The recent world pandemic brought about many changes and people are still trying to cope with the aftermath. The latest trend is the Great Resignation, where employees resigned in great numbers because they were unhappy with their job. That trend started in 2021, but there are no signs of a slowdown, as around 40% of employees are thinking about leaving their jobs in 2022. So, managers need to focus on talent retention if they want to lead a successful organization.
What Does Talent Retention Mean?
Basically, talent retention refers to a company’s ability to keep its employees; that is, to reduce the turnover rate. According to the Harvard Business Review, turnover is predicted to be between 50 and 70% higher. Also, it is taking managers 18% longer to fill vacant positions than before the pandemic. A high turnover rate is expensive for the company, and managers spend time finding candidates that they could spend doing other job-specific tasks.
Why Do Employees Leave Their Jobs? Top Reasons
According to a survey carried out by Robert Half, 65% of the workers want a pay rise, 39% are looking for career advancement opportunities, and 34% have experienced burnout and need a change.
Clearly, low salaries and job dissatisfaction are among the main reasons for quitting. However, these are not the only ones. Many employees cite the lack of recognition and support from their managers, which makes it easier to up and leave than to stay and fight. Related to this is the dissatisfaction with company culture and unhappiness with management. Poor work-life balance and its related risk of burnout are also mentioned.
Effective Talent Retention Strategies to Consider
- The first one is a no-brainer: offer an attractive, competitive salary or hourly wages. One that makes the employees feel valued and that their hard work is worth something. Also, one that makes them want to stay and work for you. In the current economic climate, salaries should be adjusted to rising inflation and cost of living. Additionally, employees appreciate compensation as they gain experience.
- Let your employees work from home and provide flexible scheduling depending on the industry. Different people are more productive at different times of day, so, if they can choose when to work, they will be at their most productive and efficient. Think about it: if employees do not have to sit in traffic for hours and do not have childcare worries, they will be able to focus more on work.
- Employee recognition, social or monetary, is very important. Everyone wants to be acknowledged for their hard work. If you recognize your employees’ efforts and results, you will be encouraging them to try harder.
- Build engagement. If you give your talent a voice, they will feel heard and seen, and will feel happier at work.
- Another incentive that will help retain talent is to offer professional and personal development opportunities. Sit down and plan a career path together that includes training and upskilling. Identify potential for professional growth, like the need to learn a new skill, and provide education and training. Your employees will gain new abilities and competencies that will help them keep up with the evolution of the business.
80% of employees think learning new skills will make them more engaged at work. English Services can help you retain talent with our online or blended language courses and workshops. Your employees will acquire skills that will benefit both the team and the company. Find out more about our services here