How To Retain Employees in a Challenging Market

The Great Resignation was a trend coined in early 2021, during the midst of the global pandemic. With the cost of living rising, employees demanding a more flexible work-life balance and limited career progression opportunities, many people parted ways with their employers.

Over 4 million Americans quit their jobs every month for 11 months straight, according to data from the Bureau of Labor Statistics as of April 2022. A survey from May 2022 by the Pwc also revealed that almost 20% of UK workers are expected to leave their current roles within the next 12 months, adding fuel to the fire of The Great Resignation.

So, in all this doom and gloom, what if we were to tell you that in the wake of The Great Resignation came to The Great Retention - an opportunity to discover ways of retaining your talent and perhaps even bring back the talent you wished had never left? 

Of course, there are hundreds of articles out there advising businesses on how they can retain talent in the post-pandemic world. Despite many of those pieces providing sound advice, we want to give you more than the obvious tropes. Instead, we want to provide you with genuine insight into The Great Retention and illustrate how the Pareto culture has adapted, reevaluated and managed to retain and bring back our top talent in the wake of the pandemic.

Why is employee retention important?

When you think of the importance of employee retention, business owners and HR managers often think of monetary reasons like reducing recruitment and training costs to other factors like ensuring staff morale and productivity are at optimal levels. While these reasons are valid, we go beyond the more apparent tropes in this insight. From realising the potential of your people, enhancing your company culture, and creating a sense of "there's no place like home," we provide a unique perspective on why employee retention is important.

“If you get a good person with the same values as you and the business, you’ve got to hold onto them because they’re really hard to find.”
Mark Rothwell, Senior Vice President

How to calculate your employee retention rate

An employee retention rate is a measurement of the people you've retained over a certain period, be it a month, a quarter, a year, etc. Your retention rate combines your employee turnover and the hires you have made, providing you with a more comprehensive overview of the people within your business, past, and present. Our insight includes a valuable formula to help you calculate your employee retention rate. 

Common causes of high staff turnover

Once you've downloaded this insight and calculated your staff retention rate, you may discover your business has a high staff turnover. Our insight lists the common causes of high staff turnover to add context to your employee retention rate.

"I think you must care about what your team cares about, other than their day job and the numbers they bring in…."
Afsheen Chowdhury, Sales Manager, Pareto

How to become part of The Great Retention

In this section of the insight, you will gain expert advice on retaining talent from proven methods we've instilled within Pareto. In addition, this section will explore the following ways you can become part of The Great Retention.

• Create a culture of firsts
• Realise the potential of role models
• Promote potential from within
• Empower personal connections
• Reevaluate your employee's motivations
• Leave the door open

Don't just take our word for it. Hear from our people.

At Pareto, we practice what we preach. So, to further emphasise how our retention strategy has been a success, we've included two examples from our own people, Sales Manager Afsheen Chowdhury and Sales Director Josh Averill, whose careers have seen them leave and then return to us.