Without question, it remains a very tight talent market as the Great Resignation rolls on. So, now’s the time to invest in your retention efforts because replacing employees can be both challenging, expensive and time consuming. Under current market conditions, skilled job seekers in the creative, marketing and digital space are in the driver’s seat, often weighing more than one employment offer at a time. And be warned, according to 24 Seven’s 2022 Job Market Report on compensation and benefits, one-third of all survey respondents said they were planning to switch employers in the next year.
So, what are some core areas for companies to focus on to keep team members from pursuing greener pastures? Following are a few ideas for enhancing employee retention:
BOOST PAY AND PERKS
A key way to boost employee retention is to offer highly competitive salaries. Of the people planning to make a job change within the next year, 78% said that the reason is due to dissatisfaction with their compensation, according to our survey.
And when these employees start exploring other job opportunities, those would-be future employers will likely be eager to discuss higher pay (and more) to secure them. Therefore, it’s important to stay up to date on trends in compensation and benefits and consider reviewing employee pay on a regular basis to determine whether raises are warranted.
Also, 76% of respondents in our survey said the benefits and perks another company offers influenced their decision to pursue a job with that employer. As such, it’s wise to also revisit your benefits and perks packages, paying particular attention to initiatives that aid work-life balance. Offering remote work options is increasingly critical to both recruitment and retention.
FOCUS ON THE EMPLOYEE EXPERIENCE TO IMPROVE EMPLOYEE RETENTION
Employers who take the time to make their team members feel valued are more likely to keep their people. Offer clear communication, frequently request feedback and offer specific praise and appreciation for a job well done. Whenever possible, make sure your employees know that their work is meaningful and connect their efforts to the overarching goals of the department or organization. In addition, give them a vision of what could be ahead. Providing clearly defined opportunities for advancement is another way to keep talent motivated, engaged, happy – and with your company.
KEEP CLOSE TABS ON EMPLOYEE WELL-BEING AND BURNOUT
Employees that feel burnt out are major flight risks. Employers can avoid contributing to burnout by taking intentional steps to show employees that they care for their holistic well-being. Employees want the company they work for to be flexible in regard to where and when their work gets done, in order to accommodate both their personal and professional demands. Watching workloads and bringing in freelancers as needed can keep your core team fresh, focused, and feeling supported.
Now’s the time to enhance and expand your employee retention efforts. To learn more about what drives talent to stay or stray, download our 2022 Job Market Report.
This post was updated on June 2, 2022.