How To Attract & Retain Employees In 2022

attract and retain employees

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.

10) Feedbacks

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.

Conclusion

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.

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Rewards Manager

We’re hiring for exciting opportunities in the Work and Rewards team in Bangalore and Mumbai! We’re looking for experienced professionals having 7+ years of experience , who will be Leading projects across Rewards and also contributing to projects across Talent Management, Retirement Consulting etc. as well as understanding Compensation and Benefits, Project management, Client management.

Key Responsibilities:

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Requirements:

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Candidate Profile:

  • Minimum 5 years of experience in consulting and analytics delivery.
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External Auditor

We are looking for a Statutory Audit Manager with strong experience in conducting audits, ensuring compliance with accounting standards, and preparing financial statements. The ideal candidate will be CA qualified, with excellent technical knowledge and leadership skills. Ability to manage teams and client relationships is essential.

Key Responsibilities:

  • Review & finalization of assurance engagements (including group reporting).
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  • Ensure 100% adherence to quality procedures in order to ensure high impact deliverables for the clients.
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  • Day to day guidance to Manager/AM/consultants working in the team.
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  • Qualified CA
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  • Willingness to travel.

Skills and Competencies:

  • Strong leadership, interpersonal and communication skills
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Internal Auditor

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Responsibilities :

  • Perform end-to-end internal audits from planning to reporting including process understanding, walkthroughs, preparation of risk and control matrix / audit work program, control testing to assess their design and operating effectiveness, preparation of audit report and agreeing issues/actions with management.
  • Have an in-depth understanding of the asset management industry risks/issues/trends and end-to-end investment process (front, mid and back office processes) for all asset classes including fixed income, equities, derivatives, real estate, private equity/hedge funds and alternatives.
  • Have thorough knowledge and understanding of Internal Audit and SOX/ ICFR methodology and IIA requirements.
  • Deliver/manage engagements to time, cost and high quality.
  • Identify key areas of improvement in the client’s business processes and add value by preparing insightful recommendations.
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Qualifications:

  • CA or ACCA

Required Skills:

  • Excellent oral and written communication skills.
  • Ability to work independently with minimum supervision.
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Akur8

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Actuarial/Business Analyst

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Job Description:

Key Requirements:

* Actuarial papers from IAI, IFOA, or CAS preferred.
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Job Description:

Key Requirements:

* 7-12 years of experience in Data Engineering, working with Databricks & Cloud technologies.
* Strong proficiency in PySpark, Python, and SQL.
* Extensive experience in data modeling, ETL/ELT pipeline development, and automation.
* Hands-on experience with performance tuning of data pipelines and workflows.
* Proficient in Azure cloud components (Azure Data Factory, Azure Data Bricks, Azure Data Lake).
* Expertise in Delta Lake, data warehousing, ETL processes, and data modeling.
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* Strong analytical skills with the ability to collect, organize, analyze, and interpret data accurately.

Responsibility-

1.Collaborate with data analysts, reporting team and business advisors to gather requirements and define data models that effectively support business requirements.
2.Develop and maintain scalable and efficient data pipeline to ensure seamless data flow across various systems address any issue or bottleneck in existing pipelines.
3.Implement robust data checks to ensure the accuracy and integrity of data. Summarize and validate large database to ensure they meet quality standards.
4.Monitor data jobs for successful completion. Troubleshoot and resolve any issue that arise to minimize downtime and ensure continuity of data processes.
5.Regularly review and audit data processes and pipelines to ensure compliance with internal standards and regulatory requiremnets.
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We are hiring IT Auditors for few consulting firms based out of Bangalore, Mumbai, Delhi NCR. They are looking for someone having experience into ITGC and ITAC along with SOC OR SOX Reporting. Any certifications such as DISA, CISA will be preferred.

Requirements

  • Knowledge of security measures and auditing practices within various operating systems, databases and applications.
  • Experience in assessing risks across a variety of business processes.
  • Experience of working on Financial Services sector clients.
  • Experience in identifying control gaps and communicating audit findings and control redesign recommendations to Sr. Management and Clients.
  • Hands on experience of working on IT General Controls, IT Application controls testing, IT Internal Audits, IT Risk Assessments, Third Party Risk Management.

External Auditor

We are looking for a Statutory Audit Manager with strong experience in conducting audits, ensuring compliance with accounting standards, and preparing financial statements. The ideal candidate will be CA qualified, with excellent technical knowledge and leadership skills. Ability to manage teams and client relationships is essential.

Requirements

  • Review & finalization of assurance engagements (including group reporting).
  • Support seniors and independently work on business development initiatives including preparation of proposals and budgets.
  • Ensure 100% adherence to quality procedures in order to ensure high impact deliverables for the clients.
  • Work towards self & team development by facilitating and attending training & seminars on assurance practice & accounting standards.
  • Work under strict deadlines and demanding client conditions.
    Day to day guidance to Manager/AM/consultants working in the team.
  • Management of time and cost on the project code.
  • Timely billing and collections from the clients.
  • Should be willing to travel as and when required within the country and abroad for continuous/ long period of time.

Qualifications

  • Qualified CA
  • Good technical knowledge AS, Ind AS, SAs etc.
  • Exposure to ERP environment (Tally, SAP, JDE, etc.)
  • Client facing experience is essential.
  • Willingness to travel.

Tax Manager

We are looking for a Tax Manager with expertise in direct tax, specifically within the private equity sector. The ideal candidate will be CA qualified, with experience in tax compliance, planning, and reporting for investment funds. Strong knowledge of tax regulations and structuring is essential. Competitive salary and growth opportunities offered.

Requirements

  • Lead and mentor a team of 5-8 tax professionals, fostering a high-performance work environment.
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  • Provide expert guidance to the team and optimize tax processes using technology.
  • Stay updated on tax regulations, industry trends, and best practices.
  • Contribute to knowledge-sharing initiatives and improve service delivery methods.

Qualification

Chartered Accountant (CA) with 5-8 years of experience in Corporate and International Tax, strong analytical skills, and expertise in the Income Tax Act, ICDS, and Ind-AS adjustments. Proven track record in tax representation before authorities and ability to lead teams in a fast-paced, professional services environment.

Internal Auditor

Looking for Internal Auditors for a Big4 consulting firm based out of Bangalore location. We are looking for professional auditor having experience into SOX 404 Audits, Risk & Control Matrices (RCM), conducting test of design and test of operating effectiveness of controls.

Requirements

  • Ability to multi-task and handle client conversations
  • Team player
  • Self-driven
  • Ability to work independently in a dynamic environment and changing priorities and motivate team members
  • Strong understanding and knowledge of Accounting and Financial Process, Risk and Controls
  • Strong working knowledge of PDF, Visio, MS-Excel and MS-Word
  • Good written and spoken communication
  • Experience of working in Global clients or Global projects (desirable).
  • Project Management skill (desirable).

Qualifications

  • Bachelor’s degree (BBM / / BBA / / BCom /) from an accredited college/university
  • Master’s degree (MBA/M.com) from an accredited college/university
  • Qualified CA/ACCA/CPA/CIA®

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Responsibilities

  • Validation/development of valuation models across asset classes – equities,
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    C++/Python/R/client- proprietary tools
  • Basic understanding of Mathematics and statistics in terms of linear
    algebra, probability theory
  • Basic understanding of fixed income and equity derivatives, volatility
    surfaces, interest rate curve construction and Greeks
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    etc.) and Banking products across fixed income, derivatives, retail etc.
  • Understanding of VaR and different VaR modelling and backtesting techniques
  • Understanding of statistical concepts/ time series modelling
  • Experience in Python/C++

Qualifications

  • 5+ years of relevant work experience
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    Finance/other quantitative disciplines with strong understanding of
    valuation theories/concepts
  • FRM/CQF/CFA certification would be a plus
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    validation a plus