The Importance Of Employee Retention And How Your Workspace Influences Retention
Simply put, ‘employee retention’ refers to an organisation’s ability to retain its employees. Whether you own a start-up company or a long-standing business, employee retention is equally as important and you should actively be doing all you can to prevent employees from handing in their notice and going to work for a competitor instead.
Although you may think your employees are satisfied in their role, a surprisingly high number of employees frequently think about changing jobs and with over 40% of the global workforce considering leaving their employer this year, it is more important than ever before to make employee retention a top priority.
Why organisations should prioritise employee retention
Whether your organisation is made up of 5 or 50 employees, retaining these employees is vital to your overall success. There are a number of reasons why you should be prioritising employee retention, such as; high employee turnover can be extremely costly for any organisation. The process of advertising a job role, holding interviews and hiring a new employee can have a significant impact on your bottom line, especially if it’s something you’re having to do regularly.
In addition to being costly, the recruitment process is also incredibly time consuming and it can take weeks or months to find suitable candidates. Even once you have filled positions that have been left by unsatisfied employees, you then have to provide comprehensive training to get new employees up to speed which, again, can take weeks or months to do. Ultimately, the money, time and effort that you spend dealing with the consequences of poor employee retention could be better placed and can end up being detrimental to your organisation.
Continually having new employees joining your team can negatively affect things such as employee morale and employee satisfaction as well. Overworking departments whilst you repeatedly try to fill different roles will likely result in more employees wanting to leave. What’s more, customer satisfaction can be affected by high employee turnover too and you risk your reputation being tarnished, making it much harder for your organisation to reach its full potential.
Using your workspace to retain employees
The reasons why employees leave an organisation tend to fall into one of two categories; they are either pulled away or pushed away, and as an employer, you’re responsible for any of the ‘push’ factors that come into play when an employee decides to leave your organisation. Although there are a number of different push factors that will likely influence an employee’s decision in this regard, your workspace will potentially be one of them.
Your employees spend such a large amount of their time working in your serviced office space, so it’s only natural that the downsides of this environment will start to grate on them over time. Research shows everything from the layout to the temperature of an office will influence things such as employee performance, satisfaction and well-being, and you may not necessarily realise how damaging your workspace is to your employee retention and turnover rates.
Thankfully, there are a number of different ways that you can improve your serviced office space through design alone and there are lots of useful tools you can use in this regard. For example, the International WELL Building Institute has developed a roadmap for advancing health and well-being in buildings. Making some simple changes to your workspace can help to ensure your employees are happier whilst at work and this will, in turn, improve employee retention.
By working alongside the General manager for your serviced office, you can transform your workspace into somewhere that your employees enjoy spending time. Upon learning more about the unique culture of your organisation, a General manager can help you to enhance your employees’ day-to-day workplace experience, ultimately reducing the likelihood of your office space being a ‘push’ factor in their decision to leave your organisation.
Finding a new serviced office space in London
Should you be unhappy with your current workspace and unable to adequately adapt it to improve your employee retention, be sure to get in touch with our team here at One Avenue. There is no better company to contact when you’re trying to find a serviced office space in London and with multiple locations to choose from, you can rely on us to help you find your ideal serviced office. In addition to providing high-quality private office spaces that are a breath of fresh air, we pride ourselves on breaking the mould with our service levels and we can assure you that you won’t be disappointed when you make one of our offices your organisation’s home.