Retaining Key Talent in a Competitive Landscape (Part 1 of 2)

Retaining Key Talent in a Competitive Landscape (Part 1 of 2)

HOW DO YOU KEEP KEY TALENT IN A TIGHT LABOR MARKET?

The main role of human resources is to promote employee productivity. Employees are not going to be productive if they’re worried about things like managing the out-of-pocket costs from high deductible health plans, realizing pay inequities for the same role or simply not communicating effectively with their bosses. Each of these distractions cut into their engagement, and whereas we hope to get 80% of their brain at work, we might only be getting 50%. Instead of being focused on the job, they’re worried about paying their bills or talking on the phone with healthcare providers regarding expensive co-pays.

So how can we engage the disengaged? A first step is evaluating your compensation bands for each position: is pay competitive in the marketplace; are employees being paid equal pay for equal work; is the company’s benefits package relevant to today’s workforce? A second step is to reevaluate your healthcare plan. More companies are offering variable health care plans to meet employees’ needs. Finally, what incentives (including low cost or cultural) are you offering to keep workers committed and motivated.

Working from home during the pandemic has highlighted the employee-manager relationship. Employees aren’t working with their boss as much as they were in-person; this can create a disconnected employee who feels unsupported and without mentorship. But, in-person work will eventually return at some point, and at some level, in the future. For those employees working remotely, supporting a positive manager-employee relationship is critically important as productive relationships often flounder when both sides hide behind a screen.

The pandemic is changing the way people view work-life balance. Employees have gotten used to spending more time at home and may not be willing to return to long commutes to the office as in the past. Offering the flexibility to work from home is a major selling point for workers who have become accustomed to this schedule.

Recent surveys suggest the Great Resignation is likely to continue in 2022. By retaining and supporting your current employees, your companies can gain a competitive edge by keeping productivity high and recruiting costs low.

Do you need help with retention? Our team can provide a review of your hiring practices, benefits plans and engagement strategies so that your team can remain as productive as possible in 2022 and beyond.

BUILD A SUCCESSFUL RETENTION PROGRAM

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Jennifer Tierney

Jennifer Tierney

Jennifer comes from a discipline of Operations, including Finance and Technology. Having worked in operational and financial management for more than fifteen years, Jen has a distinct set of skills and is known for complex analysis of operations, finance, and technology to improve core business strategies.

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