All organisations and management teams will agree that they’re only as good as their people are. The current wave of economic recession following the COVID-19 pandemic has meant that many employees are leaving their current workplaces to move elsewhere and explore other options elsewhere.
With employees leaving left, right and centre, there is a decent opportunity that 2022 will see an even bigger surge in this statistic. This makes it even more important for organisations to focus on employee retention as they enter into 2022.
We have all heard about employee retention and the benefits it carries, but how do management teams make it work? How do management teams ensure employees stick around for long and do not leave them for better opportunities elsewhere?
In this article, we take a look at some of the best ways to retain employees in 2022. These employee retention tips have been generated from HR coaches in Melbourne and will help you get the best outcomes in 2022.
Hire the Right People
The very first strategy you should follow for a good retention strategy is to hire the right people. You cannot make anyone stay for long if they aren’t the right fit for you. Before you hire an employee for a new role or opening, you should do your research to identify whether they sit well within that role or not.
The key metric here is to ensure that the employee is fit for the role you have in mind and isn’t just someone who is job hopping. Besides just checking the skills of the employee you hire, you should also check their values and attitude. It is necessary that the employee goes right with the culture you have. Just like their skills, the attitude and behaviour of the new employees you hire matters as well.
Train Them Well
Once you hire the right people, you need to follow up on the process to make sure that you train them well. If you want to retain employees for the long run, you should make sure that you train them and set them up for success within your organisation and beyond.
The importance of training is even higher in industries where we have new technologies and ideas coming out every once in a while. If you want to improve retention, you should train your team well and should hope for the best results possible.
Offer Competitive Benefits
It is necessary that you offer competitive salaries and benefits to your employees as well. Your employees will stick with you for longer if the salary and the benefits they are getting are competitive. Employees should know that they are getting industry competitive rates, if not salaries that are better than the industry standard.
Fortunately enough, remuneration matters a lot and offering competitive compensation and benefits to employees at work can make a world of difference. A recent survey by LinkedIn Global Talent trends suggested that companies can see a 56 per cent decrease in attrition if they offer industry-standard compensation to all employees.
Celebrate Small Wins
Employees need to feel recognized and appreciated for the work they put in everyday within your organization. A good way to do so is by celebrating all small wins that your employees enjoy. Let your employees know when they crush it in a meeting, when they impress you with a good report or when they do a good employee presentation.
You can celebrate good performance from employees in a number of ways. To begin with, you can give them a small bonus for their efforts. If you don’t have the financial leverage to reward employees with cash bonuses, you can always go for simple appreciation and a pat on the back where it is necessary. Weekly meetings and public appreciation can go a long way in retaining employees.
Support Professional Growth
It is necessary that you support the professional growth of your employees. Even if your employees do feel satisfied with the job right now, they might start feeling left out and desolate if there is no professional growth on offer.
Hence, it is absolutely necessary that you prioritise professional growth and give your employees the opportunity and chances to grow. As a leader you should be able to give employees the promise of future growth and success to make them stay.
Employee retention will be a necessity in the future, considering employees are looking for better opportunities in the world post-COVID. Keeping the change in trends in perspective, it is necessary that organisations follow the employee retention tips above and retain their employees for the long run.