Employee retention is a top priority for businesses in 2023.
So how can employees be enticed to stay? Company culture, salary and benefits, and flex schedules rank as the top three methods.
While money can get people in the door, the one thing even the toughest industry competitor can’t beat is incredible company culture – its values, beliefs, behaviors, and default attitudes about how and when work gets done.
Companies with toxic or even just mediocre cultures will have no choice but to continuously raise wages as their primary tactic for retention.
Additionally, the top 10 priority areas for employee retention include employee growth and development, training and learning, cutting costs, reducing expenses, investing in managers and leaders, making better decisions with data, employee benefits, and DEI programs and initiatives.
Meanwhile, the top three incentives to attract job candidates are increased compensation, enhanced health and wellness benefits, and career growth opportunities.
A traditional approach to human resources has become dated in the modern workforce and it is crucial to have an in-depth understanding of what is important to employees. This allows companies to better cultivate a successful and engaged workforce.
Now’s the time to reset your employee value proposition!
Here are some retention strategies that employers can leverage:
- Make smart hiring decisions
- Promote collaboration and teamwork
- Provide recognition where it’s due
- Enhance your onboarding process
- Communicate openly and often
- Create a culture of employee listening
- Outline opportunities for growth and development