Retention Tactics - hold onto your best talent

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Insight

Part of being a great company is being able to attract the best talent.  But once you've got them, how do you keep them?

A huge part of holding onto your best people is through having solid employee experience where everyone feels valued, rewarded and has the opportunity to grow and develop... otherwise you're just asking for their head to be turned!

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The top factors of retention

• Engagement
• Satisfaction
• Fulfilment
• Empowerment

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The Great Resignation

In early 2021 the term 'The Great Resignation' was coined.

People were leaving their jobs in droves, no longer willing to put up with poor working conditions.

#purpose #communication #recognition

Employee turnover during this period was certainly higher than we'd seen in recent history.  Changes within the tech sector and record numbers of start-ups offering new ways of working, alongside a huge increase in digital jobs, meant that the market was candidate-led.

There were plenty of jobs to choose from, and this led to high confidence, which in turn facilitated mass exits.

Employee engagement stats from Workvivo

• 60% of employees plan to leave their jobs in the next 12 months
• 60% cite a disconnect from colleagues & culture since the pandemic
• 41% say employers could do better at keeping them informed
• 60% of employees state that a company that appreciates and recognises their work would encourage them to stay longer
• 2:5 people are less happy in their jobs now than a year ago
• 1:3 employees report a toxic culture
• 57% said that a feeling of belonging and part of a greater purpose would make them stay longer in their job
• Over 70% of HR leaders believe their company culture is strong and believe they appreciate & recognise their employees
  • but 80% of employees report feeling less connected 
  • over 1:3 employees do not feel valued

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Heighten Your Employee Retention

Whilst it's still a candidate market, filling roles in the current climate is harder than ever.  2022 is set to be a challenging year. High inflation and the rising cost of living is making many candidates jumpy and unwilling to move.... unless there's a good reason to do so! 

There are still a multitude of jobs open, but candidates are more reluctant to move than they were even a few months ago.

Be the organisation that talent stays in.. and that others want to join!

Reduce recruitment costs

As a recruiter, we obviously make money from filling great roles with the best candidates. However, losing talent is far more expensive than your average retainer fee.  

You're losing skill, knowledge and relationships, as well as consistency in organisational leadership.  This costs both time and money to rectify.

.. and it's far easier to hire into a great organisation than into one with a bad reputation!

Increase engagement

It goes without saying that the more engaged your employees are, the less likely they are to look for a new role.

Give them purpose and the drive to deliver something special whilst paying (above) the market average and you'll be well on your way to holding on to your best performers.

Culture is Key

It's important to note the importance of company culture and how toxic environments and leadership will negatively impact your business and your people - and therefore retention.

Good people will no longer stand by and tolerate bad behaviour. 

Build Solid Foundations

The better your foundations, the better your organisation will perform.

You will not need to constantly rebuild your 'house', the structure will remain strong, connections formed and developed and teams will flourish.

The Importance of Connection 

Connectedness improves teamwork, trust, motivation, morale and productivity.  Need we say more?

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"Listen to hear. Listen to understand. Listen to make a difference."

(Ali Spooner, Client Development)

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Photo by Javardh on Unsplash