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Top Talent Retention Strategies 2022
Close to 70% of organizations report that turnover has a negative financial impact because of the cost of recruiting, hiring, and training new employees, as well as overtime pay for current staff that is required until the organization can fill a vacant position (BLR)
Replacement costs for an individual employee can range from half to twice the employee's annual salary
In this article, we'll look at 11 methods you can use to reduce turnover and retain talent
No wonder talent retention is one of the hottest topics for HR right now. In addition, since the great resignation, the search for employees has become even more difficult
A survey of more than 2,400 professionals conducted, which monitors employee sentiment about current and future career prospects, shows that 41% of respondents are currently looking or planning to look for a new position in the second half of 2022. Make an example like the one below in the picture
of workers plan to look for a new job in the next 6 months
Source: Robert Half for Job Optimism
job search plans
job search plans
34%
seek a career change after experiencing burmout
39%
are looking for more advencement opportunities
65%
want a salary boost
учащихся продолжат использовать платформу и будут платить ежемесячную абонплату
1. Adaptation
The path of any employee in your company starts with the adaptation process. If the adaptation process is successful or not will determine whether the new employee stays in your team or not. Therefore, it is extremely important to organize a competent and effective process of personnel introduction and to monitor it accurately. We talked about this in more detail in our article «Onboarding Checklist»
The chances of losing an employee within their first year of employment are higher than you would think
≈40%
of employees who leave their jobs do so within the first six months
23%
of new employees turnover before their first anniversary
of employee turnover happens in the first 45 days
20%
2. Continuous learning
Don't forget to monitor how successful the training process is and collect feedback from the students
It is hard to overestimate the importance of personnel training and development. It gives benefits to both the employees and the company. Firstly, employees constantly improve their skills, thereby increasing productivity and consequently increasing the company's profits. Secondly, when the company invests in staff development, employees feel more important and have an opportunity to learn new skills, which in the future will be useful to them and allow them to move up the career ladder
94% of employees would stay with the firm longer if it invested in their training and development
94%
70% of employees are willing to leave their current job to work for a company that invests in employee development and training
70%
According to 92% of employees, well-planned employee training programs have a positive impact on employee engagement
92%
3. Personal development path
It is important to consider not only an employee's specialization in training, but also their personal qualities, as well as their interests and plans for the future. It may be that your employee is an expert in his or her field, but at the same time has a problem with communication or, for example, has a low level of public speaking skills, which would be advantageous to him or her to develop as well. Or perhaps he or she would like to learn some new skill that just interests them. Also, a personal development path should definitely consider the potential for career advancement. Namely, what knowledge the employee will need to have in the new position
Don't forget that each person learns differently. Someone may need more time or repetition of lessons, someone is better at perceiving information by ear, and someone visually. It is necessary to take these nuances into account and build a development program so that each employee has the opportunity to learn at his or her own comfortable pace
In order to build a personal development path, you will need to identify the strengths and weaknesses of each particular employee, what skills they already have, as well as their needs and interests. This is where testing, practice tasks, and surveys will be a great helper. In order to simplify, automate and make this process more effective, we recommend that you use universal platforms
учащихся продолжат использовать платформу и будут платить ежемесячную абонплату
If you've already set up a strong employee training program, that's great. You have already made a tremendous contribution to your company. However, it's important to understand that employees develop for a reason. By mastering new skills and improving themselves, employees certainly expect to get a promotion or at least an increase in pay. This is where it's important not only to give them the opportunity to do so, but also to take consistent steps, such as:
Linkedin reports that 94% of employees say they would stay with their company longer if it invested in their career development
4. Career advancement
Include the necessary courses in the training program
4
Plan how the promotion will take place (what skills the employee needs to learn to get a new position)
3
Conduct regular testing of personnel, to identify candidates for promotion
2
Discuss career growth opportunities
1
Furthermore, we should not forget the fact that training an existing employee in the necessary skills for the position is much more beneficial than finding, attracting and introducing an already trained expert
5. A favorable atmosphere within the team
Internal atmosphere plays an important role. It affects both retention and performance. When you have conflict instigators or unpleasant people on your team who spoil the mood of their co-workers and lower team morale, it's not good. It will definitely have a negative impact on the overall satisfaction and engagement of your employees, and consequently on the profits of your company. That's why it's important to monitor the situation within the team and help create a favorable relationship between colleagues. Various games and competitions, team building, team assignments, and rewards for helping colleagues are great for this. Gamification, which you can implement using universal platforms, will be a great help in this matter
6. Recognition and rewards
In addition to recognition, employees achieving special successes should be rewarded financially (whether it is a bonus or a gift, or, for example, an extra paid day off). This shows not only that you notice their efforts, but really appreciate their contribution to the common task. In this way, your employees will be motivated and will try to perform to the best of their ability
Recognition plays an important role in the employee satisfaction chain. Practically everyone is pleased when their achievements are recognized and praised and rewarded for good results. It is when diligent and productive work goes unnoticed that the problems begin. The worker begins to feel unappreciated, and at best this will lead to a significant decrease in employee motivation, and at worst you will lose a valuable specialist
Statistically, in companies where the corporate culture provides for recognition of the staff, there are 31% fewer resignations
31%
7. Engagement
Perhaps the most unproductive employees are those who are reluctant to come to work, perform their job duties without any enthusiasm, and wait until the day is over. If your company has at least 5% of such employees, it's already a serious problem. The problem is the lack of staff involvement in the work. To solve this problem you need to build strong relationships between employees and the company, each of them must understand their role and the value of their contribution to the common goal. We discussed this in more detail in our article «HR Trends 2022»
15%
Lower profitability
18%
Lower productivity
37%
Higher absenteeism rates
Unengaged employees have:
8. Flexible work schedules
The latest research shows that flexibility at work is a priority strategy for retaining and hiring talent. Pandemic has brought us new trends with most employees moving to home offices. Over this time, statistics have shown that it's convenient for most employees and beneficial to companies. Employees no longer spend time and money commuting to and from the office and are in a more comfortable environment for them. At the same time, companies are saving huge amounts of money by closing expensive offices. Many people are already so used to more flexible work schedules that they don't want to go back to the previous setting. 32% of respondents interviewed by Owl Labs said they would quit their jobs if they couldn't continue working remotely
55%
Avoiding office politics
66%
More comfortable workspace
68%
A quieter work environment
63%
More focused time
68%
Fewer distractions
Reasons why remote employees felt more productive included
Source: Robert Half for Job Optimism
9. Social packages
Since the onset of the pandemic, more people have come to value their health, including their psychological health. Therefore, many companies now emphasize extended social packages for attracting talent. Clearly, when choosing an employer, candidates would look first and foremost at the organization's reputation, salary and career prospects, but things like health insurance, for example, would not be in last place
Along with taking care of health, since the advent of the pandemic, people have also begun to value time spent with loved ones more. A healthy work-life balance is a great prevention of burnout. As a manager, you can help to improve this indicator. By having a flexible work schedule, various personal trainings and identifying the level of employee satisfaction.
10. Work-life balance
All the methods above will work effectively only if you constantly collect and process actual feedback from your employees. Whether it is successful in personnel development, whether the information provided is clear, whether the training tools are easy and convenient to use, whether employees understand their responsibilities and role in the team, whether they are satisfied and involved, what is the atmosphere within the team, whether employees are satisfied with their managers, work schedules, etc.
11. Feedback
For successful implementation and automation of all these processes, we recommend that you use universal platforms. The SmartExpert platform combines all the features you need to make your business successful and has an intuitive, user-friendly interface. It specializes in employee engagement, retention and development. And allows you to make working in your company as comfortable and productive as possible
Keep in mind that employees are the company's main and most valuable resource. The success of the company depends entirely on how happy and motivated your employees are. If you follow these recommendations, you can decrease employee turnover by many times and easily retain talent. So instead of spending time and money on finding, attracting and implementing new staff, you can focus on the development of your team and the achievement of the company's goals
Conclusion
6/10
According to Forbes, for almost 6 out of 10 employees, a company's social package is the most important non-wage factor they consider when evaluating a job
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