A strong workforce plays a vital role in the success of any business and losing staff can often cause a real headache for employers, particularly those in the legal sector, where the cost of replacing a key team member is more than £39,000.
The legal sector is faced with significantly higher costs than any other industry when it comes to replacing employees, so it makes perfect sense that law firms are increasingly investing in initiatives to improve staff retention.
As well as the cost implications, losing staff can also have a big impact on a law firm’s overall performance, lowering team morale, reducing productivity and potentially even leading to a further turnover of staff as employees continuously see their co-workers leaving.
According to recent research, 70 percent of in-house lawyers and 58 percent of lawyers who work for legal firms say they are likely to leave their current position in the next year. The rise in employee turnover, known as ‘the great resignation’, highlights issue of staff retention across all sectors, which is largely down to the economic repercussions of the pandemic. It’s more important than ever for employers to re-evaluate the needs and demands of their staff.
How can Law Firms Combat Staff Turnover?
Law firms looking to improve staff retention should start by addressing some of the most common issues that can influence an employee’s decision to resign. Feeling under-valued, having a poor work/life balance and a lack of career progression are some of the biggest reasons for employees quitting jobs in the legal sector.
Hosting company events, conferences, workshops, seminars and meetings can be a great way to help employees feel more connected and valued. However, events don’t always have to involve travelling to a physical location, which can often be time consuming and costly, particularly for large firms with offices spread out across different locations. Regular virtual events can be just as beneficial for building motivation.
What are the Benefits of Investing in Virtual Events?
Virtual events can help to improve staff retention by driving employee engagement, boosting team morale and enhancing communication. Improving the overall wellbeing of your team can help to create a much happier workforce and loyal employees who are less likely to want to leave. Here are some of the ways virtual events can help with staff retention:
- Enhanced Employee Engagement – Regular virtual events allow employees to become more connected. Encouraging participation with interactive features such as live polls, Q&A sessions, breakout rooms and networking opportunities can be highly effective in helping staff to feel motivated and more involved in the firm.
- A Platform for Recognition and Rewards – Acknowledging the contribution employees are making to the law firm’s success can really help to drive team morale. Virtual awards ceremonies are well worth considering as a way to make sure staff feel valued and appreciated.
- Improved Communication – In recent years, virtual conferences have become an essential tool for internal communications, particularly among law firms, who often need to keep employees informed and on board with key developments within the organisation. Virtual town hall meetings, for example, work extremely well for large law firms looking to deliver important information with greater transparency.
Overall, a virtual conference can be a great way for law firms to build and maintain a stronger relationship with employees. The cost of running a virtual event is significantly lower than the cost of losing a valued team member, which means investing in staff retention could lead to big savings for law firms in the longer term.
The team at Virtuopo regularly works with leading law firms to bring teams together and drive employee engagement through virtual events and livestreams. Find out how we helped Weightmans to deliver a virtual two-day leadership conference for more than 350 employees, all based at different locations around the UK, from the firm’s Liverpool headquarters.