Forget trendy HR strategies such as flexible working and employer branding. If bosses want to hang on to their talented employees they need to offer decent pay, career progression, and a stimulating working environment.
Research into staff retention from the Recruitment Confidence Index (RCI) has found that nearly half of employers think pay and rewards, career opportunities and organisational culture are key to retaining good staff.
But only 26 per cent say flexible working has a high impact on keeping people, while 24 per cent say it has no impact at all.
Nor do managers believe that employer branding, which has been hailed as the solution to talent management problems, has much impact on staff retention.
When it comes to reasons why staff leave, pay and rewards figure highly again. Half of employers (50 per cent) say this prompts staff to move on. But only 18 per cent say staff leave to improve their work-life balance.
Mark Moorton, HR director at Axa PPP healthcare, said: “The results highlight the need for some rethinking on how to attract and retain high-calibre staff. It demonstrates that HR strategies need to be constantly reviewed to ensure employers get the best out of their people spend.”
The Recruitment Confidence Index is quarterly research produced by Cranfield School of Management and the Daily Telegraph in association with Personnel Today. In addition to tracking research, each quarter investigates a ‘hot topic’.