boosting commitment to the company.
Christian Berenger
Director of Growth,
TEAM Software by WorkWave.
www.teamsoftware.com
Enrichment:Security firms can benefit from implementing a mix of strategic retention practices, such as flexible working arrangements, career development opportunities, fair compensation, employee engagement, and DEI initiatives to boost retention during economic challenges and adapt to regulatory changes like the Employment Rights Bill in the UK. Key changes introduced by the Bill include a greater emphasis on fair treatment, improved employee rights education, and potential implications for flexible working requests. Aligning HR policies with these regulations can help companies retain employees and stay compliant.
In the context of economic challenges and a competitive labor market, security firms could bolster their business by focusing on career opportunities for employees, such as mentorship programs, job shadowing, and cross-training, to boost retention and commitment. Moreover, fostering open lines of communication with employees, understanding their needs, and providing opportunities for job fulfillment can help in retaining high-performing workers, thereby saving costs associated with constant hiring and onboarding.
