Increasing Employee Retention: 5 Strategic Tips

Over two years have passed since the start of COVID, and employers are still riding out what analysts call the Great Resignation. According to the Bureau of Labor Statistics, nearly 50.5 million American workers voluntarily quit their jobs in 2022. This figure surpasses the turnover in 2021, which totals 47.8 million. 

While COVID certainly exacerbated this mass exodus, workers cite the following reasons for their departures –

• Inadequate salary. 
• Lack of support from the top down.
• Lack of recognition and feedback. 
• Little to no career growth opportunities. 
• A desire for better work-life balance. 
• Boredom and lack of purpose. 
• Frustration with management. 
• Insecurity regarding the direction of the company. 
• Dislike the company culture. 
• Better opportunities elsewhere. 

Today’s job market is competitive. We’ve witnessed a power shift as employers re-strategize to meet the current workforce’s demands. 

Here are some tips for creating a culture where your employees will thrive—and stay around to enjoy it. 

Promote Career Development 

According to 2021 research by the Clear Company –

• 94% of employees say your investment in their careers increases loyalty to the company. 91% of employees say they want personalized and relevant training. 
• 34% of workers are more likely to stick with their current jobs if their employers provide continuous training and career growth opportunities. 
• 15% of employers reported increased engagement due to personal development opportunities.
• 60% of millennials (the largest sector in today’s workforce) crave leadership training at work. 
• 74% of today’s workers say they feel held back because of a lack of work-related personal development and training. 
• The statistics are crystal clear. Providing personal development, leadership training, and opportunities for advancement is crucial. 

Talk to your employees, assess their skills and strengths, and learn about their career goals. Then work with your leadership team to create personal development and training programs that promote individual employee growth.

Provide Competitive Pay

Salary and benefit packages remain a chief factor in employee retention. Evaluate and review salaries regularly, ensuring your employee compensation is competitive. 

Healthcare benefits are significant, but competitive packages aren’t always sufficient. Additional perks like employee discounts, wellness programs, per diems for travel and food, and home office stipends provide the slight edge employees want. 

Recognize and Reward 

Needing acknowledgment is part of being human. Creating a formal reward program to celebrate employees’ efforts, milestones, and accomplishments is a nice touch. But nothing beats your authentic gratitude for a job well done. Your effort doesn’t have to be grandiose, but it does need to be genuine and consistent.

And don’t underestimate the power of constructive feedback as a form of recognition, either. Committed employees want to improve and hone their craft! 

Provide Support

The last thing you want is overworked, burned-out employees. Offering support from the top down is essential. Demonstrate you are there to help and provide them with the tools, training, and supportive team they need to do their job effectively. Unclear communication, poor leadership, and a lack of structure create chaos, leaving employees scrambling to pick up the pieces. Provide support via transparent communication and effective workplace systems. 

Additionally, committed employees may inadvertently view the success or failure of the company as highly personal, causing much unnecessary stress. Let your employees see that you are there to make the hard decisions. The primary weight of the company falls on your shoulders—not theirs. 

Encourage Work-Life Balance

In our task-driven culture, employees need to know that you value them enough to promote life outside of work. Encourage a healthy work-life balance by setting an example. Encourage them to set boundaries and to take time away from work for personal enrichment. 

Part of retaining talent is building the right teams right from the start. At Career Concepts, we match the best people with the best employers. “The right people. The right job.” It’s been our motto for over 50 years! Contact us today, and let’s get started!