Airtight Employee Retention Strategies for 2022
July 13, 2022
Hiring top talent is all well and good. But without a watertight retention strategy, you risk letting your treasured employees slip through the cracks. Losing valued employees can cost a fortune, and filling their vacant position can be a Goliath task that lasts months.
Read on for some of the best employee retention strategies to keep your employees onboard and your ship running smoothly.
1. Work life balance and flexibility
A recent HubSpot Data Survey found that 32% of 1,067 global marketers believe a poor work-life balance to be the main culprit for high employee turnover rates in their department. A balanced approach to work lays the groundwork for a team of loyal and satisfied employees.
You may think that you run a smooth operation at your company by placing an emphasis on hard work, but neglecting employee welfare could prove to be your Achilles’ heel in the long-run. Many employees nowadays refuse to simply suffer in silence, opting instead to explore opportunities elsewhere, in a workplace that views them as a human being, with interests and concerns that extend far beyond the office walls, rather than a robot geared up to work in overdrive 24/7.
In the aftermath of the coronavirus pandemic, we are witnessing a sea change in our collective workplace expectations. Long gone are the days of glamorising toxic hustle culture. More and more people are choosing to work from the comfort of their homes, or commute only part-time into the office.
Companies should allow their employees to have a more flexible work schedule, giving them the freedom to choose where and when they work (within reason, of course). In today’s climate, companies need to be adaptable when it comes to remote working, to keep up with the evolving landscape of the working world. According to the EY 2021 Work Reimagined Employee Survey, 54% of employees across the globe would consider leaving their current role if they were not allowed to work flexibly. A Manpower UK survey found that 63% of workers expect flexibility in their roles nowadays.
Business leaders need to prioritise the wellbeing of their employees. Cultivating a human-centric workspace, where employees can open up about their concerns and issues, is the key to creating a healthy working environment and retaining employees.
Hold regular meetings with your employees; a simple check-in can gauge whether someone is happy in their role, or whether they’re struggling under a weighty workload. Paying attention to them on a one-on-one basis ensures that they feel looked after and cared for by your company. Launch wellbeing schemes, such as early Friday finishes or time off for team volunteering and charity work. Wellbeing activities and visible support systems form the backbone of a positive work environment.
2. Support, guidance and training
Establishing an open line of communication with your employees gives you the opportunity to let them know how they’re getting on in their role. Regular appraisals serve as the ultimate chance to provide your employees with consistent constructive feedback and guidance, so that they know exactly how they’re fairing.
But beyond this, employers need to be giving their team comprehensive training and support at every stage of their career, whether that be in their fledgling stages – during the onboarding process – or later down the line, with on-the-job training.
From the get-go, the best way to lay a solid foundation for a successful workforce is by hiring the right people, adopting efficient hiring practices. However, in order to retain a talented workforce, you need to stand by them and provide them with training and guidance whenever possible.
A supportive and thorough onboarding process is a no-brainer, but employers should also be providing their employees with the opportunity to learn a new job skill, championing their professional development by reimbursing training initiatives, offering courses, or financially supporting their further education. Employees want a company that invests in their professional development; according to a survey conducted by Better Buys, 92% of employees consider this to be an important or very important aspect of their career. A confident and capable workforce is one critical ingredient for an impactful employee retention strategy.
3. An incentive to stay and progress
It goes without saying that employees expect adequate compensation for their efforts. But there’s more to this than meets the eye. First and foremost, employers need to be keeping up to date with the latest industry standards, researching and reviewing salary surveys to ensure that their employees are being fairly compensated.
Wages should also be competitive; in today’s candidate-short market, many companies out there are actively seeking to lure in top talent with higher salaries. Selling your employees short leaves the door open to them pursuing opportunities elsewhere. LinkedIn’s Global Talent Trends Report, produced in 2020, found that companies that offer their employees competitive salaries have a 56% lower employee turnover rate.
But employees need more than fair pay to keep them onboard. They require an incentive to stay at your company for the long-run, something to keep them engaged and invested in their role. By laying out a clear, concise and straightforward path for progression, employers provide their workforce with a game-plan that facilitates their growth and long-term success within the company.
When there’s an explicit career development trajectory mapped out in front of them, employees are likely to be spurred on and fuelled by a desire to reach their professional ambitions at their current place of employment. Signposting opportunities for raises and promotions is a fool-proof employee retention strategy. It’s a way of mapping out a steadfast future for your employees at your company.
And beyond this, benefits and perks should be a fundamental aspect of your employee retention strategy. However, when talking about a competitive benefits package, we don’t mean free coffees and beers in the office on a Friday afternoon. Employees want meaningful perks, such as a retirement savings plan or health insurance. These are the kinds of meaningful benefits that employees are looking for, as they prove that the company genuinely cares about them.
4. Emphasising company values
Let your employees know exactly what the impact of their work is. Subconsciously, being able to see the fruits of our labour empowers us. Present employees with statistics and case studies to demonstrate the affect their work has; people love knowing that their hard work actually counts for something.
This is where your marketing team comes in. Producing case studies and success stories is a great way to motivate your employees and keep them emotionally engaged with their work. Make sure that your marketing copy across all resources and platforms mirrors the core company mission statement, and conveys this in a clear and impactful way.
Passing down the company vision ensures that employees feel closely aligned to the company’s values. When employees feel connected to the business’s mission, every win for the company feels like a small win for each member of the team. Drilling home the company vision improves the chances that your employees feel genuinely excited and invested in the long-term success of the business.
Marketing isn’t just about attracting people from the outside. It’s about framing the business in its most attractive and exciting light, to bind employees to the company ethos in a personal and intimate way.