Many institutions struggle to retain employees. Maybe you’ve heard of the term “Great Resignation?” Workers are voluntarily resigning from their jobs at a shocking rate. According to a study by Willis Towers Watson, 61% of companies report having trouble keeping workers and they anticipate the problem to carry over into the new year.
As financial institutions prepare for 2022, they must be strategic on how they face the challenge of attracting and retaining top talent.
Why are companies struggling to retain employees?
In order to combat the Great Resignation, it’s important that we pause to understand why employees are voluntarily leaving their jobs.
According to a 2021 SHRM report the top reasons for employees leaving are:
- Better compensation, work-life balance and benefits
- Career advancement opportunities
- Wanting a career change
It’s no secret that the pandemic changed almost everything. As we to move into a new normal, people are leaving their jobs in hopes of a higher salary, more flexibility and happiness. The pandemic has shifted what work means to an individual, how they feel valued and how they want to spend their time.
Understanding the shift of how your employees view their job is the first step. Here are a few tips you can adopt to help retain your employees in 2022.
How to Better Retain Your Employees in 2022
There is a lot that ultimately contributes to whether an employee will stay with your company or resign. Below are a few areas you can start focusing on to increase your employee retention.
Take a data-driven approach
It’s important to first take the time to quantify the scope of the problem and its impact. Then you can determine the underlying causes of turnover. Having a baseline of your turnover rate will help you identify what’s working and what isn’t.
Your retention rate is calculated with the following formula: Number of Employees Who Resign per Year / Average Total Number of Employees = Turnover Rate
Define culture and values
Today’s top talent is looking for a company culture where they feel respected and have a sense of belonging. Hiring the ‘right’ employee starts with finding candidates who would make positive additions to the team. To find these employees, you need to have a clearly defined culture and core values.
Provide effective onboarding
An effective onboarding program helps a new hire feel welcomed and supported from day one. Companies that have a strong onboarding program improve their employee retention by 82%! With an environment that’s still working remotely in some capacity, it’s important to ensure you have the right technologies in place and consider your onboarding program from a remote lens.
Conduct proactive career pathing conversations
Don’t just leave your professional development and goal conversations for performance reviews. Today’s employee goes to work for more than just a paycheck. Dedicate time to speak individually with your employees about their career goals and aspirations. Seek to understand where they want to be in their career in the next 6 months, year and beyond. In return, you need to commit to being transparent in return with your employee about advancement expectations and opportunities.
Create a mentor program
A great way to ensure employee retention is with a mentor program. Pair a new hire with a seasoned staff (either in their same department or not). Your seasoned employee, when paired thoughtfully, can be an incredible resource for your new hire. While your new hire can offer a fresh perspective and new way of looking at routine tasks. The key to having a mentor program is to ensure the mentor doesn’t act as a supervisor, but rather a friendly, helpful face to welcome them to your financial institution.
Offer professional development training
An engaging training program is more than just the required training. Professional and continual learning are important factors, especially when trying to retain millennial and Gen Z employees. Offering this quality of training can be eLearning courses on soft skills such as productivity, prescriptive selling or leadership. It could also include a lunch and learn series or a budget for targeted webinar training.
Things are not the same since COVID-19 wreaked havoc on almost every aspect of our lives – personally and professionally. If you want to drive better retain employees 2022 you need to start now.
Build a High-Performance Team
OnCourse Learning provides 600+ compliance training and professional development courses that protect your institution from the frontline to the board room. As you plan your 2022 compliance training programs, check out our comprehensive course catalog.