Our friends at Hudson have just released their latest quarterly report, having interviewed over 7000 people around Australia on the topics of Engagement and Retention. Here’s a quick summary of the key findings. To read the full report, click here .

Most commonly utilised initiatives aimed at retention:

• flexible work options - 67.5%
• financial incentives - 62%
• Leadership development - 48.2%
• Succession Planning - 47.7%
• Mentor programs - 36%
• formal coaching - 35.4%
• high potential programs - 27.8%

There were some differences across industries as to which strategies were more widely used, however Flexible Work Options stood out across all industries - both large and small - as the most popular retention/engagement strategy.

The strategies considered to be most effective at building engagement and driving retention correlated with the strategies most widely used.

Key points

• the strategies used should be tailored - and should change depending on the organisation, industry and even team
• 47% of poeple surveyed rated work/life balance issues as a trigger for leaving a job
• self service flexible benefits are becoming more widely used (that’s where the employee can select the benefits that appeal to them the most, such as reduced working week, remote working options, sabbaticals etc)
• best practice companies pay competitively, and also pay for peformance
• research from the Coroprate Leadership Council suggests an increase in base pay or annual bonus drives an employee’s intent to stay with an organisation by around 20%
• companies benefit from investing in the development of management and leadership skills of their current and future leaders
• companies should employ people with the best cultural fit and provide individualised development

To read the latest Hudson Report in full, click here .