The pandemic has altered every aspect of our working lives, accelerating the transition to remote work at an unprecedented pace, and there is no doubt that employee expectations have shifted as a result. The option to work remotely is now a deal-breaker for many and is a vital factor in how employers deal with employee retention.
Employers must be prepared to accommodate new expectations if they want to attract and retain the best candidates.
In this article, we outline strategies that companies can deploy to improve international employee retention and look at how your organisation can meet the needs of today’s top talent.
How important is employee retention?
Employee turnover can be extremely costly, so it is in a company’s best interests to invest time and effort into long-term retention strategies.
A UK study found that the costs associated with hiring, onboarding and training a new employee, coupled with a loss of productivity, can add up to an average of £30,614 per employee.
The ability to work remotely either some or all of the time is a major deciding factor for today’s job seekers and employees. They want (and have come to expect) more than they’ve gotten before, and companies that do not offer remote work options will have a hard time keeping up with the competition.
A survey by Owl Labs reported the following:
- 74% of people would be less likely to leave their employer if they could work remotely.
- 59% would be more likely to choose one employer over another in their next job if they offered remote work
- 1 in 2 people would move if they were able to work from home all or most of the time.
Companies in the localisation industry have been operating with remote teams long before the pandemic, so this is familiar territory.
However, it’s not enough just to get candidates on board — you have to work to keep them there. Focusing on international employee retention will be vital for success in a post-pandemic business landscape.
How to improve international employee retention
In a recent survey by Slator, 60% of respondents said they left their job in the language industry due to a lack of progression and long-term career opportunities. HR departments need to evaluate their processes, tools, and strategies to make sure they support remote workforces and provide opportunities for employee growth, development, and career progression.
Here are six strategies your company can implement to improve international employee retention rates:
1. Prioritise employees’ wellbeing
Workers are much more likely to stay with an employer who cares about their happiness and wellbeing.
There are many things the HR department can do to demonstrate this, such as:
- Implementing wellness initiatives and stress management strategies
- Encouraging employees to disconnect from work and practice self-care
- Giving employees the freedom to design their own schedules, trusting them to get the work done
- Offering emotional support and resources to avoid burnout
2. Adopt a more flexible work model
Today’s employees place immense value on flexibility.
Research has shown that 75% of employees would give up at least one benefit or perk for the freedom to choose their work environment, and companies who grant their employees this flexibility benefit from improved engagement, productivity, and retention.
3. Build a culture of inclusion
In a recent article, we discussed the crucial role of HR departments in fostering a culture of diversity and inclusion among remote teams.
We saw that a sense of inclusion and belonging has a huge impact on employee engagement, productivity, creativity, and innovation — all of which can contribute to higher retention rates.
4. Gather and implement feedback
Asking for feedback is the only way to know if your company is meeting the needs of its employees and delivering on their expectations.
It is crucial that management then act on this feedback and implement the necessary changes and adjustments, demonstrating that the company values the opinions of its employees.
5. Keep the lines of communication open
Higher employee retention rates are more likely in a positive environment where everyone feels like a valued member of the team. HR managers can create this type of environment by:
- Encouraging employees to give feedback and share their ideas and concerns
- Implementing team-building initiatives
- Encouraging employees to communicate and collaborate and giving them the tools and resources to do so
6. Encourage employee autonomy
A 2019 study found that when employees are given more autonomy, this has a positive impact on their engagement, motivation, and overall job satisfaction.
Show your employees that you trust them to get their work done, however, and wherever suits them, and follow through by giving them the tools and resources they need to succeed.
Happy, engaged workers are less likely to want to leave their job, so encouraging autonomy can significantly increase your employee retention rate.
All HR departments stand to benefit from using these retention strategies, even with localisation jobs all over the world. Retaining staff helps to build a positive company culture, enhance your team’s expertise, and increase revenue.
For organisations to thrive in today’s global economy, finding and retaining the best talent is crucial for success. You can depend on International Achievers Group to be at the forefront of localisation and HR thinking, helping you to grow your business and establish leadership on the world stage.
Get in touch with us today to discuss your localisation recruitment needs.