Budget Airline Ryanair has reportedly lost 140 pilots to rival Norwegian Air since the start of the year. This has contributed significantly to up to 2000 flights being cancelled over the next six weeks. The crisis has potential to escalate further with remaining pilots threatening to go on strike in the next number of weeks, a move that could result in additional flight cancellations.
This is a clear example of the importance of having in place effective Employee Retention plans, in this case Ryanair are facing an estimated €20 million (£17.6m) in compensation on top of which their share price continues to tumble.
In response to the recruitment problem Ryanair have been offering pilots a €10,000 “signing-on bonus” scouring the globe to find qualified pilots in countries such as Brazil to join the airline.
Recruiting & retaining good staff should be a key priority in any organisation, Employers need to prioritise the retention of staff and below outlines some of the key strategies to achieve this:
Top employees want to know they have a future and career advancement opportunities at your company. Make sure you meet with employees regularly to discuss their professional goals and how they can achieve them at your organisation. How can an employee envision a future at your company, if you have not set out a clear progression path. Do your part to support your employee’s professional goals and objectives by offering resources such as access to mentors and training programs. Your commitment to offering staff the chance to upskill will not only benefit the individual, but also your bottom line.
Having a rewards program in place is an excellent retention strategy to acknowledge staff achievements, focusing on fairness and consistent delivery. When people feel that leaders notice and truly value their contributions, their motivation and loyalty grow. Be careful that the same employees don’t constantly receive all of the praise or that you only offer recognition out of a sense of obligation, because it can harm morale.
In terms of employee engagement, flexible work arrangements are among the most highly prized elements of a work environment you can offer your talent. These can range from simply making it easy to attend to family emergencies or school activities, to offering flexibility, job share and work-from-home arrangements alongside individual work hours. By doing this, you will help your staff balance their work and personal demands, which can be very meaningful to time-pressed people.
Employees see a company’s commitment to responsible business practices as a key factor in their employment decisions, some studies even indicating that the Millennial employee would take a pay cut to work for a more socially responsible company. CSR is crucial to recruiting talented employees, it’s also a great way to maintain the engagement of your existing work force.
Salaries are another critical retention strategy that can either work for you or against you when it comes to keeping your most valued people employed. By offering more than the average salary bracket, you can attract the cream of the crop when it comes to talent – and vice versa when you pay people below market value, it suggests that you don’t truly value them or their work. If you withheld raises and bonuses during a downturn and have yet to implement any positive changes, you’re at real risk of losing your best staff. Another retention strategy you can employ is reassessing the little extras you offer to your staff that round out your remuneration package. This can include everything from free healthy snacks in the break room to on-site exercise facilities and tuition reimbursement for professional growth.
The steps you take now to build an effective employee engagement and retention strategy can help solidify your teams motivation and loyalty. Not only will you help to ensure you attract and retain the very best talent, your business will also benefit from increased output and a harmonious, sought-after working environment.