3 Ways To Retain Talent In Today’s Competitive Job Market

3 Ways To Retain Talent In Today’s Competitive Market

As a record-breaking 4.3 million people quit their jobs in August, employers are scrambling to retain talent. It’s challenging enough to hire the employees you desperately need, let alone keep the ones you have and value. So, let’s focus on how to stop the hemorrhage of talent first and foremost. Then, we can help you hire the team members you need to reach your goals.

Audit Salaries & Make Adjustments As Needed

Amidst “The Great Resignation,” many employees are seeking out better compensation. With as many as 10.4 million job openings, they have plenty of options! Your competition recognizes this and is increasing compensation packages to match demand. Thus, don’t wait for an employee to quit to entice them with a counter-offer. Conduct a company-wide salary audit, compare with comps in the area and at each level of expertise, and adjust salaries as needed.

Try Out A Hybrid Work Environment

If your industry and work allow, test out a hybrid work environment. The COVID-19 Pandemic proved to thousands of employers that not only did employees enjoy working from home, but it was also effective. Eliminating commute times, allowing for a better work-life balance, and fewer in-person meetings have led many to want to continue this trend.

Allow For Flexible Schedules

Along with a hybrid work environment, many employees discovered they like setting their own schedules. Productivity time varies from person to person. If we’re allowed to dictate our own schedule, employers can take advantage of that. Some employees may want to start working at 5 AM, while others prefer to burn the midnight oil. Gone are the days of the standard “9 to 5” workday.

If you want to remain competitive in today’s job market, you have to start with retaining the talent you already have. Then, as word gets around about how awesome it is to work for your company because of how much you value your employees, your open positions will dwindle. Now that we’ve created a game plan to retain talent, are you ready to hire? Explore the rest of our client resources for more ways to keep the employees you love and hire the employees you need.