24 RETENTION STRATEGIES FOR 2024
New year, new strategies.
Whether you’re struggling with retention or you just want to ensure your employees are having the best possible experience – here are 24 retention strategies for 2024:
1. HIRE THE RIGHT PEOPLE
First things first – hire people who suit the role, suit the culture, and are truly passionate about not just their role but your vision.
This may mean partnering with a recruiter who specialises in your sector, and defining exactly what you want – not just in skills but in values.
2. MAKE THE ONBOARDING PROCESS ONE TO REMEMBER
… For good reasons.
You don’t want new employees to get to the end of their first week feeling unsupported. Having a great onboarding programme increases employee retention by 82% (ECB Global)
Click here for ‘THINGS TO CONSIDER WHEN ONBOARDING NEW EMPLOYEES.’
3. MATCH YOUR VALUES TO YOUR ACTIONS
Most companies have values they promote – but how often do those values infiltrate the workplace and the way they approach business?
4. INVEST IN YOUR EMPLOYEES’ CAREERS
People are always thinking about the future, and you want your employees to think about their future being with you.
A national survey found that 87% of Millennials say professional development and career growth opportunities as being very important to their decision on whether to stay at a job (SHIFT).
5. HAVE REGULAR SALARY REVIEWS
Without paying your employees what they’re worth – they’ll feel undervalued. Review salaries quarterly based on performance and the current market.
6. START LEADERSHIP TRAINING
How are the other managers and senior members treating your employees? Are they inspiring and supporting them both professionally and personally, or do they need some leadership training?
Truth is, everyone does – and it should be continuous.
Only 48% of employees view their company’s leadership as “high quality” (Zippia).
7. CONSIDER YOUR BENEFITS PACKAGE
Benefits matter, if they’re the right ones. Maybe you’re spending thousands on your benefits package but no one’s really making the most of it… it’s time to make changes.
Research by HR Grapevine found that 69% of employees “will work harder for an employer who provides benefits that support their individual needs.”
Click here for ‘HOW TO CHOOSE THE RIGHT BENEFITS FOR YOUR TEAM’.
8. BE FLEXIBLE
Flexible working not only reduces stress and burnout, but it allows employees to have a healthy work-life balance.
A recent poll found that 32% of employees would quit their jobs if they didn’t have a good work-life balance (People Management).
9. PRIORITISE MENTAL HEALTH
Creating an environment where employees:
Are able to express their worries
Feel cared about by their managers
See the office as a fun and inspiring place to be
Will be something that sets you apart.
10. CREATE SOLID PROGRESSION STRUCTURES
Put in place a clear plan so employees can visually see how they’re going to improve and how you’re going to support them.
11. COLLABORATION, COLLABORATION, COLLABORATION
Having an office where there’s a constant buzz of fresh ideas, supportive employees, and collaboration can make a huge difference in the working day.
Companies that promote collaboration and communication at work have been linked to reducing employee turnover rates by 50% (Zippia)
12. REGULAR TRAINING OPPORTUNITIES
Research shows that 40% of employees who don’t receive the necessary job training to become effective will leave their positions within the first year (SHIFT).
13. ALLOW FOR CONTRIBUTION AND CREATIVITY
Humans like to feel like they’re a part of something big. It’s how we build true passion and dedication for something. So in the workplace, it’s crucial to get employees involved with ideas and use their creativity.
A study found that employees find their work experience fulfilling when they are making an impact that they feel matters (All Things Talent).
14. CONDUCT REGULAR CATCHUPS
Hint: it doesn’t just have to be work-related.
And if it is, ask them how work has been going for them, rather than just feedback or discussion about projects. This helps build your relationship with your employees which is vital for them to feel like valued members of the team.
15. FOCUS ON HR
HR plays a huge role in developing a positive company culture whilst focusing on all things engagement, productivity, wellness, and development.
16. AVOID SUDDEN CHANGES
Change happens in life, especially in business. But drastic change can be stressful and disrupt your employees’ daily schedule and productivity.
17. CREATE A CLEAN ENVIRONMENT
We can rave about work environments, i.e. work culture, but if a physical environment is cluttered, dirty, or unsafe, that’s bound to make anyone feel uncomfortable.
Contract Cleaning did research on employees who thought cleanliness was lacking and they found that:
72% said their surroundings made them less productive
25% said they took sick leave because they found their surroundings depressing
18. ENCOURAGE TIME OFF
60% of employees feel their boss explicitly discourages annual leave (Onrec)
Employees who feel overworked and pressured by their bosses to be constantly available will eventually burnout and look elsewhere.
Click here for ‘THE POWER OF ANNUAL LEAVE’.
19. BE OPEN TO FEEDBACK
Not only will it improve employee engagement by allowing them to have a say, but the changes could really help the overall company culture and retain employees.
20. BE APPROACHABLE
No one wants a boss that feels too out of reach. Be friendly and approachable, and encourage other managers to do the same.
21. BE A BRAND THEY’RE PROUD TO WORK FOR
We’re in 2023, an age where activism isn’t just encouraged, but expected – especially amongst Gen Z’s
Companies that aren’t intentional about being a business with a purpose will find themselves struggling to attract and retain young employees. In fact, only 19% of Gen Z would work for a company that does not share their values (PR Newswire).
Click here for ‘WHAT EMPLOYERS SHOULD KNOW ABOUT GENERATION Z’
22. WORK HARD, PLAY HARDER
You may fear that having an engaging workplace can be distracting… but done well, it can be a game-changer.
Research suggests that it has a positive impact on engagement, creativity, and purpose, with 81% of employees at companies described as “great”, saying their office environments are fun (Harvard Business Review)
Click here for 4 Ways To Create A Fun Working Environment.
23. CELEBRATE WINS
Having an employee recognition system can increase retention by 68% (SHRM).
Some ideas:
Employee of the month
Rewards for hitting targets
Employee milestones
Birthdays
24. HAVE A PERFORMANCE MANAGEMENT STRATEGY
Any business owner wants employees to be happy. And whilst happiness can come from a good company culture, great incentives - it also comes from structure.
This is where performance management comes in, which includes:
Setting goals and expectations
Progress monitoring
Providing continuous feedback
Reward and recognition
Clear progression plans
- Written by Oliver Howson
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