4 Tips for Talent Retention in 2022

Dubbed the “Great Resignation” by media outlets, the significant trend of employees leaving their positions and seeking new roles elsewhere shows no signs of abating. Record numbers of people continue to quit in favor of finding other opportunities, switching industries, or even retiring altogether. The result has been an exacerbation of labor shortages already affecting many sectors.

For business owners, retaining hard-won talent and keeping the hiring process flowing can be a challenge in such an environment. What are some things employers need to consider as they evaluate how to hold on to valuable staff?

1. Think Hard About Compensation Packages

The pursuit of better pay is one of the most common reasons behind employees quitting or changing jobs. When acquiring and retaining the most talented applicants is a priority for your business, it’s essential to adopt a clear-eyed view of the importance of compensation. Employee camaraderie and a positive corporate culture have a role to play, but neither pays a worker’s bills. Keeping top talent means paying a competitive wage at every level.

2. Foster a Safe Environment in Your Business

It’s crucial to ensure that your staff feels comfortable in their work environment. This means creating a company culture that values honesty and integrity and emphasizes the importance of holding one another to high standards—showing that you’re taking steps as an employer to safeguard staff matters too. Tools such as ongoing monitoring of criminal history databases can alert you when someone on your payroll faces charges for committing a crime and take the appropriate action. Background screening doesn't have to be a part of the hiring process alone.

3. Make the Onboarding Process More Open and Accessible

Good compensation packages and a positive company culture are important, but you should also reduce friction in the actual hiring process. Giving candidates the opportunity to conduct a “reverse interview,” for example, can demonstrate an openness that signals you will make an effort to respect and retain the employee. Make onboarding feel like a homecoming rather than an opaque and faceless process. 

4. Provide a Clear Path Forward

No one wants to wind up in a dead-end position where their career growth stagnates, and future opportunities are always years away. Your goal should be to create a functional career pipeline that ensures staff always have opportunities to train more, develop new skills, and contribute more to the business. A clear path to advancement incentivizes the workforce and creates a motivation to do more than the bare minimum — and to feel like they have a reason to stick with your business.

Retaining Talent is Worth the Effort

When your business has expended the time, effort, and cash to bring someone into the business, don’t lose sight of the importance of retention once the hiring process concludes. In a competitive labor market with a higher degree of mobility than ever before, businesses should work as hard to keep their best workers as they do to find new assets. There are many strategies to leverage, from fair compensation to policies that build a safer, happier workplace. With them, your business can remain competitive in this challenging environment.