2022 New Year's Resolutions

5 Resolutions for Investing in Your Team in 2022

2021 was an eventful year. The economy perked up as the COVID-19 pandemic became (slightly) more manageable, and the U.S. job market comprised 11 million job openings. At the same time, employees began quitting their jobs in droves in search of greener pastures during the “Great Resignation” – leaving employers with gaps to fill on their teams.

As you prepare to thrive during the Great Resignation, it is not only critical that you make impactful hires, but also that you are receptive to your current employees’ needs to improve their job satisfaction and prevent costly turnover. Here are five New Year’s memes (err…resolutions) explaining how to keep your employees happy in 2022:

 

1. Show Them the Money

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Compensation is a driving force of the Great Resignation, and research shows that offering competitive pay is how to retain employees. Half of the workers surveyed for our 2021 Talent Retention Report said receiving a raise or a bonus would convince them to stay with their employer if they were offered another job. However, in a candidate’s job market, employees will explore other options if they feel their current salary doesn’t match their peers’.

 

2. Be Accessible to Your Employees

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Employees don’t want to feel like a spoke in the company’s wheel. Making time for one-on-one meetings with your team helps forge a connection, while being approachable with an open-door policy (even if they work remotely) allows workers to feel seen. In addition, enabling stronger communication with your staff will help with improving employee retention.

 

3. Foster a Growth Environment

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Part of what has driven the Great Resignation is that employees are finding better positions elsewhere. Getting a higher salary is undoubtedly a prominent factor in these departures, but not getting a chance to advance is another. Nearly half (48.2%) of our Talent Retention Report’s survey respondents stated that advancement opportunities would convince them to stay with their current company.

 

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4. Don’t Forget the Benefits

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There are other ways to reward hard-working employees beyond enhancing salary and offering promotions. Providing additional benefits goes a long way in improving workplace morale. Consider perks such as covering gym memberships, reimbursing employees for wellness expenses, introducing remote work options and flexible hours, or other ways to improve work-life balance to bolster your employee retention.

 

5. Allow for (and Listen to) Honest Feedback

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Transparency is essential for building a company culture that successfully addresses how to keep employees happy. One crucial step in being transparent with your workers is promoting an open-door policy that allows employees to give feedback at any time. However, it is critical that this feedback does not fall on deaf ears, and employers should make an effort to incorporate suggestions from their valuable workers.

Happy New Year from all of us at iHire, and best of luck to you in 2022!

by: Chad Twaro
December 21, 2021