Increasing employee


ecurity firms can offset obstacles in the competitive labour force and prepare for major staffing changes by increasing retention, placing increased value on high- performing workers and providing professional incentives that encourage growth.


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Although economists predicted an uptick in the labour force, the employment rate in the United Kingdom recently remained at 75%, the UK unemployment rate increased to 4.3% and the UK economic inactivity rate decreased to 21.8%, according to the Office for National Statistics.


Simply put, roughly 9.2 million UK citizens between the ages of 16 and 64 are not working or actively seeking employment, and the total figure is more than 700,000 higher than before the COVID-19 pandemic.


To further complicate matters, the Employment Rights Bill is expected to impact employers in the next two years, as lawmakers are discussing policy changes to unfair dismissal, zero-hour contracts, flexible working, sick pay, fire and rehire practices and unpaid leave.


Despite these employer challenges, security contractors can take action by placing increased value on workers who are already on the payroll. By increasing employee retention, business owners can create more stable work environments that celebrate cohesion and experience while avoiding some of the hurdles in the current job market.


Acknowledging top talent


For companies who want to break the cycle of continuously hiring, it is useful to understand the cost of acquiring top talent. This is especially true for business owners who may need to convince managers and supervisors how important it is to acknowledge employees who are already performing solid work.


While the average cost of onboarding a new hire is estimated to be around £3,608


considering a change in the work environment. The next major reason was job fulfillment at 61% of workers, according to a PwC global workforce survey.


retention in the security industry


Engaging employees through direct conversations is a proven retention method that can help to ensure that workers feel comfortable with their jobs, and by simply listening to the needs of workers, employers can create a company culture that is built on direct communication.


Actively listening to the needs of workers can help managers encourage job fulfillment, bring teams closer together and give supervisors the opportunity to address the needs of workers during regular touchpoints. When employees feel their team cares about their needs and that managers are listening, it also opens the door for conversations about how to best reward employees through incentives.


according to the Society for Human Resource Management (SHRM), major employers estimate that a new hire can cost a company roughly three to four times the position’s salary.


Some of the factors that contribute to these numbers include the time and energy required by department heads to invest in hiring, advertising job openings, performing background checks, interviewing qualified candidates and eventually training each new employee.


Organisations typically spend an average of £982.54 per employee annually on training and development, according to the Association for Talent Development, which means that keeping skilled employees allows companies to hold onto valuable experience while contributing to the stability of a positive work environment.


In addition to avoiding hefty expenses, companies that retain top talent can foster a sense of loyalty among employees who can serve as ambassadors for the company brand. Recognising positive workers and retaining their skills can also help promote the kind of reputation that attracts other talented workers, giving a business an edge against competitors.


Communicating with employees


Salary is the main reason workers resign: about 71% of workers cite monetary concerns as the main reason for


9 © CITY SECURITY MAGAZINE – WINTER 2024 www.citysecuritymagazine.com


Although successful incentive programmes with proven results will vary, some examples include monetary and referral bonuses, profit-sharing, creating flexible work schedules, providing more vacation days and opportunities for travel, in addition to offering the chance for employees to learn new skills via professional development and training opportunities.


Offering career opportunities


Despite the tight job market, workers in the UK respond optimistically about learning new opportunities and developing their skill sets, with 65% excited about new opportunities and 74% ready to adapt to new ways of working, according to a PwC survey on the UK workforce.


Workers who invest their time and energy into making a company successful want to feel the same level of investment in their ambitions by developing professionally. Offering employees a pathway that enhances their skills and opens career opportunities can include creating mentorship programs, job shadowing and cross-training, which can also be cost- effective.


Allowing workers to create and reach their tangible milestones while supporting their progress with incentives reinforces a sense of commitment. As long as employers stay true to promises made once goals are reached and take steps to reward and incentivise employees, a business can combat low retention rates in a job market ripe with employer challenges.


Christian Berenger Director of Growth,


TEAM Software by WorkWave. www.teamsoftware.com


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