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Talent retention and its challenges in 2022

By February 16, 2022March 21st, 2022No Comments

Talent retention is nothing new. We are all keen to keep our best employees for as long as possible, while attracting new talent with different skillsets. However, since the pandemic has evolved the workplace with remote, flexible and hybrid workers, a new set of challenges come with them.

For example, remote work (as well as flexible and hybrid roles) means that “big city” jobs and their subsequently larger salaries and attractive benefits packages are more accessible than ever. Employees are no longer tied to juggling long commutes, late night dinners, missing bedtimes and feeling exhausted before the week is even out.

While this can seem a worry for smaller companies in less metropolitan settings, the right offering can increase your talent pool.

It is no longer a turn-off to candidates when offices are in rural settings, away from decent public transport links. And as a result, a more diverse team can be built, bringing a range of talent, experience, and knowledge with them.

This now puts employers and talent on a more even keel: employers need to work harder to attract and retain talent. It is no longer enough to offer basic benefits and no promise of progression. The onus is no longer purely on the candidate to prove themselves. The hiring company must work hard to sell themselves as a package.

So, what’s the best way to achieve this? Let’s take a look at quick wins to help your company attract and retain talent in 2022 and beyond!

 

#1 Supporting long term goals as well as quick wins, like salary and benefits

Let’s cut to the chase here: salaries attract new talent, but enrichment retains it. Let that sink in a moment. Yes, we all need money to pay the bills and treat ourselves. Yet the main take-away we’ve all learnt from the beginning of the pandemic, is that burnout is real.

What does this mean? While it isn’t mind-blowing news, Business Leader reported that career progression is important. And if employees don’t get help, they move on:

“One of the main problems UK employees cite as a struggle in their roles is their neglected career development goals, as 73% of employees believe their employers don’t carry any responsibility for development. Surprisingly, 81% of UK employees have no written career plan in place with their employer, however according to Right Management, to thrive in their new place of employment, the UK workforce must tell their managers how they want to progress in their role.”

Business Leader, January 2022

It is up to HR managers to push for this change in culture. Supporting leadership teams to create progression strategies, can help retain talent AND increase their value by helping reach their potential.

There are several ways this can be achieved, but let’s focus on two easy wins:

Subsidising courses and allowing for course leave during working hours This is especially important for those who may have busier home lives.

Developing mentorship programmes within your organisation We are all aware of the global skill gap. Even more so the lack of time for intermediate staff to level up to those who are retiring. So, what better way to help pass on knowledge thank with in-house mentors.

Hands-on experience often trumps book smarts. And being able to ask for help and bounce ideas is so valuable. Especially when it comes to role-specific experience.

#2 Quick wins: salary, holiday, and benefits

Of course, a decent package is still a quick win. But regular pay and performance reviews are carried out and setting attainable goals are important. 

Yet, it is not just about money. Time is of the essence. Spending time away from the office with loved ones and recharging (however that looks) are priorities.

Creating an attractive benefits package is key. It is no longer acceptable to offer a lukewarm medical cashback and gym membership. Or even an irregular incentive voucher. What with the rise in cost of living, a benefits package that promises – and delivers – real savings is essential.

#3 Embracing change: flexible working patterns

They said it couldn’t be done. They said five-days in the office were crucial to making things happen. New Zealand, amongst others, have since proven this old-fashioned routine to be just that. And as of June 2022, 30 companies in the UK will be trialling the four-day working week too. No, this isn’t condensing five days into four. It is exactly what it says on the tin.

Many working parents already know this to be true. And hopefully this trial will prove what they’ve known all along. Just because there are little people depending on them for nurture, doesn’t make them less of a professional force to be reckoned with.

Allowing your employees to get their work done in a way that suits them as much as the company pays:

In fact, a survey by Airtasker found that flexible workers on average work 1.4 more days every month than traditional office workers. That’s 16.8 more days per year!

A likely reason for this is that people are productive at different times throughout the day.

#4 Hybrid and remote workers: the new normal

The days of physical presenteeism are numbered. It has been proven that employees can work remotely without impacting their productivity. The quicker this is embraced, the more benefits are reaped.

NASDAQ reported:

“Firms that had adopted remote working before the pandemic were already benefiting from this decision. They’ve been able to withstand the challenges of the last year without major business interruptions and have access to a global and diverse talent pool that wasn’t accessible to firms that were strictly tied to in-office work culture.”

Summary

There you have it, four simple ways to modernise your talent retention efforts. From active career progression plans to embracing remote and flexible workers, you can help keep your best workers.

If you’d like to find out how we can help you drive better employee engagement and look after your talent, book in for a demo. Our digital benefits platform houses your benefits, rewards, and recognition schemes, and allows you to communicate with your workforce too.