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What Employee Retention Strategies Should You Implement in 2024?

Mar 5, 2024 by Great Game Team 0 Comments

shutterstock_1490344967Employee retention, particularly for your best employees, continues to be a challenge. First, there was the pandemic. Then, there was the fallout from that with the Great Resignation. Other challenges are presenting themselves as Baby Boomers are retiring in massive numbers, leaving an employee gap that is becoming increasingly harder to fill because Gen Zers are not necessarily stepping into traditional employee roles.

How do you retain the best employees at your company? What employee retention strategies should you implement in 2024 for the best results? Keep reading. We have some answers.

First, Why Employees Leave

In 2021, these were the top four reasons employees wanted to leave their current jobs:

  1. Pay/Benefits
  2. Advancement/development/career growth
  3. Direct supervisor/manager/senior leadership
  4. Relocation or personal reasons/family

The top three reasons offer opportunities for developing a robust employee retention strategy for 2024.

Top Employee Retention Strategies to Implement in 2024

Think about these three top employee retention strategies to implement in 2024. You’ll be glad you did. 

Promote an Engaging and Inclusive Company Culture

It’s not enough for people to be accepted by their peers. People want to be respected. As such, nurturing a culture that is both engaging and inclusive has a profound impact on employee retention. 

The cornerstone of such a culture is the commitment to diversity, equity, and inclusion (DEI) initiatives. Employees need to see and experience firsthand that their organization cherishes diversity and treats everyone equitably, no matter their background. This isn't merely about ticking boxes for compliance. It's about fostering a sense of respect, appreciation, and belonging among all team members. 

When employees see their unique identities, perspectives, and experiences valued and reflected in their workplace, they are more likely to feel a stronger connection to the company and, consequently, stay longer.

Furthermore, an engaging company culture promotes collaboration and teamwork. This means creating spaces for employees to share ideas, contribute to projects, and work collectively towards common goals. Workplaces that encourage teamwork and provide opportunities for employees to collaborate across various levels of the organization often see higher levels of job satisfaction and loyalty. 

Stanford University noted in a study that effective collaboration leads to 50 percent better productivity, according to Forbes. Fostering that sense of teamwork and collaboration is crucial to success, and inclusivity is one stepping stone to that end.

However, an engaging culture doesn't stop at teamwork and collaboration. It’s also about making each individual feel like they truly belong. This means celebrating each employee's unique strengths, recognizing their contributions, and ensuring they have the tools and support they need to thrive. It's about creating a safe, inclusive environment where employees feel comfortable expressing themselves and their ideas without fear of judgment or exclusion.

Competitive Compensation and Benefits Packages

In today's talent-driven market, it's clear that a decent paycheck alone isn't enough to maintain a dedicated and satisfied workforce. To successfully retain your top performers in 2024, adopting a more holistic approach towards compensation and benefits is key.

A great place to start is by going beyond the basic salary structure. Consider incorporating a comprehensive range of benefits into your packages customized to each employee. Pay and health insurance are no-brainers. But beyond that, consider full health coverage with inexpensive deductibles or premiums for family members. PTO is a big deal, but make your PTO package flexible and robust (some of the top companies in the United States offer unlimited PTO). Flexibility and remote work continue to be a big deal as employees seek a better work-life balance. 

Focusing on your employees’ well-being, both physical and emotional, is a major draw. Consider a wellness plan tailored to each individual that incentivizes staying in physical and mental shape. The ROI of a wellness plan is at least 1:1, and wellness plans, when implemented effectively, save on your company’s healthcare insurance costs.

The goal here is to create a compelling offering that goes beyond simply meeting the basic needs of your employees. It's about demonstrating that you value their overall well-being, time, and need for a healthy work-life balance.

One particularly effective strategy is staying attuned to the current market trends. This involves regularly evaluating what your competitors are offering their employees and adjusting your own packages accordingly. If your packages stack up against or even surpass industry standards, your employees are more likely to feel that they are being fairly compensated for their work. This can significantly enhance their sense of job satisfaction and their motivation to remain with your company.

Remember, everyone appreciates being recognized for their hard work. Therefore, implementing a performance-based bonus or incentive system can be a game-changer. This not only rewards employees for their contributions but also encourages a culture of high performance and continuous improvement.

Provide Opportunities for Career Growth

The continuous march of time never slows, nor does the desire for career growth among your employees. A surefire way to bolster your retention rates in 2024 is to focus on providing clear and enticing pathways for career advancement. Dynamic employees yearn for more than just a job; they seek a thriving career in a workplace that gives them meaning beyond 9 to 5 and earning a paycheck. Employees must feel that their life’s purpose aligns with your company’s goals. That’s why many younger employees gravitate towards purpose-driven employers and leadership. This goes back to inclusion: People are more likely to work for and stay with a company that aligns with their passions. When workers see a leader get emotional about success or celebrate the small things, it’s easier for employees to get on board.

As such, employees don’t want to feel as if they’re stuck in one place all of the time. They want a journey filled with growth, learning, and stepping stones leading towards their personal and professional goals. Just like people in their 20s have different goals than ones in their 50s, the same is true for employees who grow into different roles.

The first strategy for satisfying this hunger for growth lies in offering continuous learning and development opportunities. This could take the form of online courses, workshops, seminars, internal learning opportunities, or even sponsoring advanced degrees or industry certifications. Not only does this satisfy their appetite for knowledge, but it also equips them with the tools to perform their job more effectively, delivering a win-win scenario for both parties.

But remember, professional growth isn't confined to only expanding one's knowledge base. It also encompasses the broadening of their responsibilities and roles within the organization. Offering a clear, well-defined career path with regular opportunities for advancement and promotion is an essential part of retaining your top talent. Ensure that your employees are aware of the milestones they need to hit to ascend in their roles and that they are given a fair opportunity to prove their mettle.

A unique and engaging strategy to further this cause is the establishment of mentorship programs within your organization. Pairing your less experienced employees with seasoned veterans not only fosters a culture of learning and growth but also cultivates strong bonds within your team. The exchange of wisdom, experience, and fresh ideas can be a potent recipe for success and retention.

Regularly Collect Employee Feedback

Regular and open dialogue is the cornerstone of any successful relationship, including the ones we nurture within our professional ecosystem. One low-cost employee retention strategy is to regularly collect employee feedback. You can use an internal, anonymous employee engagement platform to help with this regard. As we move forward in 2024, the emphasis on two-way communication between employers and employees is taking center stage, with the collection of regular feedback being a key player in this narrative.

Open the channels of communication, foster open-book management, and allow your employees to express their thoughts, ideas, and concerns. This could be done through a multitude of avenues, ranging from the more traditional methods like surveys and suggestion boxes to more personal one-on-one discussions on a bi-weekly or monthly basis. Alternatively, consider fostering an open-door policy where employees feel comfortable sharing their thoughts and insights without fear of reprisal or judgment. This demonstrates that you value their input and provides them with a sense of ownership and engagement in the company's operations.

Collecting feedback is only the first step. It's what you do with this information that really matters. Demonstrating a commitment to act upon the input received encourages trust and respect, strengthening the bond between employees and the organization. Regularly review the feedback and implement necessary changes, whether they pertain to management practices, work processes, workplace culture, or company policies. Keep the lines of communication open by sharing updates on what actions are being taken in response to their feedback.

The Great Game of Business and Open-Book Management

Implementing some of these employee retention strategies may not be the easiest thing to do. You might have to make some adjustments before you see results. But the long-term success is worth it. Talk to us about how we can help you become a company that values open communication to foster a much better workplace culture. The journey is well worth it.

Written by Great Game Team
More than 376,500 Times the GGOB Blog Has Been a Trusted Source for Information on OBM

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About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.