Growth through Talent

How to Retain your Employees in 2022?

 7th Dec 2021

The one of the question we get asked most regularly by clients is who is hiring? The honest answer is. Everyone.

Whether you are a fast-growing VC/PE backed scale up, ambitious corporate or somewhere in between, everyone is competing for the same Digital talent.  Trends between inhouse or agency mean talent is flowing in all directions

We have been instructed on more than double the amount of new vacancies in 2021 vs 2022. This is to be expected, but what is more insightful is we have seen an uplift of 22% vs 2019 which is a more like for like comparison.

 

According to LinkedIn, the UK labour market is now at its tightest in more than four decades: there are fewer unemployed people for each job vacancy than there were before the pandemic struck (1.3 unemployed people per open vacancy). The number of open jobs rose to a record high of 1.1 M matching or exceeding pre-pandemic levels in all sectors.

 

The good news is, a record number of people got a new job in Q3. The rate of people starting new jobs in Q3 was at its highest level in two decades: 3.1% of those in work (about 1M people) left an old job to start a new one. 

While we may not be in the midst of a “great resignation” just yet, resignations in the UK are picking up. So what can you do to buck the trend and retain your staff in 2022.

 

1. Flexible & Hybrid working

The first question all candidates ask us is: “Is there flexible and remote working policy?”

You need a clear, mid to long term vision to be able to answer this question properly and beyond the next few months. You need clear guidance on your hybrid working policy, flexible working policy and your work from anywhere policy.

Hybrid schedules, four-day workweeks, flexible working hours, the ability to take breaks or sabbaticals, and job sharing are just a few examples of schemes you need to be considering.

 

2. Workplace Culture

When asked in a Survey by Prolific North, “What does workplace culture genuinely mean to you?", the two most common answers were: "Shared beliefs/mentality" and "relationships between employees”.

It's human nature to desire to be a member of a community - we're social creatures by nature - but these responses go far deeper. You could say that employees in any job are a team, but it's clear that we want to feel like we're part of a group with strong interpersonal relationships among like-minded peers. A real team works together because they want to, not because it's required by their contract. Organisations can do this by encouraging collaboration and supporting to develop a culture that your employees want to be a part of.

 

3.Employee Welfare

We recently conducted a poll and found out that for the Digital Sector to retain talent, the first and foremost need to focus on employee wellbeing! 

Harvard Business Review in their article “Proof That Positive Work Cultures Are More Productive” states that Employee happiness benefits both the individual and the company. Promoting wellness may help individuals and organizations succeed by reducing stress and creating happy working environments.

 

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In a survey done by Benendenhealth, they discovered that If their employer did not provide adequate mental health support, over half of employees (45.6 percent) would consider changing jobs. Company culture is critical for firms wanting to attract and retain the top talent in a more competitive recruitment market. This starts with embracing mental health and putting employee well-being at the centre of not only a rehabilitation strategy but also long-term growth strategies.

Regular one-on-one meetings and catch-ups are a fantastic way to ask your employees how they're doing and doing so on a regular basis can assist to create trust and allow employees to raise issues early on. Access to a mental health support service, training your managers on how to deal with mental health issues, review policies and practices to reduce stress, making workplace adjustments and having open communication are some of the strategies that organisations can adopt to support mental health of their employees.

 

4. Celebrate Wins

Make sure you recognize accomplishment, whether it's an individual or a group achievement. All significant anniversaries should be commemorated!

"Thank you, fantastic work!" is sometimes all that is required. Giving vocal praise in a public situation might increase an employee's sense of recognition.

A few ways that an organisation can celebrate wins are by recognizing and celebrating achievement across the board. You can encourage your entire staff to strive harder and receive the same type of praise. Praising your employees verbally and sometimes going all out, for example taking your team out for lunch/dinner can be an excellent way to make them feel acknowledged.

 

5. Upskill your employees

"You should offer skill enhancement to all your employees," Forbes says. Why? "New technology, new selling strategies, changes in labour laws, and the enormous impact of the internet are all strong reasons to keep permanent personnel informed."

If you're not sure which training option is ideal for your employees, talk with them! Inquire about how they prefer to study and what motivates them to succeed in the workplace.

You can upskill your employees by allocating training time for them, encouraging them to have personal development plans (PDPs), having a dedicated learning space at work, utilizing personalized learning and creating a post-training plan

 

6. Engage in Social Corporate Responsibility

Younger workers, particularly millennials and Gen-Z, are looking for methods to engage in social responsibility. They wish to contribute back to society and when people can do that at work, it generates a positive atmosphere, fosters loyalty, and increases engagement. (All of which contribute to staff retention.) 

As part of your retention strategies, consider launching a CSR initiative. Such as charity bingo, tree planting, and dog-walking at your local shelter, among other things. This results in excellent team building and bonding.

 

7. D&I Strategy

Creating diversity and inclusion initiatives in the workplace is crucial if a company wants to succeed in today's business environment. It is necessary to have both in order to succeed in business, as having one without the other is meaningless. Diversity and inclusion can help an organisation in a number of ways, including hiring more top talent, retaining top talent, reaping the benefits of innovation, and encouraging employee engagement.

A business that is inclusive is one that gives all employees a voice and space. The inclusive approach not only allows room for creativity, but it also ensures that people are recognised and respected for who they are.

A few D&I strategies that an organisation can implement are : Using inclusive language in your job descriptions, being aware of unconscious biases, educating leadership and management and having them attend diversity and inclusion workshops, considering mentorship opportunities, open communication and listening to your employees and creating an environment that is suited to everyone.

If you want to learn more about how to attract and retain talent, consider contacting out Director and Co-founder, David Terry. You can contact him via email: david@pivotallondon.co.uk or call him on : 07554010308.

 

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