At the height of the great resignation, around 55% of Americans are currently looking to change jobs.
As a manager, you know that the hiring process is both costly and time-consuming. Unfortunately, it’s a necessary evil for all companies. However, every employer wants to minimize the associated expenses of hiring new recruits.
The best way to do this is to retain your employees for longer. Of course, everyone moves on at some point, but there are ways to retain employees that’ll reduce your staff turnover significantly.
Read on if you’re interested in holding on to your top talent in 2022.
Increase Your Pay
The simplest way to retain employees is to provide higher than average salaries. Unfortunately, this is also the tip that makes most employers groan.
However, before writing off this option as ‘out of budget,’ consider how much you’re spending on hiring new recruits.
Use this article to calculate your employee turnover rate, and you’ll be able to work out how much recruitment is costing your business.
Chances are, a slight salary increase for your employees will cost less.
Be a Responsible Employer
Increasing salaries is a good start, but it’s not enough. In 2022, employees value the whole working experience, not just the paycheck.
You should be forward-thinking and provide extra perks such as flexible working policies, hybrid working policies, paid time off, and healthy lifestyle vouchers.
Providing bonuses that your competition doesn’t will give you a significant advantage when it comes to employee retention.
Additionally, coach your managers on good leadership. The phrase ‘people don’t leave jobs, they leave managers’ is valuable. Micromanaging will lead to a high employee turnover.
Encourage your managers to focus on their leadership skills and report any potential issues proactively to try and retain their subordinates.
Identify Your Top Talent
Finally, spend some time identifying your top talent. Who is the most productive? Who brings team morale? Who would be the hardest to replace?
Although you should try to reduce overall staff turnover, it’s okay to acknowledge that retaining employees that are high performers is important.
You should learn how to retain employees and pay special attention to your top talent. Check in with them regularly, identify any problems, and reward good performance.
At the end of the day, employee retention tips center around looking after your employees. Focus on how your team feels and proactively try to solve any emerging problems.
Use These Ways to Retain Employees!
Now you’re armed with a few simple ways to retain employees in 2022. Don’t fall victim to the great resignation this year; treat your employees well, and they’ll be loyal.
With the help of this employee retention guide, you can retain a happy and productive team when your competitors are losing employees left and right.
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