Retention strategies in 2022

As I write this in June 2022, it’s old news just how competitive the recruitment market is currently. The movements in the market have been fluid. This is demonstrated by job seekers having the upper hand, by asking for above market remuneration and benefits. Most commonly, this is in the form of the flexibility to work from home, which has deemed top priority amongst many job seekers.


Due to the talent shortage, job seekers are being extra selective whilst deciding on which organisations to join. Their decision to accept a job is based on what meets their top priorities for their career and life goals. Employers who are one step ahead of the current market conditions, have learned to embrace this talent short market, by implementing strategies to attract and retain employees.

 

Below are top 3 retention strategies that every organisation should explore and emphasise.

 

Promoting from within

The advantages of promoting employees from within the organisation reaps many benefits. The ability to be able to progress has been listed top priority by job seekers as they continue to strive for growth and aim to develop new skills over time. Employees appreciate opportunities for advancement and will be aware of their work performance and focus on outcome driven results. Recognition and internal promotions boost employee morale, as it affirms that their hard-work and dedication to the organisation will pay off. In return, the organisation saves time and cost in recruiting and training someone externally to fill the gap. Employees who are promoted from within have an understanding of the organisational culture, core values and likely have a solid network of collegial relationships to leverage.

 

Earning the trust of employees and fostering a culture of respect

Performance increases when employees trust people in top management and their direct reporting managers. Employees willingly commit and dedicate their hard work and efforts to a leader they believe in and have a genuine working relationship with. The motivation to work therefore comes from within and employees are more likely to achieve goals and align their objectives with that of the organisation without much hesitation. The key to building trust and respect is to build a culture around emphasising open and honest communication, building personal connections with employees and exploring topics outside of work, being generous in giving words of affirmation where recognition is due, making them feel valued and heard and encouraging collaboration amongst peers.

 

Involving your employees

Every relationship is a two-way street, and it is no different in the workplace. Everyone wants to feel important and valued. Involving employees to play a significant role in helping the organisation meet objectives and contributing to the decision making process, helps them feel like they are part of something larger than themselves. Organisations which intentionally encourage inclusion, diversity, and leadership development have shown improvement in performance and employee loyalty. Encouraging employees to provide feedback on how the organisation can improve and accepting this feedback further fosters a strong culture of open communication and trust. It demonstrates that the organisation has everyone’s best interest in mind. That it’s committed to continual improvement to align their business strategies to keep up, or better yet, exceed current market trends and in doing so, strives to be a market leader in their field.

 

Conclusion

There are a few things to digest from these key strategies that we have explored. Rather than thinking of quick band aid solutions, it is strongly recommended that organisations should spend time digging deeply into employee motivations, building a truly positive culture and especially, retaining top performers before they look elsewhere, outside the organisation.

Get in touch

Vinnie Yeoh • August 22, 2022

Find out more by contacting one of our specialisat recruitment consultants across Australia, New Zealand, and the United Kingdom.

Contact us

Share this article

Useful links

Search for jobs today

Got a vacancy?

What's happening in the market?

How do I prepare for my job interview?

Recent Insights

By Claire McNab May 26, 2024
In today's rapidly changing world, the call for environmental responsibility is louder than ever. With climate change looming as a critical global challenge, businesses are increasingly under pressure to play their part in mitigating its effects. One of the most significant ways they can contribute is by taking accountability for their sustainability practices, particularly in reducing carbon emissions.
By Esha Nischol May 19, 2024
In today's rapidly evolving landscape, automation is reshaping industries and transforming the way we work. While automation offers numerous benefits, including increased efficiency and productivity, it also presents challenges and uncertainties for the workforce. Understanding the opportunities and challenges of automation on employment is crucial for individuals and organizations alike as we navigate the future of work.
By Hamish Lamberton May 15, 2024
In recent years, the rise of remote work has revolutionized the way companies approach recruitment. With advancements in technology and a growing acceptance of virtual communication tools, many organizations are now embracing remote recruitment strategies to attract and hire top talent. In this blog post, we'll explore how companies are adapting to virtual hiring processes and the strategies they're employing to succeed in this new era of recruitment. One of the key challenges of remote recruitment is creating meaningful connections with candidates without the benefit of face-to-face interactions. To overcome this obstacle, companies are leveraging video conferencing platforms to conduct virtual interviews and assessments. These tools allow recruiters to assess candidates' communication skills, professionalism, and cultural fit, all while providing a more personal touch than traditional phone interviews. In addition to video interviews, companies are also utilizing virtual recruitment events to engage with candidates and showcase their employer brand. Virtual career fairs, networking sessions, and informational webinars allow companies to connect with a broader pool of candidates regardless of geographic location. By hosting these events online, companies can reach candidates who may not have been able to attend in-person events, thereby expanding their talent pool and increasing diversity. Another important aspect of remote recruitment is the use of technology to streamline the hiring process. Applicant tracking systems (ATS) and recruitment software help companies manage job postings, track candidate applications, and collaborate with hiring teams more efficiently. These tools automate repetitive tasks, such as resume screening and scheduling interviews, freeing up recruiters to focus on building relationships with candidates and making strategic hiring decisions. Furthermore, companies are investing in employer branding initiatives to differentiate themselves in a competitive talent market. Through social media, company blogs, and virtual office tours, organizations can showcase their company culture, values, and employee benefits to prospective candidates. By highlighting their unique selling points and demonstrating their commitment to employee satisfaction, companies can attract top talent and create a positive candidate experience. Finally, remote recruitment requires a strong emphasis on communication and collaboration among hiring teams. With team members working from different locations, it's essential to establish clear channels of communication and set expectations for roles and responsibilities. Regular check-ins, status updates, and feedback sessions ensure that everyone is aligned and working towards common hiring goals. In conclusion, remote recruitment strategies are becoming increasingly essential for companies looking to stay competitive in today's digital age. By embracing virtual hiring processes, leveraging technology, and prioritizing communication and collaboration, organizations can attract and hire top talent regardless of geographic location. As remote work continues to evolve, companies that adapt and innovate in their recruitment strategies will be best positioned to succeed in the future of work.

NZ's 2024 Employment

and Salary Trends Report

Salary trends, talent attraction and retention strategies

Request your copy
Share by: