Every business needs its employees to complete their work on time to upscale their business. However, after the pandemic hit, the working sector has witnessed a growing trend termed the “Great Resignation.” As the pandemic continued, employees voluntarily left their jobs en masse, despite the high unemployment rate.
Every business requires employees to get the job done and ensure the overall success of the business. It has hampered the business growth as the talent pool they created is diminishing, and the precious time and money spent on their training is wasted. Therefore, companies must change their employee retention strategies as the workplace has shifted to a new normal.
There is no shortage of jobs today, and your qualified and well-settled employee might jump onto another ship. So how do you retain them? Your HR department should understand the current job industry scenario and develop the perfect employee retention strategies that will help your company gain employees’ trust. With the constantly changing world and work ethics, the employer’s attitude should also vary accordingly.
Companies invest a substantial amount of time and money in hiring, onboarding, and training process. This in turn affects the costs to the company, and no business would like to increase its cost or incur a loss on its ROI. Even when you hire the right candidate, and they work diligently, there can be chances of them getting enticed by an even better offer being given by another company. Everybody wants to earn more, so this can pose problems for the company.
Now let us look at how to attract & employee retention strategies in 2022:
1) Personal Goals
The company’s goals, mission, and vision should be enticing as the Gen Z crowd is vulnerable. So, as stated earlier, the employer should give such a setup that matches the Gen Z millennial’s ideologies.
2) Communication Strategies
Many of the fresh-off-the-boat employees are the ones who have witnessed the digital revolution. They have had access to computers, mobiles, internet at a very young age. So they spend much time on Social Media platforms or Networking platforms. Your company should have a strong presence on such media and keep regularly updating so that it catches your potential employee’s attention. The company’s outlook should present a bigger picture through a website, app, and social media handles.
3) Open Work Culture
Though this is not applicable in many verticals, the companies should give it a try. The culture and approachability towards the seniors or managers should be streamlined. The employees will be full of enthusiasm, which should be channelized in the right way. The employees want to feel at home, so their workplace should be designed accordingly. They tend to incline towards the companies whose goals, mission, and vision aligns with their personal goals and values. Making money and having a successful career are the two most universally important life goals for Gen Z adults. Hence, career choice and hobbies are the two most important concepts leading to shaping their personal identity, notably more than ideas like race or religion.
Companies should hear their ideas, include them in decision-making, and execute them. They keep changing their mission and vision according to the changing scenario, but they have to keep in mind the primary point, i.e, Employee Wellbeing. This will boost the confidence, and make the employee happy, which will result in them being more Efficient.
With the onset of the pandemic, many companies have now resorted to WFH (Work From Home) and Hybrid work culture. The companies should incorporate these factors in their working policies and provide options to their employees to work remotely or ask them to be present for a specific number of weekdays. Earning enough money to be able to spend the same in the upkeep of their lifestyle – is of utmost importance to the Gen Z adults, and they look forward to working for Organizations that can provide it.
4) Balanced working and Personal Life.
Right from the nascent stage of talent acquisition and onboarding, the company should explain the work culture and give them a tour of the facility to know what environment they will be working in. This is one of the many employee retention strategies to be considered, as everybody wants to dedicate some time to their personal life. So by offering flexible work timings and a harmonious workplace, productivity increases, and it is one of the best methods.
5) Offering superior packages bundled with benefits
There are many ways to attract and retain talent. Still, the best methods to employ are benefits like health insurance, PTO (Paid Time Off), Unlimited Time Off (if possible), Insurance coverage, Paid Parental leave, On-site daycare for babies, PF, and 401(K). This will imbibe a sense of commitment and dedication in the employees.
6) Increased Pay Rates
Money is what matters, and people strive for it. The same applies to the working population. This is especially true for the Gen Z employees. As per a survey, seventy percent of Gen Z adults say making money is very important to them. Reversing a trend of declining generational trust, Gen Z adults put slightly more faith in capitalism than millennials.
If you stretch the PayScale slightly, your company will attract and retain employees. Promotions are also a significant factor as your top talented employees have devoted their blood and sweat towards the progress of your business. But when you are thinking of a raise in their pay, you should also make them understand the additional responsibilities.
7) Providing Retention Bonuses
Bonus is one of the vital employee retention strategies, regardless of their monthly salary or hourly rates. A minimum time of employment has to be agreed upon, and only then can the bonus be disbursed. Also, your key performers can be provided with a bonus if they excel in a course that leads to professional development and retains them, so they don’t jump to another company.
8) Growth Opportunities
Training & Development opportunities that help employees to upskill themselves is essential to retain and engage talent. Growth is what an employee seeks, and your company should help them with this as they will learn new skills, feel promoted, and have a clear vision of where they want to take their career.
9) Wellness Programs
Mental and Physical health is of utmost importance, and companies should create wellness programs where all the problems are addressed. This will raise a sense of belonging as your company takes care of their health. An on-site gym or having a tie-up with a fitness center also helps where your employees can work out and keep themselves fit.
Regular feedback or one on one sessions is the best way through which you can engage with your employees. Every employee, be it a top performer or an average performer, would like to know how they contribute to the company’s progress. Rather than yearly performance reviews, companies can go for monthly or quarterly performance reviews and provide constructive feedback.
These are the few employee hiring, and retention strategies organizations can implement in their current employment policies and retain their employees.
Hiring the right employee is a significant task for any organization. EliteRecruitments helped many organizations in finding the right fit for their company. Being one of the best recruitment agencies in India, we will help you hire the best and most reliable talent. We are a trusted partner with many Esteemed Organizations and are providing them with top talent.