Employment is at an all-time high in a competitive job market. Though there are signs of the labor market swinging in employers' favor, employee retention remains a critical priority for employers across industries in the US.
It has long been the case that people who are unhappy with their current employer will look for opportunities elsewhere. While some turnover is healthy, and maybe even beneficial in some cases, most small to mid-size employers make it a priority to engage and retain their most promising employees.
In this article, we highlight four effective strategies that companies can deploy to retain their best employees in 2024 and beyond.
Competitive Compensation & Benefits
The right combination of compensation and benefits promotes a healthy work-life balance for employees, allowing them to focus first and foremost on their work.
According to SHRM, employees who believe they are fairly compensated tend to perform better and be more satisfied in their role than those who perceive they aren't being fairly compensated.
Additionally, the quality and breadth of benefits offered by employers play a major factor in quality of life and whether employees feel "taken care of." Core among those benefits is Healthcare, the most prominent - and costly - employee benefit offered. People often seek jobs that offer the best health insurance options due to rising healthcare costs and the stability that quality insurance provides employees and their families. Dental, vision, and mental health coverage are often incorporated with health coverage, along with general medical and prescription coverage.
PTO or Paid Time Off and paid sick leave are also viewed as valuable employee benefits, and while there is an indirect cost to employers in lost productivity, the benefit is felt in how employees returning from leave perform. Within the scope of PTO, there is also parental leave, family leave and mental health leave. Most employers offer a variety of time off programs for employees, and those that deploy and enforce these policies in earnest, with clear guidelines and support, frequently see the most success in utilizing these benefits to engage and retain employees.
Advancement & Educational Opportunities
Most people think of their jobs as part of a career path, not as a destination. Organizations that offer clear opportunities for advancement, both in pay and in roles have a leg up over competitors with fewer opportunities when it comes to employee retention.
Top performers are often those with the most opportunities outside of a given organization. If that individual does not see a future for themselves within, they will seek that opportunity elsewhere. Having a clearly defined path, with consistent check-ins and performance reviews will help ensure that those individuals continue to see their future at the company, should high performance continue.
Additionally, since most career paths are full of twists and turns, as opposed to being linear, the companies which invest in continuing education and movement from within have a better chance of retaining employees who want to make a lateral move into a different role, function or geographic location.
Continuing education can come in many forms, such as tuition reimbursement programs, certification programs and formal mentorship opportunities. The thing all of these programs have in common is that they meet the employee where s/he is at, and provide clear links between the company's investment in the employee, and their ability to retain said employee.
Efficient & Engaging Onboarding
Employee Onboarding can be a daunting experience for employees at all levels of an organization, from initial paperwork, understanding policies and procedures, and training, to procuring equipment, meeting colleagues and learning the culture. An onboarding process that stewards employees through the process with clarity can make an impactful first impression.
This first impression can go a long way towards engaging and retaining employees by making them feel welcomed, comfortable and get them into a place where they can start contributing as soon as possible. An environment where employees feel productive, happy and safe is one where they will feel like they can make the most impact and do their best work.
Summary
According to Psychology Today, The average person will spend roughly 90,000 hours, or one third of their life at work. It's no wonder that most want to feel like they're making the most of that time. Employers who are able to maintain an environment where their employees feel productive and engaged, with their needs met and with the ability to advance, are employers who are most likely to retain employees over the long-term.
Inflection HR offers cloud-based HCM solutions that help organizations hire, train, pay and engage employees at all levels. Get in contact with us today to learn more about what we have to offer your business and take it to the next level.
