Retention strategies in 2022

As I write this in June 2022, it’s old news just how competitive the recruitment market is currently. The movements in the market have been fluid. This is demonstrated by job seekers having the upper hand, by asking for above market remuneration and benefits. Most commonly, this is in the form of the flexibility to work from home, which has deemed top priority amongst many job seekers.

Due to the talent shortage, job seekers are being extra selective whilst deciding on which organisations to join. Their decision to accept a job is based on what meets their top priorities for their career and life goals. Employers who are one step ahead of the current market conditions, have learned to embrace this talent short market, by implementing strategies to attract and retain employees.

Below are top 3 retention strategies that every organisation should explore and emphasise.

Promoting from within
The advantages of promoting employees from within the organisation reaps many benefits. The ability to be able to progress has been listed top priority by job seekers as they continue to strive for growth and aim to develop new skills over time. Employees appreciate opportunities for advancement and will be aware of their work performance and focus on outcome driven results. Recognition and internal promotions boost employee morale, as it affirms that their hard-work and dedication to the organisation will pay off. In return, the organisation saves time and cost in recruiting and training someone externally to fill the gap. Employees who are promoted from within have an understanding of the organisational culture, core values and likely have a solid network of collegial relationships to leverage.

Earning the trust of employees and fostering a culture of respect
Performance increases when employees trust people in top management and their direct reporting managers. Employees willingly commit and dedicate their hard work and efforts to a leader they believe in and have a genuine working relationship with. The motivation to work therefore comes from within and employees are more likely to achieve goals and align their objectives with that of the organisation without much hesitation. The key to building trust and respect is to build a culture around emphasising open and honest communication, building personal connections with employees and exploring topics outside of work, being generous in giving words of affirmation where recognition is due, making them feel valued and heard and encouraging collaboration amongst peers.

Involving your employees
Every relationship is a two-way street, and it is no different in the workplace. Everyone wants to feel important and valued. Involving employees to play a significant role in helping the organisation meet objectives and contributing to the decision making process, helps them feel like they are part of something larger than themselves. Organisations which intentionally encourage inclusion, diversity, and leadership development have shown improvement in performance and employee loyalty. Encouraging employees to provide feedback on how the organisation can improve and accepting this feedback further fosters a strong culture of open communication and trust. It demonstrates that the organisation has everyone’s best interest in mind. That it’s committed to continual improvement to align their business strategies to keep up, or better yet, exceed current market trends and in doing so, strives to be a market leader in their field.

There are a few things to digest from these key strategies that we have explored. Rather than thinking of quick band aid solutions, it is strongly recommended that organisations should spend time digging deeply into employee motivations, building a truly positive culture and especially, retaining top performers before they look elsewhere, outside the organisation.