A global impact remains from the “Great Resignation.” With employees reevaluating their priorities and seeking out better work-life balance and company culture, retention strategies are crucial for success. I have been in the recruiting and business consultancy for 27 years and I witnessed firsthand the changing landscape. Here are my top 3 tips to retain your top talent:
1. Align Actions with Mission Statements:
Mission statements hold significant weight in today’s job market. They’re not just website decorations; they should guide your company culture. According to the 2019 Glassdoor’s Mission & Culture Survey, over 77% people would consider a company’s culture before applying for a job, and 79% would consider a company’s mission and purpose before applying. If your mission emphasizes a supportive work environment, ensure your actions reflect that commitment. Employees seek authenticity, and living up to your mission statement fosters trust and loyalty.
2. Invest in Employee Growth and Well-Being:
Demonstrate your commitment to your employees by investing in their professional development and well-being. This could involve offering training opportunities, mentorship programs, or giving generous paid time-offs. A 2022 study by the Society for Human Resource Management (SHRM) revealed that 76% of employees say opportunities for learning and development are important for their decision to stay with a company.
We emphasize the importance of work-life balance by introducing more generous paid time off policies, showing our genuine commitment to fostering a healthy and balanced lifestyle for our employees.
3. Offer Competitive Compensation & Benefits:
In today’s competitive market, competitive salaries and benefits are essential. Among these are health insurance, paid time off, and retirement savings plans. While offering attractive compensation can seem costly, it’s an investment in your workforce’s well-being and satisfaction. A 2023 Randstad Workforce Insights found that 39% of employees want an increase in their salary.
Remember, creating a workplace that attracts and retains top talent requires a long-term commitment. By investing in your employees, demonstrating genuine care, and living up to your values, you can create a thriving work environment that weathers the storm of the Great Resignation.
Not sure where to start? Schedule a free clarity call with Molly McGrath, Founder of Hiring & Empowering Solutions, to explore how we can help.
