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3 Ways To Retain Talent In Today’s Competitive Job Market

3 Ways To Retain Talent In Today’s Competitive Market

As a record-breaking 4.3 million people quit their jobs in August, employers are scrambling to retain talent. It’s challenging enough to hire the employees you desperately need, let alone keep the ones you have and value. So, let’s focus on how to stop the hemorrhage of talent first and foremost. Then, we can help you hire the team members you need to reach your goals.

Audit Salaries & Make Adjustments As Needed

Amidst “The Great Resignation,” many employees are seeking out better compensation. With as many as 10.4 million job openings, they have plenty of options! Your competition recognizes this and is increasing compensation packages to match demand. Thus, don’t wait for an employee to quit to entice them with a counter-offer. Conduct a company-wide salary audit, compare with comps in the area and at each level of expertise, and adjust salaries as needed.

Try Out A Hybrid Work Environment

If your industry and work allow, test out a hybrid work environment. The COVID-19 Pandemic proved to thousands of employers that not only did employees enjoy working from home, but it was also effective. Eliminating commute times, allowing for a better work-life balance, and fewer in-person meetings have led many to want to continue this trend.

Allow For Flexible Schedules

Along with a hybrid work environment, many employees discovered they like setting their own schedules. Productivity time varies from person to person. If we’re allowed to dictate our own schedule, employers can take advantage of that. Some employees may want to start working at 5 AM, while others prefer to burn the midnight oil. Gone are the days of the standard “9 to 5” workday.

If you want to remain competitive in today’s job market, you have to start with retaining the talent you already have. Then, as word gets around about how awesome it is to work for your company because of how much you value your employees, your open positions will dwindle. Now that we’ve created a game plan to retain talent, are you ready to hire? Explore the rest of our client resources for more ways to keep the employees you love and hire the employees you need.

retain talent

4 Foolproof Ways to Retain Talent

HR professionals around the country dedicate their careers to retaining great talent at their organization, making it their ultimate goal to hire AND retain the best talent. Yet, over 50% of organizations globally claim they have difficulty keeping their most valued employees. So why is that? Talented employees that quit within the first six months reveal that their parting was due to poor onboarding experiences, workplace culture, and working conditions. This issue begs the question: how can your organization offer the most competitive and appealing environment that keeps employees around for the long haul? Here are four ways your company can retain talent now (and into the future). 

Flexibility

The demand for workplace flexibility existed before the Coronavirus outbreak, and now, because of the virus, companies were forced to offer it. Providing flexibility in the workplace is not about being lax with workplace rules; it has more to do with understanding every employee as an individual with different circumstances and needs. If your organization can provide this flexibility, you extend a branch of trust, and your employees should as well. Therefore, if there is trust within your team, your employees will stick around longer. As businesses begin opening back up in the post-pandemic world, you should look at it as an opportunity to start new with flexibility at the forefront; therefore, it’s imperative for companies to not revert back ti their old, strict habits.

Recognition

The companies with the best retention rates are the ones that recognize their employees for their hard work. In fact, according to HR Technologist, 63% of employees recognized in their career are extremely unlikely to seek alternative career opportunities. Simple acts of recognition not only retain talent but strongly motivate employees as well.  You can provide praise through financial compensation, promotions, meaningful verbal acknowledgments, awards, and more. Whatever suits your company’s culture, find a way to incorporate it into how you treat and recognize your talent.

Clear Expectations

Do you know that setting goals and deadlines for your employees motivates them and encourages longevity? Recent research has proven that employees with clear goals have higher performance, but also improved emotional well-being. Thus, setting goals makes people happy, and happy employees are more likely to stay with your organization. Help your employees set manageable goals, and neither party will regret it!

Growth Opportunities

In the same light that clear expectations motivate employees, growth opportunities have the same effect. If an employee has the opportunity to grow within the company, they are more likely to stay. People tend to avoid companies where there is no sight of change, and the work is relatively stagnant. Providing your employees with a meaningful and happy workspace is a foolproof way to increase employee retention. Retaining great talent is extremely crucial because the cost of replacing a single employee can exceed 200% of their annual salary. Great talent creates a good culture. As the job market picks up, so will the need to preserve your talented team.

If your company is facing problems with retaining your staff, reach out to Johnson Service Group today. We can help you source employees that want to make an impact and stay with your team for the long haul.