Three steps your organisation can take to stand above the rest
As Benjamin Franklin (or more recently Roy Keane!) once put it, ‘fail to prepare, prepare to fail’.
Irish organisations are emerging into a post-pandemic working world where many find themselves engaged in an unprecedented war for talent.
In fact, new research from LinkedIn has indicated that almost half of Irish businesses have lost talent to competitors over the past six months.
One key theme arising from the research – employers can no longer stand still or apply pre-pandemic attitudes to employee satisfaction and retention.
Organisations that are flexible and prepare to win the war for talent can thrive.
Those that do not…
In this article we are going to examine some of the tactics that employers can deploy in order to boost employee satisfaction and ultimately win the talent battle in the long-term!
1 – Improve employee work-life balance
A recent PwC report has indicated that workplace performance has increased for the majority (57%) of Irish companies over the past 12 months.
While this is undoubtedly good news for businesses, employers would be wise to investigate whether their increased productivity is a consequence of overworking. If so, the results will unlikely be sustainable in the long-term.
A survey released by Aon earlier this year indicated that work-life balance is the number one wellbeing issue that concerns Irish employers - followed closely by mental health and burnout.
So what can employers do to improve work-life balance and reduce burnout for their employees?
Firstly, your organisation could promote a culture that encourages staff to switch-off when their normal working hours have concluded (why not strengthen your position by introducing a new company policy?).
Remember that Irish employees already have the right to disconnect from work calls and emails after normal working hours. Portugal recently took things a step further too - banning employers from contacting staff after work.
Simple changes to every day working habits can go a long way in alleviating pressure on employees to work after hours.
For instance, receiving emails outside of working hours can often be a significant stressor for employees. Even if they know the sender will not expect a response until morning, many employees still feel a pressure to check and read the message.
Consider automating your email server to delay the delivery of any emails sent in the evening so that they will not arrive with the recipient until 9am the following morning.
Or, to take things a step further, you could encourage employees to remove the workplace email app from their phone.
‘Switching-off’ can help your employees to de-stress and guard against burnout. Employers who take the lead in this regard may well reap the benefits.
2 – Implement a flexible approach to remote working
Earlier this year, Spotify introduced a new policy that empowered their staff to work anywhere in the world and at any time.
While most Irish employers may (understandably) feel reluctant to go quite that far, it is important to note that the majority of (81%) employees are expecting their workplace to implement a hybrid approach to remote working following Covid-19.
Many professionals – skilled young workers, in particular – have found that working from home during the pandemic suited them. Employers who are flexible enough to adjust to this new way of working in the long-term may well discover a competitive advantage when recruiting talent.
The LinkedIn research mentioned above tells us that roughly half of Irish employers are only willing to commit to the flexibility of hybrid working in the short-term.
Just 17% of employers say they will implement a hybrid approach over the long term and only one in 10 are willing to make a permanent commitment to remote working.
So, why not commit to remote working permanently?
Remember, studies show that a flexible approach to hybrid working can increase productivity and job satisfaction. Mental health and wellbeing are improved too.
Your remote working policy is definitely something to consider to help you attract and win talent.
3 – Introduce an initiative to encourage financial wellbeing
Money management is also a common stressor amongst Irish workers.
And yet, financial wellbeing is an area that has historically been overlooked by many organisations when developing internal workplace wellbeing programmes.
However, times are changing.
Six out of every 10 multinational companies globally are pledging to introduce a financial wellbeing programme within three years.
There are many advantages to implementing a financial wellbeing service in your workplace.
Employees can benefit from the skills and knowledge required to better manage their finances.
Meanwhile, employers can gain increased productivity as financial stress related absenteeism and presenteeism are reduced.
The introduction of salary reviews, stock & share schemes and pension plans are all effective methods of boosting employee job satisfaction.
However, the key focus of any financial wellbeing programme must be the goal to help your staff to better understand their reward package and how to maximise their take home pay.
Let’s take a look at taxation, for example.
Over 60% of Irish workers do not avail of all of the tax reliefs they are entitled to claim.
By supporting your employees with their tax entitlements, you can offer them a tangible financial support from which they can benefit over both the short and long-term.
Most employees are entitled to claim a tax refund or to reduce the tax that is deducted from their income. With this in mind, it’s clear that by having a complete understanding of their tax entitlements, employees can better utilise their take home pay.
At Taxback.com, we have developed a financial wellbeing service offering that is designed specifically to help employers support their employees by offering them a tax review service that can help Irish workers ensure they are 100% tax compliant and claiming all of their tax entitlements.
How to Enhance the Financial Wellbeing of your Employees
Incorporate a tax review within your suite of employee benefits
At Taxback.com, we have partnered with companies across Ireland who want to help their employees to better manage their tax and finances.
When you partner with Taxback.com, we will create a dedicated landing page where your employees can register for a full review of their tax situation.
Our Irish tax team will work to save money for each of your employees.
They will examine every staff member’s tax entitlements and ensure they are availing of the tax credits, reliefs and expenses they’re due. Remote workers will benefit too – as every home working expense is applied to their tax return.
Many Irish workers are entitled to a tax refund. And if your employee is due tax back, we will transfer their money straight into their bank account.
Our financial wellbeing solution will boost staff retention, morale and motivation within your organisation.
Our service is a unique corporate financial wellbeing solution which will boost your employee’s finances in both the short and long-term.
Book a free demonstrationTo find out more about our financial wellbeing service, why not book a free demonstration today?
Simply contact a member of our Financial Wellbeing Services Team today to learn more.