The 2022 labor market is experiencing changes that make it more challenging for employers to retain employees. Why? There is no doubt that the global pandemic created a work environment of fear and uncertainty. As a result, some people are leaving due to unhappiness with how they were treated by their employer during the pandemic, undesirable pay, or unsatisfactory benefits. Other reasons include a lack of work-life balance, a desire for a change…and some are simply burned out.
With more and more people leaving the workforce, it’s never been more important or pressing for businesses to offer a competitive total rewards package. In this blog, we will discuss ways employers can add value to their employee’s experience and retain their top talent.
Compensation is a factor that will continue to play a significant role in the employee’s experience and retention. Employees often leave when they don’t feel appropriately compensated. Therefore, it’s important to understand competitive compensation ranges for your positions and ensure you are paying appropriately.
Benefits are also an essential part of a comprehensive total rewards package. Employees value health and wellfare benefits, 401(k) and retirement benefits, technology stipends, and perks such as gym memberships and access to mental health services. Employees are also desiring competitive paid time off programs and professional development opportunities.
Speaking of professional development, let’s highlight the fact that employees are regularly looking to gain new skills and opportunities. It’s important to provide employees with opportunities to learn and take on stretch opportunities.
These opportunities will also serve as a way for employees to grow within your organization by providing them with new job responsibilities or leadership roles. In addition, offering the opportunity for ongoing professional development will help the employee imagine a future with your company.
Flexible work options are another way to stay competitive in this market—and it is becoming increasingly important to employees. In fact, according to a recent study, 89% of U.S. workers say the ability to have a flexible schedule would improve their job satisfaction.
The most common forms of flexibility include:
Understanding the reason why employees leave is an integral part of avoiding turnover. Exit interviews can help you understand the driving factors behind an employee’s decision to leave. Encourage open communication and track common reasons for leaving.
It can also be helpful to consider why your current employees are staying by conducting “stay interviews.” Similar to an exit interview, a stay interview asks employees about what they enjoy the most, and what could be improved about the company. This can help you understand the company’s strengths and challenges and solutions to maintain retention.
Are you struggling to keep your best employees? High turnover rates can affect your company and its ability to reach its goals. Developing an effective retention strategy can help you improve employee satisfaction. However, we understand if you’re unsure where to start. That’s where Cura HR comes in!
We provide benchmarking, guidance, and expert advice to ensure your ability to successfully recruit, hire, and retain the best talent aligned with your organizations’ mission and values. We’d love to learn about your business and how we can leverage HR best practices to take your vision to the next level.
