4 Effective Employee Retention Strategies that Attract Workers, Too

February 12, 2024
4 Effective Employee Retention Strategies that Attract Workers, Too

It’s a challenging market for attracting and retaining workers in all industries. As many experienced workers retire and others look for new opportunities, employers can find themselves challenged to hold on to top talent. The good news: There are straightforward, practical steps you can take to ensure your best employees stay with you. Even more — those retention strategies can double as impactful recruiting methods, as well.

Top Retention Strategies for 2024

While the details of why any employee looks for a new position vary, it usually boils down to a few factors: employees who feel underpaid, under-appreciated and overworked. So, your retention strategies should be focused on preventing those issues from developing. Take some time to look at your current policies and practices to ensure employees feel they have the following:

1. Fair Compensation

For employees, fair compensation means more than just making more than they used to. Look at the salaries you’re offering compared to what your competitors are paying and the cost of living in your area. Salaries can be above average for your industry but still lag within your geographical location. You can factor in the value of benefits and other job perks, too, but keep in mind that free bagels every Monday can only go so far if the company down the street pays an average of $5k more per year.

Check out our 2024 Salary Guide for a curated compensation report of more than 40 accounting and finance positions and other hiring insights.

2. Work-Life Balance to Prevent Burnout

We may be out of the crisis period of the pandemic, but its effects on the work world continue. Many people have permanently changed their view on work-life balance, and it’s a significant factor in where they choose to work. Try to build in flexibility so employees don’t have to choose between their jobs and personal lives. Benefits like remote work, flexible hours, and maybe even a four-day workweek can boost morale while maintaining productivity.

Plus, employees who experience an increased workload become looser in the seat — sometimes seeking alternative opportunities that better meet their needs.

Utilizing consultants for project-based work can help alleviate unexpected job duties, so your team doesn’t have to bear that burden in addition to their regular responsibilities.

3. Recognition and Rewards

Everyone likes to feel appreciated for their work — and few of us feel we get enough of it. Even simple, inexpensive ways of recognizing employees’ efforts can help them feel that they and their work are recognized and appreciated. It’s also worth reminding managers to sprinkle more positive affirmations in their informal discussions with employees. In the day-to-day, it’s easy to focus on challenges and then forget to follow up with an appreciation for the solutions employees find.

4. Opportunities for Training and Development

Even workers who love their job and the company may get antsy if they don’t see a clear path to career progress — however, they may envision it. You can prevent that by ensuring you have a solid onboarding process to set the right tone from day one, as well as mentorship and formal training opportunities. That can look different for every employee. Some people may want to move into management, while others are happy to stay in their current position as long as they can learn about the latest trends and software in the industry. The most important thing is to make sure whatever training and development you offer is tailored to employees’ career goals as much as possible.

Retention strategies to attract and keep top talent don’t have to mean reinventing the wheel. All it takes is reviewing your current efforts on compensation, training and more with an eye to how it can be a tool to help you improve your team. If you’re still challenged to find the talent you need, contact us to see how we can help.

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