Attract and Retain Talent: The Benefits and How You Can Do It in 2022

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Employee retention can be described as the organisational goal and ability to keep highly gifted and valuable employees. In 2022, more than ever, retraining employees has become an increasingly important and key factor for organisations that want to guarantee success and total growth.

It's no surprise that employee retention has become increasingly significant, with 55% of organisations expecting an increase in turnover in 2022 and that sources state that replacing an employee can be 2x more expensive than retaining them. That's why throughout this article we will be covering the benefits of better employee retention within an organisation and talking about our top ways you can attract and retain employees.

5 benefits of employee retention

Employee retention isn't just about costs or minimising the damage when employees leave, employee retention comes with several benefits that help improve organisational practices and processes.

1. It reduces costs
As mentioned, there's no denying that turnover is expensive. Recruitment and onboarding is a costly and time-consuming process. Training new employees takes a considerable amount of time, with the recruitment of new and inexperienced employees often reduces the overall productivity and quality of service within your organisation.

2. It improves morale
When employees come and go, it can create a demoralised workplace culture for other employees within the organisation. No one wants their favourite co-worker to leave, right? That's why having effective retention processes and strategies in place can help boost the morale of other team members.

3. More experienced employees
When someone is employed within an organisation for a long time, they have had the possibility to build and nurture their skill set that is applicable to the role. The longer an employee is with your organisation, the longer they have had to gain expertise in the field, thus, the more value they can bring overall. One of the largest costs of onboarding is training and developing new members of staff, this is why it's critical to keep your top talent happy.

4. Enhanced employee relationship
The longer employees are within an organisation, the longer they have to build trusting and valued relationships with their co-workers. The better connection your employees have, the better they work together as a team, which leads to enhanced productivity. When your employees have worked together for a few years, they are familiar with the working styles and practices of their co-workers.

5. It attracts new talent
When the word gets around that you have a high retention rate and your employees are satisfied within their roles, it's no surprise that this can help attract new talent to the organisation. When someone is looking for a job, they are more likely to lean towards an organisation with happy staff in comparison to competitors who may have unhappy employees.

5 ways to retain and attract employees

Now you know the benefits of improved retention within an organisation, why wouldn't you want to learn ways to retrain and attract your top talent? We will be discussing our favourite ways you can do so below.

1. Offer competitive salaries and perks
If you want a team filled with experienced staff, you need to be able to offer a competitive salary and perks. If you're looking to attract staff members, do your research into the salaries of the role. Keep in mind that it needs to also be suitable to your organisational needs and wants from the team member, and not just what everyone else is paying their employees. For example, if they are doing extra jobs, they need to be compensated.

You also need to conduct research into the perks your employees want to see. Free coffee and a monthly pizza day aren't enough to keep employees at your organisation and are something that can actually sway potential employees away from your organisation. Some popular examples of perks employees want to see include flexible hours and working remotely.

2. Inspire your employees
One way to attract and keep your top talent is by inspiring them to be better. Leading by example is a great way to promote morale within an organisation. When employees see seniors work hard and feel satisfied within their roles, it motivates them to do the same.

Being honest with your employees and having open conversations, creates an environment where conversation can be freely had without the feeling of judgement. Sharing inspiring stories and experiences will greatly improve employee morale and the culture within your organisation. Offering your employees feedback on mistakes you've made from your own experiences, will help inspire them to make similar changes within their roles.

3. Promote from within
Promoting from within is one of the most underrated ways to keep your team motivated and retain your current employees. Promoting your employees to more senior positions, sends a positive message across the organisation, that their hard work is valued and will be rewarded.

Providing your employees the chance to advance within their career also reduces recruitment costs, and the amount of resources being used, which is always an advantage. Promoting from within boosts productivity because it gives your employees a goal to work towards instead of feeling they are in a position where they will see no progression.

4. Foster development and learning
Research over the years has shown that employees are looking to work for an organisation that respects learning and development amongst their employees. A massive 94% of employees expressed that they would stay at a company for longer if they were given the chance to evolve and develop. Providing your employees with growth is a great way to enhance employee satisfaction and thus will result in higher retention rates. It will also help attract new talent to your organisation because it shows that you care for their development.

Providing training and development incentives shows your employees you are willing to invest in them and their professional journey. Providing training not only offers your employees the chance to progress, but also is advantageous for your business too because a more skilled workforce results in increased productivity and efficiency.

5. Offer mentoring
Mentoring is a great way to improve employee retention within an organisation. Research shows that 84% of professionals claim that having access to a mentoring program is a key factor in them staying longer-term for an organisation. Studies also show that 9 in 10 workers with a mentor feel happier within their careers.

These statistics show the importance of mentoring for employee retention and how mentoring can prove extremely valuable for organisations across the globe. A mentoring program such as PushFar can help your organisation meet its mentoring needs.

Final thoughts

Now you know the benefits of improved employee retention and our favourite ways to increase it within your organisation, we hope that you're able to apply these tips in the future. Keeping and attracting employees isn't always easy, there are hurdles you will need to face, but the end result means that you'll have an extremely satisfied and happy workforce. Keep in mind that retaining your employees isn't a one-time thing, it's something you need to continuously work on to see results. You'll soon find your organisation reaping the rewards if you stick to it.