Three best strategies of staff retention in 2021

Staff turnover is expensive. In general, it costs us 3 times more to hire a new person in the department than to retain an employee.

About 50% of employers consider talent retention to be one of the biggest challenges they face, and around 40% consider recruitment to be the biggest challenge for them during this period (sparkbay.com).

If salary increases are one of the main reasons for accepting a new role in a new company, these increases do not play a major role in staff retention.

According to LinkedIn, in the annual Workplace Learning Report, 94% of employees would stay with the current company if it invested more in their professional development. According to the same source, not only the number of training programs or courses offered by a company is a retention factor, but especially the way they are created. The large number of trainings or courses that do not take into account the learning preferences of employees are unnecessary and are not taken into account by employees in the decision to stay or not in the company. The solution? Design and implementation of professional development programs adapted to the needs and learning opportunities of employees.

Onboarding programs are another retention factor, and increasing their quality is one of the best retention strategies in 2021. 76% of companies admit that they do not have quality integration programs. How can this be fixed? By reducing bureaucracy during the program. 40% of the time allocated to onboarding is occupied with filling in papers, forms, etc.

The third best retention strategy is appreciation. 65% of employees feel unappreciated at work (Gallup, 2021). The feeling of appreciation is born and consolidated through the existence of a tailor-made culture. The personality of the manager is the determining factor in creating the culture of appreciation of the employees' work. For the development of this culture, companies will recognize, appreciate and reward those employee behaviors that represent the company's values ​​and goals.