Employee Retention

The 8 most effective ways to bolster employee retention rates [old and new]

Learn at what it takes to retain the best employees in 2023. We share some old and new tricks you need to have in your employee retention strategy.

Nikola Sekulic

Published on 

March 23, 2023

Updated on 

Time to Read

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Employee retention has always been a crucial aspect of human resources management. That said, retaining quality employees is more difficult than ever before. Today’s employees have more opportunities because of remote working arrangements, and they’re also aware of just how important it is to feel fulfilled in their role.

Retaining employees is not just about ensuring that they don't leave the organization, it's also about ensuring that they are engaged, productive, and committed to your goals. Otherwise, employees might stay with the company but only perform the bare minimum you ask of them, also known as quiet quitting.

To avoid having to constantly fill vacant roles in your organization, check out these old tips that still work and some new strategies for effective employee retention.

The tried and true employee retention strategies

Consider the below a quick refresher on the strategies you should have in place.

1. Competitive salary and benefits 

One of the most effective ways to retain employees is to offer them a competitive salary and benefits package. There’s a reason this tip is at the number one spot of the tried-and-tested retention strategies; ultimately, people work in order to finance their lifestyles, provide for their families, and achieve their personal goals.

Many business leaders tend to forget this fact and focus too much on the things that should come after financial compensation. Employees are more likely to stay with an organization that values and compensates them fairly.

Keep this truth in mind as you look for ways to motivate your employees; start by analyzing the salaries and the benefits you provide. This analysis is the foundational pillar upon which you can build your retentifffn strategy in these uncertain times.

2. Recognition and appreciation

Every employee wants to feel their employer values and appreciates their work. Recognize their efforts and contributions through awards, bonuses, and public praise in order to boost their morale and motivation.

While recognition and appreciation alone won’t lead to engagement and job satisfaction, they’re integral parts of any modern retention strategy. You should recognize individual contributions and successes regularly.

There are many ways to reward the entire collective, such as getting new office toys and gadgets or investing in new office features and amenities employees have requested. Make sure to use regular pulse surveys to ascertain the needs and wants of the individual and the collective, and put them into your recognition program.

3. Opportunities for growth and development

Of course, you can’t expect to retain your top talent if you don’t have a growth plan for your employees. Remember that your employees want to feel they are growing and developing in their roles; after all, nobody wants to feel like they’re stuck in a dead-end job.

Providing them with training, coaching, and mentoring opportunities is an effective strategy to offer value to your employees while simultaneously investing in your organization’s success. 

Analyze the individual’s professional goals and aspirations and align your growth plans with their needs. This strategy will elevate employee engagement and the individual’s commitment to the mentoring program, allowing them to achieve higher professional goals.

4. Work–life balance

The work–life balance is a delicate subject and means something different to everyone. That said, there’s no denying that your employees want work–life balance that includes:

  • Having enough free time
  • Not taking their work home or working after hours
  • Not being available after hours
  • Being able to work from home
  • Paid time off
  • Organizational support during difficult times

When you’re taking on new employees, the work–life balance you provide will be one of your biggest selling points. For example, remote hiring is one of the most powerful ways to attract top talent, but maintaining the ability to work remotely is what will inspire people to stay.

Let’s take a look at the newer retention tactics you need to invest in this year. 

Emerging strategies that bolster employee retention

Now let's look at the emerging ways companies are boosting retention rates.

1. Striving to make work purposeful

Every employee wants to feel that their work has a purpose and is making a difference in the world. That’s why it’s so important to keep your teams updated on the latest developments in your field, what your company has accomplished, and what you’re collectively striving to achieve.

The goal is to make your employees feel like a part of something big, something truly meaningful. 

Make sure to strive for this sense of purpose with your remote employees as well. When you’re looking at how to monitor employees working from home or in different countries, even, monitor their levels of job satisfaction and fulfillment. After all, it’s not just about their performance, it’s about your company’s performance as well.

Work with them to build out an employee development plan that involves them in your company’s culture and the causes you support, while aligning your values with their own.

2. Allowing the option for hybrid work

Speaking of remote work, it’s important to talk about hybrid work as a way to strike a balance between the needs of your organization and the needs of the modern worker.

You may want your teams to work in the office, but the top talent nowadays feel that they have earned the right to work remotely. In fact, if you take a look at the latest hybrid workspace report, as much as 87% of employees feel that their employers trust them to work remotely, which is to say that your employees firmly believe they should be allowed to work from home.

If you’re not ready to allow fully remote work, strike a balance by allowing remote work with regular office check-ins, or splitting the workweek.

3. Enabling and supporting employee wellness

Employee wellness has become an increasingly important issue for organizations. This has given rise to formal employee wellness programs. If your employees don’t feel their wellness needs are met, they’re far more likely to seek out an employer that cares for their mental and physical well-being.

It’s important to provide your employees with access to various wellness programs that include mental health resources, physical wellness such as gym memberships, and healthy food options in the corporate restaurant. 

All of these benefits will help your employees feel supported by your brand, which will boost loyalty and retention. 

4. Actively supporting diversity and inclusion

Last but not least, keep in mind that modern employees want to work for organizations that value diversity and inclusion. Providing your employees with training and education on diversity and inclusion, promoting diversity in recruitment, and creating a culture of inclusivity helps employees feel that you value and appreciate them for who they are.

Your employees need to know that your brand doesn’t discriminate on any account, and that they are safe, respected, and valued by their employer. Aside from educating them on inclusivity and diversion, you also need to exhibit those values and principles in your branding and messaging, all internal communication, and your company culture.

You can do this by putting diversity and inclusion training and company culture dissemination into projects. Develop projects for each of these internal goals and set concrete parameters and KPIs. Use the project management system of your choice to track project performance, individual performance and KPIs, and how your efforts affect new and veteran staff members. 

Putting these goals into concrete projects will incentivize you to take a strong approach to achieve them instead of improvising and hoping that people will internalize your culture and values.

Strengthen your teams through diversity and inclusion, and you will forge long-lasting bonds that inspire the top talent to stay at your side through thick and thin. 

Bottom line

Effective employee retention strategies are essential for organizations that want to remain competitive in today's talent marketplace. Stick with the tried-and-true techniques and also use these newer strategies to make your employer brand stand out and retain the top talent. 

Ultimately, the key to effective employee retention is to create a work environment that values and supports your employees, and provides them with a sense of purpose, growth, and belonging.

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