HR Strategies for a Prosperous 2022: Employee Retention Essentials
By: Beth Williams
While the Omicron variant has created a chaotic start to the new year, organizations still need to evaluate their HR policies to position themselves for a successful 2022. With unprecedented quit rates in 2021 and employees requiring more than just “work” and “pay,” — this year’s focus should be on employee retention strategies for job satisfaction and initiatives to support recruiting efforts.
Regardless of whether your team is working virtually or in person, here are three steps leaders can take to invest in your employees’ well-being to build engagement and keep your workforce happy in 2022!
1) Conduct Stay Interviews
Stay Interviews are a great way to develop your employees and drive strategic change. These structured conversations between supervisors and employees are designed to learn about employees’ strengths and areas of interest. Employees at every level should participate in a stay interview to be effective and successful. Having these conversations at the start of the new year is a great way to engage the workforce and gather feedback. Based on the outcome of these interviews, implement measurable changes and evaluate them throughout the year. Quantifying the changes helps drive success. This can be accomplished by defining key metrics along with strong communications. Be consistent and plan to keep this process alive every new year.
To help get this process started, below are questions for managers to consider asking their direct reports. Structure these conversations as an opportunity for you and the interviewee to learn and grow.
Question 1: How can I improve my management style?
Remember, people tend to leave managers, not jobs. Embrace this question with an open mind and be prepared to receive constructive criticism.
Questions 2: What do you like about your job; what do you not like?
These questions will provide insight into the individual’s strengths since people typically enjoy doing what they are best at. Revising their job responsibilities to include more of what they like will help improve performance, thus fostering retention.
Question 3: What are your short and long-term goals? And how can our organization help support them?
Good talent leaves if they don’t see a clear path to career advancement. Leave this conversation with a clearly defined developmental plan and how the business can support the individual to achieve their goals.
2) Invest in a Wellness Program
A wellness program is an initiative provided to employees to encourage a healthier lifestyle. The bonus is that improving an employee’s well-being positively impacts productivity, engagement, company loyalty and helps reduce health care costs. In addition, it can be used as a recruiting tool. Here is a list of cost-effective wellness programs that can easily be integrated into your organization.
i. Wellness Challenge
Encourage team members to engage in workouts and to drink more water. Have them keep track of their accomplishments to win health-related prizes at the end of the month.
ii. Yoga/Meditation Classes
Offer lunchtime breaks that include 15-30 minute yoga or mediation classes. Classes can be found on Youtube!
iii. Healthy snacks and lunch options
To advocate healthy eating, offer healthy snacks such as nuts, dried fruit, or fresh fruit in the breakroom.
iv. Offer flexible work hours
The 9:00 to 5:00 day is a thing of the past. Allow your team members to set their hours.
v. Advocate for employees to take their vacation
Taking time off to recharge promotes productivity! Encourage your employees to take all their vacation days and do not encourage rolling over days or paying them out.
vi. Say “thank you” and provide feedback
Showing appreciation makes one feel valued and helps people stay motivated.
vii. Smoking cessation programs
Supporting smokers to quit their habit will help success rates! Fewer smokers will not only reduce healthcare costs but also improve productivity.
3) Review your rewards and compensation programs
In this competitive job market, it is critical to go beyond just salary to retain and attract talent. By building enticing compensation packages (packages that creatively combine the total value of base pay, benefits, rewards, and other perks into your business strategy), you can distinguish yourself as an “employer of choice.” While there is no one-size-fits-all approach, it is essential to evaluate the below offerings to ensure you are competitive and aligned with your market and industry.
i. Base compensation
You want your employees’ salaries to be equal to or more than the industry standard for a specific job title in that location.
ii. Employee Bonus Programs
Giving incentives allows you to reward your top performers. Here are the five most popular rewards programs: annual incentives, spot bonuses, referral bonuses, signing bonuses, and profit-sharing plans.
iii. Non-monetary rewards
Employees put a lot of value into their quality of life. Here are examples of non-monetary rewards: flexible schedule, an extra day off, time for volunteer work, training and/or mentoring programs.
iv. Benefits and Retirement
Research shows that a competitive benefits plan can play a vital role in attracting and retaining skilled workers. This plan should include: healthcare, retirement savings and planning, paid time off, paid parental leave, flexible work schedule, and professional and career development.
v. Recognition and Promotions
Create a culture of recognition. A critical piece to the success of this initiative is regularly promoting your programs to make them appealing to your employees.
Remember, a more engaged workforce isn’t just a loyal workforce; it’s a more productive one. Building and retaining a great team is key to your company’s long-term growth and success. In an economy where workers have the upper hand, it is more important now than ever to incorporate employee retention strategies into your business plan.
**
Warren Whitney’s HR team works with business leaders to strategically evaluate your best path forward. Our work includes strategy consulting, in-depth compensation and benefits analysis, organizational structure and planning, as well as talent management. If you have any questions or seek further clarification, please call us at 804.282.9566 or email Stephanie Ford at sford@warrenwhitney.com . We do not charge for the initial call. We want to learn more about your business needs.
MAKING POTENTIAL HAPPEN
Data Directions Inc.