Here is a cold hard truth: what might work as your retention strategy these past few years may no longer be effective in 2022. More and more employees gladly leave their job and move to one that offers workplace flexibility. On top of that, many companies are emerging these days and this gives a chance for your competitors to attract your current employees to be on their team. If you want to keep your best employees around, you need to give efforts to give them what they need, so they will stay with your company. Without jeopardizing your company’s financial wellbeing to make sure your employees stay engaged, here are some effective ways to increase employee retention in 2022.
Why Does It Matter?
It is not a secret that the cost of hiring is not small. If you fail to create an effective retention plan, you may end up with a high employee turnover and as an HR manager, your list of hiring new people for the company will look endless. This costs your company so much money and time, which is why you need to keep your employee turnover as low as possible and your retention level good. Employee retention gives you qualified employees who have a significant amount of experience working for your company. They understand better about a company’s culture, ethics, and values. Additionally, they tend to improve and establish an appropriate work cycle over the years they spend working for you. This expertise will help you build a group of expert and capable employees, increasing your company’s overall profitability.
As a manager, it is true that one should respect an employee’s personal growth plans. But, the fact that this person is giving a load of contribution to the company is also difficult to neglect. No wonder, watching them walk out of the door amidst ongoing business progress could give a manager a hard time. Employee retention techniques will come handy when one of your best talents submitting their resignation papers all of a sudden. Unless you are ready to let go these top performers, then address the situation with one of the following ways:
Since the start of the Covid-19, an increasing number of employees have signed up to work from home. Even when offices have begun to open, many employees are still happy to work remotely since it allows them to better balance their personal and professional lives. In fact, this has become the most effective retention strategy and many companies in Indonesia have been doing this, according to Ecommurz and Datatovisual survey. Working from anywhere or WFA is one of the highly-sought employee benefits and many consider finding new jobs that make this possible. This is not to say employees are lazy to begin with; the fact that they managed to be fully productive for around 2 years during a full remote working setup makes them reluctant to ‘waste’ time in commuting every day.
Allowing employees to work from home or on a flexible schedule provides them the opportunity to effectively manage and share their time with their families. If you still cannot accommodate this or if your company has decided to implement working from the office, at least offer them a chance to work from home when needed. Your employees are full-grown adults who already know how to stay productive professionally, even if they are away from your office cubicle. After all, it is 2022 and technology has covered big parts in business operations (if not all); if you still think working from the office is the sole indicator of employee productivity, you may need to expect a massive wave of resignation.
Offer a promotion and salary increase
No one wants to always look for the “next” job. It is both tiring and stressful, not to mention having to go through another workplace adjustment. Yet, good talents know their worth and if they are not getting that in your company then don’t be surprised to be handed the resignation letter. The salary you give your staff has a significant impact on their morale and motivation. If your employees believe they are not being paid enough for their work, they will lose enthusiasm, resulting in lower engagement and productivity. They will eventually decide to move to a different company that offers greater pay.
To keep your employees from looking for a new employment, you should review their pay based on industry standards. It is necessary to provide competitive remuneration to your employees depending on their achievements and position in your company. If they have been with you for a longer amount of time, make sure you reward them with a raise. Be open and transparent about your payment scheme, and try to provide incentives and raises to employees who have demonstrated their significance. As their contributions are recognized, they will feel more engaged in the business, helping you to effectively retain them.
Any employer’s plan should always include employee satisfaction and the best way to make the best out of it is to connect with them on a deeper level. The good-old “Let’s keep up the spirit, team!” group message just does not feel enough; make your employees know that you appreciate them and are willing to help whenever needed. Offering personal support to your employees is among the most effective means to increase retention. According to a recent survey, 77% of employees stated they would stay at their present job longer if they felt valued by their employers. When you know the circumstances of all your employees’ challenges and personalize help to their specific needs, their engagement and productivity improve.
To keep your best employees from leaving, you should first commit to creating a positive environment in the workplace. Be attentive to employee communication and address their work problems as soon as they arise. This shows your real interest not only in their job but also in their well-being as an employee. Make them stay for a long time by becoming an inspiration to them and the leader they aspire to be one day.