The Great Resignation affects everyone, from small businesses to large corporations. Despite the financial instability the pandemic brought, more people than ever quit their jobs, triggering an exodus.
What is the result of the resignation exodus? A pretty competitive jobs market where organisations struggle to retain talent and attract candidates. Sadly, research shows that the trend is far from slowing down, with more than 4 in 10 employees considering quitting their jobs due to a great availability of open positions and remote work opportunities.
In the given context, employee retention should be a priority for companies. 35% of workers may leave their jobs annually now that they have a wider range of potential positions to pick from.
Why is talent retention crucial for companies?
The effect of employee turnover extends beyond momentary disruption. It’s costly to lose employees and recruit and hire new ones. Studies show that replacing an experienced worker with a new one costs around one-third of their yearly salary. But, losing an employee impacts more than your finances; it also affects the remaining staff that needs to cover up for their tasks until the recruit acquires the required aptitudes.
Also, when your remaining employees see some of their colleagues leave, they panic because they’re aware that their workloads will temporarily increase. This can trigger a downward spiral of work-related stress and departures. When stressed out and frustrated, workers are less likely to perform accordingly, meaning that your business’ profitability and effectiveness suffers, and the public has more negative interactions with your brand. The effects of employee departure are challenging to quantify as they differ from one company to another.
Actionable employee retention strategies to employ in 2022
Here is a list of strategies you can use to improve talent retention in the workplace.
Provide your workers with positive feedback
All employers know that employees need feedback to improve their performance and do their best work, and feedback is constructive when objective.
But how much feedback should you offer to your employees to boost retention?
Studies show that the ideal ratio between positive and corrective feedback is 5.6 positive to one negative or corrective. It would help if you offered positive suggestions to your employees periodically to motivate them to continue their great work and maintain their determination in supporting your business’ growth. Some companies invest in an email newsletter as a way to show recognition for departments or individuals who have done well and to communicate incentives or bonus schemes, which can motivate employees. They are often very simple to design so won’t take too much time, and companies can track data such as views and engagement to see which content resonates more with their employees. However, corrective and constructive feedback is also vital because it addresses issues and enables employees to improve their performance.
Ensure that your team leaders keep in mind the mentioned feedback ratio when they make suggestions and evaluate employees’ work to maintain a high level of employee satisfaction.
Invest in your employees’ careers
Did you know that 94% of the employees who reflect on resigning would stay with their employer longer if they invested in their career development? It may surprise you, but in the present economy, experts know that they need to keep their aptitudes and skills sharp if they want to stay afloat in the competitive market and advance.
Your business can tap into your workers’ desire for career development by offering them tools like mentorship programs and training and investing in workplace education. You can collaborate with a platform that offers online courses to access knowledge that enables them to upgrade their skills and grow new talents. At the end of the day, your organisation also has plenty to earn if your employees own top-notch skills and are happy with their workplace.
Create a safe and clean workspace
Clutter, dirtiness, and injury hazards are distracting and daunting for employees. Your employees spend at least one-third of their days at work, if not longer, so providing them with a safe, clean, and comfortable work setting is crucial. One way to enhance the workspace is by offering functional and ergonomic breakroom tables that encourage employees to take proper breaks in a tidy, well-organised environment. Along with providing the right furniture, keeping communal spaces clean and free from clutter is an important first step toward reducing hazards in the workplace. When your team senses that danger is near, they find it challenging to focus on their work and therefore have a low performance. Plus, if you don’t remove and keep work hazards at bay and one of your employees gets injured, you must pay compensation. Nowadays, employees who work with solicitors specialising in accident at work claims to get compensation for their work-related injuries and therefore have greater chances to win a lawsuit. Providing them with a safe work environment lowers the chances of dealing with an expensive lawsuit.
To create a safe and hazard free workplace, you need to assess the surroundings to identify possible risks and dangers. It’s also smart to update the health and safety policy and develop new procedures and processes that meet the present needs of your workforce.
Create a workplace that fosters respect
Nowadays, employees want to work for a company that respects them. They don’t want to feel unimportant or devalued within their workplace, which often happens when the employers don’t respect their team. The average employee looks for five things in a job: compensation, stability, respect, work-life balance, and health benefits.
So, you should ask yourself if your organisation respects its workers and shows them appreciation.
You can foster a culture of respect in the workplace by implementing strategies like collaboration, recognition, feedback, and encouraging creativity. You empower and show them thoughtfulness and kindness by providing your workforce with the needed resources and tools to efficiently complete their tasks.
Create more trust with your team
People perform better at their jobs when they trust their employers and the experts assisting their tasks. Your employees are more likely to perform and achieve the company’ goals when they believe in your organisation. 49% of workers state that a lack of transparent communication from the management can drive them to search for a new job. On the other hand, 79% of the people who trust and confide in their managers stay engaged with their current workplace and don’t plan to resign.
It’s a great moment to develop an employee management program because it can boost your employees’ trust in your business. Other ways to earn your team’s trust is to motivate them, emphasise transparency and honesty, build personal connections, avoid favouritism, and give them credit for their work. In addition to this, build rapport by giving them presents on certain occasions that call for it. As an employer, you would worry about such expenses, but the question are employee gifts tax deductible? provides you good information that it isn’t that much expenditure when it comes to gaining a stronger relationship with your employees.
Final words
Here are some effective strategies that help you retain talent. We hope you find them useful.
