Retaining and Attracting the Right Talent, a Big Risk in the Year Ahead

According to a survey of chief financial officers, retaining and attracting the right talent is one of the biggest risks facing businesses in the year ahead.

The research was carried out by Deloitte among 1,151 CFOs based in 15 countries across Europe, including Ireland.

The findings differ from the previous survey carried out earlier this year, in which the economic outlook and geopolitical risks ranked as the top two risks.

In order to attract and retain talent, 85% of the CFOs surveyed said they are rolling out flexible working patterns.

Meanwhile, 69% said they are reviewing their total reward offering, 68% are investing in wellbeing and assistance programmes, and 59% are investing in sustainability initiatives - such as measures to reduce their carbon footprint. (Source RTE)

If you sense your business is at risk of losing top talent, you need to move fast to shore up your employee retention strategies. Here are 14 areas where deliberate action can help boost employees’ job satisfaction and increase your ability to hold onto valued workers:

1. Onboarding and orientation

Every new hire should be set up for success from the start. Your onboarding process should teach new employees not only about the job but also about the company culture and how they can contribute to and thrive in it. Don’t skimp on this critical first step. The training and support you provide from day one, whether in person or virtually, can set the tone for the employee’s entire tenure at your firm.

2. Mentorship programs

Pairing a new employee with a mentor is a great component to add to your extended onboarding process, especially in a remote work environment. Mentors can welcome newcomers into the company, offer guidance and be a sounding board.  And it’s a win-win: New team members learn the ropes from experienced employees, and, in return, they offer a fresh viewpoint to their mentors.

But don’t limit mentorship opportunities to new employees. Your existing staff — and your overall employee retention outlook and team’s job satisfaction — can significantly benefit from mentor-mentee relationships.

3. Employee compensation

It’s essential for companies to pay their employees competitive compensation if they can afford it, which means employers need to evaluate and adjust salaries where applicable and possible. Even if your business can’t increase pay right now, consider whether you could provide other forms of compensation, such as bonuses, time off or flexible options. Don’t forget about reviewing the possibility of providing health care benefits and retirement plans, which can help raise employees’ job satisfaction, too.

4. Perks

Perks can make your workplace stand out to potential new hires and re-engage current staff while boosting employee morale. According to research, flexible schedules and remote work options are the perks many professionals value most. In addition, paid parental leave is a big plus.

5. Wellness offerings

Keeping employees fit — mentally, physically and financially — is just good business. Many leading employers expanded and improved their wellness offerings during the pandemic to help employees feel supported and prioritize their well-being. Stress management programs, retirement planning services and reimbursement for fitness classes are just some examples of what your business might consider providing to employees.

6. Communication

The shift to hybrid and remote work has underscored the importance of good workplace communication. Your direct reports, whether they work on-site or remotely, should feel they can come to you with ideas, questions and concerns at any time. And as a leader, you need to make sure you’re doing your part to help promote timely, constructive and positive communication across the entire team. Make sure you proactively connect with each team member on a regular basis, too, to get a sense of their workload and job satisfaction.

7. Continuous feedback on performance

Many employers are abandoning the annual performance reviews in favor of more frequent meetings with team members. In these one-on-one meetings, you can talk with your employees about their short- and long-term professional goals and help them visualize their future with the company. While you should never make promises you can’t keep, talk through potential career advancement scenarios together and lay out a realistic plan for reaching those goals.

8. Training and development

As part of providing continuous feedback on performance, you can help employees identify areas for professional growth, such as the need to learn new skills, this is especially important today as technology continues to change how we work. When people upskill, they gain new abilities and competencies as business requirements evolve.

Make it a priority to invest in your workers’ professional development. Give them time to attend virtual conferences, provide tuition reimbursement or pay for continuing education, again if it's possible remembering there may be tax breaks on these expenses or grants.  

9. Recognition and rewards systems

Every person wants to feel appreciated for the work they do. And in today’s “anywhere workforce,” an employer’s gratitude can make an especially big impact. So be sure to thank your direct reports who go the extra mile and explain how their hard work helps the organization.

10. Work-life balance

A healthy work-life balance is essential to job satisfaction. People need to know their managers understand they have lives outside of work — and recognize that maintaining balance can be even more challenging when working from home. Encourage employees to set boundaries and take their vacation time. And if late nights are necessary to wrap up a project, consider giving them extra time off to compensate.

11. Flexible work arrangements

Many companies understand that even though they have reopened their offices, some of their employees still prefer to work remotely, at least part-time. Not having that option might even spur employees to resign. A recent Robert Half survey found that half of professionals working from home would look for a new job if they were required to return to the office full time.

So think sooner than later about what you can offer employees if remote work on a permanent basis isn’t an option. A compressed workweek? Flextime? Or maybe a partial telecommuting option? All of the above can help relieve stress for your team — and boost employee retention.

12. Effective change management

Beyond all the recent disruption due to the pandemic, every workplace has to deal with change, good and bad. And employees look to leadership for insight and reassurance during these times. If your organization is going through a big shift, keeping your team as informed as possible helps ease anxieties and manage the rumor mill. Make big announcements either individually or in a group call or meeting, and allow time for questions.

13. An emphasis on teamwork

You should encourage all your employees, not just star players, to contribute ideas and solutions. Create opportunities for collaboration, accommodating individuals’ work styles and giving everyone the latitude to make decisions and course corrections if needed.

14. Acknowledgement of milestones, big and small

A final tip for promoting employee retention is to shine a light on notable achievements. Whether your team finishes ahead of the deadline on a major project or a worker reaches a five-year work anniversary, seize the opportunity to mark the milestone together. Even if you need to celebrate virtually, it can be a meaningful and memorable moment for everyone.

The 14 employee retention strategies outlined above are just some ways to help increase your team members’ job satisfaction. Be sure to re-evaluate your efforts regularly. That includes staying current on market standards for salary and benefits and best practices for developing an attractive workplace culture and strong manager-employee relations.

Some team members will inevitably leave your organization sooner than you’d like. But you can at least make their decision a little tougher. And if those employees leave your firm knowing they were valued and supported, they’ll likely say good things about your business and, perhaps, even come back to work for you one day.

(Original source)