Employee turnover is expensive. The shortage of skilled talent has made employee retention essential for all industry segments. The wide majority of employers today are anxious about attracting quality talent and maintaining their productivity through this challenging landscape.
A recent report suggests that by 2030, the US could be on track to lose over $430 billion annually due to employee turnover.
We’ve witnessed a broader transformation in the employment sector. Companies are struggling to attract new talent and retain existing employees. This has led to a major productivity crisis. Unfilled positions in companies are leading to lost productivity and revenue for companies. Not to mention burnout among those trying to compensate for the unfilled positions.
Due to these challenges, it is essential for companies to take the right steps to improve employee engagement, and retention, and allocate resources to create a culture that is hospitable to their workforce.
This article explores the depth of challenges in the current market and identifies solutions that can help you gain an edge over the competition.
Dynamics of Finding New Talent – Key Challenges in 2022
Following the great resignation, employees are looking to work for companies that provide them with meaningful benefits. It can be challenging for your company to figure out employee sentiments without having an effective strategy or tool to receive and track employee feedback. Receiving consistent employee feedback allows you to gain valuable input from your employees about their experience across all levels of the organization.
Searching for qualified employees can be a highly time and resource-intensive process. It can take weeks before you’re to attract the talent you need to improve your productivity and carry out the required day-to-day tasks.
According to a recent study by TINYpulse by Limeade, over 84% of HR professionals reported that the search for talent is having a negative impact on company productivity.
These challenges are being further accentuated due to the competitive nature of the employment market. Companies worldwide are looking for new talent to resume productivity after the end of the Covid 19 pandemic.
Most Attractive Perks to Attract Employees
While there are a number of different perks companies can offer to attract employees, the most important aspects are focused on comfort, security, and reassurance. Here’s an insight into the most attractive perks according to employees:
Wage Increases – With the increasing rate of global inflation, employees are looking to their employers to provide equitable compensation for their efforts. Increasing wages can be a great way to retain employees and provide them with a sense of security.
Flexible Work Hours – Since the Covid-19 pandemic, employees have been looking to work with companies that understand their requirements. Flexible work hours are an essential part of the equation. Employees expect to have the freedom to work from their desired locations and times to maintain their productivity.
Bonuses – Bonuses are the best way for companies to express their gratitude toward well-performing employees. Employees are looking to work with companies that appreciate their efforts through regular bonuses.
Paid Time Off – Paid time off allows employees to take a certain number of days off while receiving regular compensation. These absences can be related to illness, wellness, and vacation. Employees today expect companies to offer Paid Time Off as a way to showcase employee value and communication how much they mean to the company.
These factors all contribute to fostering a positive work environment that lets employees feel like they’re valued by the company. Companies need to make an effort to show that they truly care about the employees beyond the confines of the conventional and legal requirements. A personal approach makes a significant difference in improving employee engagement.
Amplifying Engagement Through Employee Surveys
Employee surveys are one of the most undervalued ways of improving employee retention. These surveys allow organizations to understand employee requirements and optimize their services to suit the needs of the workforce. Employee survey questions are designed to understand employee concerns, preferences, and potential areas of improvement.
Incorporating an effective survey strategy can be a critical factor in improving employee retention at your company. The surveys can become a vehicle to collect feedback and make significant changes in your existing employee engagement strategies without spending time in areas that don’t matter. You also have the ability to follow up with employees and take action on creating an enriching experience for the workforce.
Improve Employee Satisfaction by Streamlining Feedback
Communication needs to flow through all levels of your business, on a consistent basis. Employees need to feel heard and valued. This can be done through employee recognition, timely surveys, and one-on-one coaching with a manager to gain a deeper understanding of what the employee's goals are.
Employee engagement software can help you improve employee engagement through insightful employee surveys and questions that enable you to devise a comprehensive employee management strategy. Our digital tools allow you to go beyond simple surveys and get a data-driven insight into the sentiments of your employees.