Research from specialised recruiter Robert Half has found more than one in 10 (13 per cent) New Zealand workers are likely to seek a new job this year. That means roughly over 340,000 workers – based on the number of employed persons in New Zealand – will be on the move. The research has also found New Zealand businesses have seen an increase in staff turnover in the past three years.
More than half (58 per cent) of New Zealand employers say they have seen an increase in staff turnover – defined as employees freely resigning – in the past three years with the average turnover currently standing at 13 per cent. And despite the fact 99 per cent of New Zealand firms currently have in place measures to avoid staff turnover, more than half (51 per cent) of New Zealand’s managers say turnover within their organisation is expected to increase over the next 12 months – with 18 per cent believing churn will be “significantly higher”.
When looking at the measures New Zealand companies take to retain their employees, more than half (54 per cent) have invested in training and professional development programs, while less than half have in place wellness programs (48 per cent) and employee appreciation initiatives (43 per cent). Only four in 10 (40 per cent) regularly review salaries and little over one-third (37 per cent) offer flexible working arrangements. Organisations are also missing out on valuable insights from their departing employees, with almost one in five (19 per cent) conducting exit interviews.
Megan Alexander, general manager of Robert Half New Zealand said: “High levels of employee turnover can cause any company headaches in the form of not just lost productivity and revenue, but also increased stress levels and low morale for remaining staff. Because of this, it’s essential for companies to simultaneously make employee retention initiatives a top business priority and also secure a steady pipeline of skilled talent.”
“Every organisation’s success depends upon the strength of their staff which is why it is equally important for companies to have in place both a well-developed acquisition and retention policy.”
“Employee retention initiatives are most successful if they include a mix of wellbeing and recognition programs, plus regular salary reviews and clear career pathways. Implementing these initiatives is highly beneficial for companies, as staff who are happy in their role enjoy higher levels of engagement, they tend to more productive and are more likely to stay with the organisation,” concluded Megan Alexander.