Retention has become an issue for many employers in recent years. Employee retention has always been important. But in 2022, with the great resignation, job openings in a lot of industries, and the effects of the pandemic on the job market, finding a way to keep your best people is a top priority.
Understanding how to increase employee retention starts by identifying some of the major mistakes that are costing employers top talent. We outline them here:
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1. Failure to realize it’s a candidate’s market
It is a candidate’s market in 2022. They have the upper hand, and so do your employees who may be thinking about making a career move. With a lot of job openings right now, don’t be surprised if your people start to look outside of the organization. If you want to keep them, it’s vital you ensure they are satisfied. This may mean incentivizing your team to stay.
For example, the Ontario government recently announced a $5,000 bonus for front-line registered nurses in an effort to address the nursing shortage in the province.
2. Failure to adapt to new employee expectations
What an employee expects from their employer is evolving. You need to provide them with a work environment that offers opportunity, growth, and balance. It’s essential for you to have an open dialogue with your people to understand what matters most to them, or you could risk losing them to another employer that will better meet their expectations.
3. Having unrealistic expectations of your people
The pandemic has put a lot of pressure on people. It has been a challenging time like no other. People are experiencing burnout. Companies that have unrealistic expectations of their people and continue to move forward without considering the repercussions on their staff will lose people. Remote work, flexible work arrangements, and working with your team to create balance is essential. Employers cannot afford to ignore this.
4. Failure to adjust the salary
Top talent wants to be paid what they are worth. Amid the talent shortages, and with increased awareness of people understanding the salary they can command, if you are not willing to pay your people well, you will lose them to another employer who will pay them. You may need to adjust your salary budget and offer pay increases to keep your best people in-house. Money talks, and it is a reason why people will walk.
More Advice to Retain Your Top Employees
Should You Hire a “Chief Cultural Officer” to Improve Employee Retention?
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