How To Retain Your Top Talent in 2022

Employees want to feel like their work is meaningful, and that it has an impact on the company's bottom line.
How To Retain Your Top Talent in 2022
Author
Annabel Connell
Publish date
May 14, 2022

During the "Great Resignation", a record number of 4.5 million Americans quit their jobs - and many of them cited "unfair" or "unreasonable" expectations as the reason why. More than anything, those who made the decision to leave their jobs stated there was no sense of value. Employees want to feel like their work is meaningful, and that it has an impact on the company's bottom line. When your best employees don't feel valued, they're more likely to start looking for a new job.

Low turnover rates are responsible for maintaining high morale and productivity within a company. Talented employees are valuable not only for their skills and experience but also for the institutional knowledge they have about the company, its products, and its customers. When an organization's top talent leaves, it can have a ripple effect that impacts not only the team they were on but also the company as a whole.

According to Gallup, the cost of replacing one employee can range from 1/2 to two times that person's salary. When an organization is able to retain its top talent, it saves money in the long run while also maintaining a high level of morale and productivity. The best way to retain your top talent is to ensure that they feel valued and appreciated.

Here are a few reasons why retaining top talent matters:

  • High turnover rates can negatively impact an organization's ability to hit targets, achieve growth, and maintain a competitive edge.
  • Employees who are the most engaged will become ambassadors for your organization, helping to attract top talent.
  • The employees who have the most experience and institutional knowledge are usually more productive.
  • Organizations with high retention rates have lower training and development costs.
  • Businesses with low turnover rates often excel in customer satisfaction and employee engagement.

Now that you are more aware of why retaining top talent in 2022 is so important, what can you do to ensure that your best employees stay with your organization? Conduct performance reviews.

Staff Reviews Are Essential to Top Talent Retention

It's far from groundbreaking to say that people want to feel appreciated at work. We all want to know that our efforts are being recognized and that we are making a difference. When it comes to top talent, this is even more important. Your best employees are the ones who are constantly pushing themselves to do better and be better. They are the ones who are always looking for ways to improve and contribute to the company. And they are also the ones who are most likely to leave if they don't feel appreciated.

This is where performance reviews come in. Performance reviews are an essential tool for retaining your top talent. They are a way to show your employees that you are invested in their development and that you value their contributions to the company. When done correctly, performance reviews can be a powerful tool for building engagement and loyalty among your employees.

How Can Performance Reviews Boost Retention?

One of the most overlooked means of enhancing talent retention is accurate and timely feedback. Giving employees regular performance reviews is essential to keeping them engaged and motivated. But it's not just about giving reviews of their performance - it's about giving feedback that is accurate, timely, and relevant.

Performance reviews are the perfect opportunity to give your employees the feedback they need to feel valued and appreciated. By providing feedback that is specific, actionable, and relevant, you can help your employees feel like they are part of a team that is working towards a common goal. And when your employees feel like they are part of something bigger, they are more likely to stay with the company.

5 Ways Performance Reviews Help You Retain Top Talent

1. Performance reviews help you identify your top talent

When you sit down with your employees to review their performance, you are able to get a better understanding of their strengths and weaknesses. This information is essential to retaining your top talent. By identifying the employees who are the most valuable to your company, you can make sure that they are given the resources and support they need to succeed.

2. Performance reviews help you keep your top talent engaged

Your best employees are the ones who are always looking for ways to improve and contribute to the company. When you give them regular performance reviews, you show them that you are invested in their development and value their contributions to the company. This can help to keep your top talent engaged and motivated.

3. Performance reviews help you identify training and development needs

When you review your employees' performance, you may identify areas where they need additional training or development. By providing this training and development, you can help your employees improve their skills and knowledge. This can make them more valuable to the company and less likely to leave.

4. Performance reviews help you identify potential problems

If an employee is not performing up to par, it is important to identify the problem early. Performance reviews are the perfect opportunity to do this. By identifying potential problems early, you can address them before they become bigger issues.

5. Performance reviews help you build trust

Trust is essential to retaining your top talent. When you give your employees performance reviews, you are showing them that you are transparent and that you value their input. This can help to build trust between you and your employees.

Let Them Know You Appreciate Their Accomplishments

While identifying areas the employee needs to work on is one of the more critical aspects of the performance review, it's also important to let your employees know what they are doing right. Providing positive feedback in the performance review will let them know they are appreciated and that their efforts are making a difference.

Acknowledge Their Efforts to Improve

In addition to providing positive feedback, it's also important to acknowledge the efforts your employees are making to improve. If an employee is working hard to improve their performance, let them know that you see their efforts and that you appreciate them. This will help them feel like their efforts are being noticed and that their hard work is paying off.

Show Them How Their Performance Impacts the Company

Finally, it's important to show your employees how their performance impacts the company. When employees understand how their work contributes to the success of the company, they are more likely to be engaged and motivated. By showing your employees how their performance impacts the company, you can help them see the importance of their work and the difference they are making.

Bottom Line

Performance reviews present an opportunity to improve talent retention by showing your employees that you value their contributions, appreciate their accomplishments, and are invested in their development. Performance reviews should identify, track, review, and revise an employee's progress to ensure that their work meets the company's standards. With so many employees willing to leave their current position for a better one, it's more important than ever to retain your top talent. 

Implementing successful performance review strategies can help you keep your best employees and improve your company's overall performance. If you're not already using performance reviews to retain your top talent, now is the time to start. Contact Buchanan Tech for help with recruiting or retention advice today.