Here’s how one company is tackling the race to retain top talent

Research shows that 61% of the UK workforce is currently disengaged at work. And it’s bad for business — costing the UK economy about £340 billion a year. After all, the amount of choice Gen Yers are given means that it’s businesses that are often competing for talent, rather than the other way around. Nearly half of the British workforce was expected to be looking for a new job in 2018. “Platforms such as LinkedIn, where Gen Y employees constantly get bombarded by recruiters, means that they know they can leave anytime they want, more so than any other generation in the past,” explains Alexandra Sanpera Iglesias, Head of PR at Perkbox, a London-based HR technology platform.

“Platforms such as LinkedIn, where Gen Y employees constantly get bombarded by recruiters, means that they know they can leave anytime they want, more so than any other generation in the past.” — Alexandra Sanpera Iglesias, Head of PR at Perkbox.

As Gen Yers increasingly act like consumers in their attitudes towards work, they are expecting more from their employers. Yet, despite the value in investing in retaining talent, just 18% of organizations plan to increase their investment in HR over the next 12 to 18 months. But Perkbox is looking to make the process simple for employers.

Since 2010, Perkbox has been on a mission to tackle the ongoing issue of employee engagement and retention. They have developed an intuitive platform that aims to help employees perform better and stick around for longer.

Using a range of products, the company has already helped to engage over 300,000 employees. The Perks package aims to incentivize employees with everything from shopping discounts to free mobile phone insurance, while the Rewards and Recognition tool helps employers celebrate employee milestones and achievements that can often be overlooked, giving staff the recognition they crave with company-wide shout-outs. Perkbox also invites users to vote in company-wide polls to endorse specific contributions, such as innovation or collaboration, promoting friendly competition within the workforce. Finally, Perkbox’s Wellness scheme gives employees the training, tools and support they need to be happy and healthy, in both their personal and professional lives.

As Perkbox highlights, the key is showing employees that their company is invested in them and dedicated to improving their experience at work.

“Investing in workplace initiatives is key. Beyond helping employees get to know their peers better, creating an environment of trust and helping workers develop their skills further.” — Alexandra Sanpera Iglesias, Head of PR at Perkbox.

This has a positive impact on their attitudes towards the company — research shows that employee engagement increases by 31% if workers believe their employer cares about their wellbeing. “Investing in workplace initiatives is key,” says Sanpera Iglesias. “Beyond helping employees get to know their peers better, creating an environment of trust and helping workers develop their skills further. Ultimately, it’s the new way of marketing your business.”

70% of Gen Yers want flexible working options, although 71% strongly believe their employer should provide clear guidelines for earning bonuses and promotions. “It’s about being more flexible, setting boundaries rather than rules,” explains Sanpera Iglesias. Companies have to provide Gen Yers with the freedom and security to thrive for themselves, but it’s still crucial to help and guide them throughout the process.

“One of the key things that has changed from the past is that businesses have realized they really need to define what the culture they want is, and set a mission and some key values to lead that culture and make it emerge.” — Alexandra Sanpera Iglesias, Head of PR at Perkbox.

Company culture has become key for Gen Yers when choosing where to work, as 75% think that businesses prioritize their own profit agendas over actual social responsibility. “One of the key things that has changed from the past is that businesses have realized they really need to define what the culture they want is, and set a mission and some key values to lead that culture and make it emerge,” adds Sanpera Iglesias.

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Canvas8 is the leading consumer behavioral insight specialist. Masterfully combining research, trends and strategy, Canvas8 deliver the inside scoop to businesses about what consumers really want.

Sources
[1][3][5][6][7][8] Perkbox
[2] Poor management driving nearly half of UK workforce to seek a new job, Investors in People, July 2018
[4] Global Human Capital Trends 2018, Deloitte, March 2018
[9] The Workplace Health and Wellbeing Edition, BMG, March 2017
[10] 70% of millennials want flexible working options, Recruitment International, February 2018
[11] Attracting and retaining millennial professionals, Robert Walters, August 2017
[12] The Deloitte Millennial Survey 2018, Deloitte Insights, January 2018