The Top Employee Retention Strategies for 2022

The days of being a “lifer” at a company are long gone. Now, the average person will have 12 jobs during their lifetime, which means that workforce trends have shifted significantly.

This shift has come in part due to the COVID-19 pandemic, which caused workers to reevaluate their career choices and, in many cases, led to their decision not to return to their pre-pandemic job. 

This trend has become so commonplace that there’s a term for it: The Great Resignation.

For employers and businesses, this shift in perspective has resulted in a highly competitive job market as employees look for new jobs that give them a greater degree of satisfaction and work-life balance. 

This means that in order for businesses to attract and retain top talent, they need to invest in quality HR practices and keep employees engaged and feeling valued.

If you’re worried about retaining your best employees and attracting new ones in this competitive market, keep reading:

Conduct “Stay Interviews”

The one-size-fits-all approach to employee retention is a thing of the past. Instead of waiting for your employee to leave and conducting an exit interview, take a proactive approach and conduct “stay interviews.”

Every employee is different and will be motivated to stay by different things, so take the time to check in with them regularly to see how your organization could be adapting to better meet their needs.

For example, if a team member is expecting a baby, discuss whether a “hybrid” model of coming into the office and working remotely would help support them and their family once their family leave has been used up.

Showing a proactive interest in keeping your employees is how you encourage them to stay with your company instead of looking for a more flexible or fulfilling role elsewhere.

Pay Attention to Compensation Benchmarks

Money isn’t the only thing that matters these days, but staying competitive means understanding and staying up-to-date with the benchmarks for compensation in your industry.

A high employee turnover rate will cost your company more than compensation packages, so make sure to regularly review your pay and bonus structures so that they’re aligned with changing standards and expectations. 

Encourage a Healthy Work/Life Balance

When the pandemic caused the lines between work and home life to blur, many people started to question the work/life balance.

In reality, “work/life balance” will look different for everyone and we need to be respectful of that while also being mindful of what the business can manage and support over the long term. 

For example, can you offer more flex days where employees can choose to work from home? Can you offer sabbatical opportunities or unpaid leave for employees who need to focus on their home life or are dealing with a personal emergency?

There are many options available to encourage a healthier work/life balance without harming business productivity and results, and the resulting engagement and commitment to your company you’ll receive from your employees will be well worth the investment.

Give Employees More Autonomy 

People want to feel empowered to do great work on their own terms which means the days of micromanaging bosses is long gone.

Autonomy is one of the reasons why someone stays with a company or chooses to leave, so encourage employees to take an active role in deciding how their goals align with the broader goals of the company, and allow them to define what success looks like for them.

If possible, try implementing Google’s 20% rule, which allows employees to spend 20% of their time working on a work-related project of their choosing. 

Whether that’s developing new skills, testing an idea, developing a new product or leading team-building activities, employees will be more engaged if they feel empowered to set and achieve some of their own goals.

Stay Ahead of Leadership Trends

Investing in your own development and leadership skills is one of the best ways to ensure that your workplace is on the right track. A great place to start is with our Innovative Leadership self-paced course that’s based on research on innovative leadership styles and provides three strategies related to flexibility, optimism, and independence to build innovative capacity.