Employee Retention Strategies in 2022

May 10, 2022

5 min read

It doesn’t matter if your company is left by those who show the best or average performances. You have no guarantee that they will be replaced by more skilled professionals. Not to mention the resources to find, hire, and train a new employee.

Even in pre-covid years, there was a big challenge to curb brain drain. But now, after “great resignation” appeared in early 2021 due to the pandemic, the game rules have changed radically.

So let’s discuss the most common reasons for resignation in 2022 and how to build an effective retention strategy.

Top reasons for resignation

The following points are among the reasons why people change jobs.

Low payment 

Оver 56% of active job seekers in the USA want to change employers due to this reason. Two-fifths would stay in their old position for a 5% salary raise. Such a high percentage indicates that management mainly considered it more profitable to invest in the search for a new professional. We took the data from the survey conducted by Willis Towers Watson — a British-American insurance brokerage and advisory company.

Lack of trust

Not all managers broadly welcome new remote reality. 44% of companies in the world don’t allow work from home (according to Owl Labs). Although employees of those who have implemented this have faced some problems too. Like those time trackers that constantly make screenshots. Or the need to report as often as possible. Such intrusive surveillance focuses on adhering to formal corporate procedures rather than obtaining quality work results, especially for conscientious employees who are the team’s core.

Overworking (no work-life balance)

Our third point partly follows from the second. Top performers often get more tasks than their less productive counterparts. In whole or partial remote work, this trend is growing. Managers choose professionals with the highest trust rating and give them extra work. 

As a result of this uneven workload distribution, top performers often experience exhaustion and burnout. The significant responsibilities must be related to the equivalent promotion.

A toxic environment or a conflict with a manager

A toxic environment often starts from the top. Necessity to flatter a direct superior or denounce colleagues, or bullying is a sufficient reason to resign. So losing one manager who spoils the atmosphere sometimes can save the whole team.

No remote work

⅔ of LinkedIn members from the USA search for remote-only jobs. Such a situation occurs because some professions do not require a physical presence in the office. Moreover, сommuting is enormous stress for residents of large cities. The more flexible conditions you offer, the more people will want to work with you.

Lack of prospects

When we talk about prospects, it means not just salary raising. Acquisition of new skills, improvement of old ones, more responsibility and the opportunity to hold a senior position  are also necessary. Best performers are bored with routine. In a few years without career growth, they are forced to look for a place where professional life will be more prosperous.

Stages of employee retention 

The employee retention strategy – is a set of actions that companies use to prevent brain drain. These should be comprehensive actions, starting with selecting suitable candidates and ending with transparent conditions for promotions. 

Recruiting

It is better to select candidates who have shown loyalty in the previous job. That is, they worked there for about two years. It would help if you openly inform about your company’s values and prospects for the position at the beginning. Do not embellish reality. Realistic expectations will only contribute to the candidate’s long life in the company.

Promoting

Regular performance and salary reviews help protect companies from conflicts over wages. Everyone has the right to know about their prospects. Make the enhancement process transparent with a development map. Make it for each position and present it at the beginning of the collaboration. Then a person will understand what steps they must take to become a specialist at a level that earns 5% more than they do now. 

Appropriate reward system

Over time, activity in corporate life and personal effectiveness should be encouraged and rewarded. If not with money, then at least with a letter of thanks or small corporate gifts (cup, shopper). The evaluation of the quality of work must be transparent too. There should be clear metrics by which effectiveness will be assessed. Even better, these metrics have to be consistent with workers.

Communication

Creating opportunities for a timely discussion of problems, like regular conversations with the HR manager, anonymous surveys, and team buildings, is necessary to construct more trusting relationships.

All unspoken insults accumulate and will be a good reason to leave the company one day.

Employee Retention Software & Tools

Several tools can help slow down human capital flight. They will not replace the retention strategy but will help implement it more quickly in the life of your company.

Outback team building

The tool helps carry out various activities (including virtual) to unite the team. Team members get to know each other better and become an essential part of the group.

Mondey.com

A platform for exchanging ideas. It helps to collaborate creatively with those who work remotely.

Caroo

It is a tool that allows employees to feel cared for and know that their work is noticed and appreciated. HR experts carefully select gifts for employees you want to thank for their excellent work.

Do not be afraid to experiment and find the combination of activities that will work for your company specifically. Remember that it is essential not only to hire good employees but also to keep them for a long time in the team.

What about your company and the brain drain situation? Need help? Contact us to get a consultation with HRs and recruiters or for recruiting top-tier candidates for your business.

Read also: Cool Job Perks Your Team Will Love and Adding Recruiting Capacity: Internal Recruitment Vs. External Recruitment

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