Employee retention strategies have always been a top priority for companies industry-wide.
But in today’s candidate-driven market, successful retention efforts are more critical to organizational health than ever before. No longer do employers have the luxury of offering merely a semi-competitive salary to earn 10+ years of service from their hardworking employees.
Today, 64% of workers favor job-hopping (spending less than two years in a position before moving on), and that number jumps to 75% when applied just to millennial workers. To combat this tendency, organizations are forced to offer sweeter and sweeter incentives to keep employees engaged and off of job boards.
Below, we’ll share some tips on how organizations can boost their retention efforts and remain a top destination for candidates in today’s historically tight labor market.
Robust Benefits Packages (That Employees Actually Want)
Money has been talking for a very, very long time.
Salary will always occupy much of an employee’s headspace and rightly so. However, in today’s job market where candidates hold more leverage than ever before, a desirable wage is more attainable than ever, and workers have begun to value other components of what their employees offer more highly.
Competitive benefits packages have emerged as a business imperative for organizations that want to retain their top talent.
Optimizing your benefits to reflect what your employees want rather than just offering the traditional benefits is crucial to keep the workplace engaged. Gym stipends, unlimited PTO, tuition reimbursement plans, pet insurance, working from home flexibility, generous maternity/paternity leave, and more have now come to be expected.
Take time to examine what you offer and ensure it’s as competitive as it needs to be.
Aside from just benefits that make up your offers, work perks also rank high in the minds of employees. This is another opportunity for organizations to key in on the actual desires of its staff and adjust the office or workspace to reflect that.
Again, communication is critical to crafting perks that promote higher employee morale and, ultimately, more successful retention efforts.
Whatever your unique working environment is, put in some real, intentional time into ensuring you’re providing perks people want, rather than what you think they want or what they used to want.
Remember, culture and attitudes are fluid, evolving as a company grows. Be sure to check the pulse from time to time.
Communicate Opportunities for Career Advancement
Even if pay and benefits meet or exceed an employee’s expectations, eyes can begin to wander if they feel they’ve reached their ceiling at their current organization.
If there are avenues for promising employees to advance their careers, make certain of two things:
- That these opportunities are clearly communicated
- That employees have the opportunity to equip themselves professionally to be seriously eligible for that advancement
Open, transparent communication from management and leadership about future opportunities is the first critical step to establishing trust with employees that your organization has their best interest in mind and can be a long-term home.
Next, provide opportunities for professional development, whether it be continued education, training programs, or mentorships. Continued education and professional development initiatives like these are considered one of the top benefits for retaining employees over the next five years.
Partner With A Specialized Staffing Firm
Typically, when one thinks of a staffing firm, they think of fast sourcing, deep networks, and quality candidates. While all of these traits are certainly true (of good firms), staffing firms can also play a significant part in employee retention.
The sheer amount of time dedicated to evaluating the organizational fit for both client and candidate, along with specialized experience in their respective industries, allows recruiters to pinpoint not just a technically qualified candidate, but also candidates that are suited and eager to stick around for the long haul.
If your business is struggling to make the timely, quality hires it needs to thrive, US Tech Solutions is here to help.
Get in touch with us today to learn how our extensive network of proven candidates and experience across multiple industries can help you overcome any and all hiring challenges your organization is facing.