Employees Are Leaving — Here's How To Retain Your Top Talent in 2022

With the state of the current labor market, employee retention is a top priority for organizations of all sizes. It’s projected that a staggering 35% of employees may leave their jobs each year by 2024. According to a Gallup report, only 36% of employees are engaged at work, and of the disengaged group, “74% are either actively looking for new employment or watching for openings.”

Companies that manage to retain their employees long-term are proven to operate at a much higher level, meeting business goals and recruiting additional hires whenever needed. High retention rates also distinguish your company from the competition, making it even more attractive to top talent.

Why Are Employees Leaving in Droves?

With the disruption to the job market catalyzed by the pandemic, and the stark rise in remote positions, hiring and retaining talent has been more difficult than ever before. The great resignation and its ongoing aftershocks have led to a huge increase in turnover. Exit interviews, when possible, are a great way to identify reasons for resignation and gaps to fill within your organization’s policies and processes.

Common Reasons for Employee Resignation

Below are some of the most commonly cited reasons employees resign:

• Insufficient compensation and benefits
• Lack of flexible working hours
• Poor company culture
• Lack of opportunities for growth
• Excessive workload with inadequate pay
• Lack of recognition
• Poor management
• Lack of co-worker support
• Disinterest in their work

Top Ways To Retain Talent

Here is a curated selection of strategies to reduce employee turnover and retain your highest performing team members:

Develop an excellent onboarding and orientation program

Creating a long-term relationship with employees begins with an exceptional onboarding experience. Education is key here, as it is imperative to clearly define expectations, resources, policies, and procedures in a digestible and concise form.

Allow for feedback and dialogue—orientation is a great opportunity to truly get to know your new hires.

Boost employee engagement

Disengagement costs the United States over $500 billion annually in lost productivity, according to Gallup. Employees expect their voice to be heard, as feelings of withdrawal and neglect are a top reason for leaving the field. Maintaining an open line of communication to discuss company updates and allow for feedback keeps staff feeling valued and engaged.

Conducting routine meetings with staff allows them to have their concerns voiced and addressed in a timely matter.

Remain competitive with compensation and benefits

It is imperative to remain competitive in the market when it comes to salary and benefits.

Routine adjustments to pay scales, upgraded health and retirement benefits, tuition reimbursement, as well as bonuses are all components that employees consider before deciding to find a new job.

Advancement opportunities

Not only should employers take a personal interest in their employees’ career goals, but it is also essential to outline a path of growth to boost motivation. Mentoring programs, job shadowing, and succession planning are competitive benefits that employees search for.

This interaction leads to increased loyalty—ultimately leading to increased retention.

Recognize and reward

Employers who consistently recognize and reward their employees for their hard work reap the benefits of boosted confidence, and ultimately productivity. Evaluating progress, and recognizing the valuable ideas and contributions that your staff brings to your organization is an excellent way to foster a sense of appreciation.

Improve company culture and morale

It’s important to hire individuals who align with the company’s values, however, it is just as important to maintain a healthy culture in the workplace.

The pandemic has created a lot of uncertainty, leaving employees concerned about the future of the business. Keeping morale high with team-building events and social gatherings is a great way to establish a cohesive bond with the organization.

Wellness initiatives

The COVID-19 crisis has created chaos in the workplace and left many simply running on autopilot, leading to severe burnout and overall disinterest. The mental and physical well-being of your team is imperative to a productive workplace.

Offering fitness classes, stress-management programs, flexible schedules, and mental health coaching are a few effective examples to show employees that they are supported in all avenues

Flexibility with remote options

After entire swaths of the workforce went remote en masse, top talent expect an option to work from home (or anywhere). Many employees have thrived in these scenarios and prefer to stay working from home rather than returning to the office. Having the flexibility to keep some of your workforce remote, or provide a hybrid option for those who want one, is a great way to retain existing employees.

Conclusion

While it’s inevitable that some employees will choose to leave regardless of their satisfaction with the company, implementing these strategies will help keep retention rates high.

Are you looking to reward and thank your top-performing executives?

Contact us to learn more about how EXEC can add value to your organization, and our customized membership solutions for larger teams.