Employee Retention 101: Let’s talk benefits and strategy 

Do I stay, or do I go?  

That is the question employees are asking all over the world. 

The mass talent exodus from the post-pandemic workforce has been called everything from 'The Great Resignation' to 'The Great Reimagination'.

As a result, employees began to re-envision their ideal work/life balance and re-evaluate the benefits they wanted in exchange for their efforts, time and skills.  

So, as 2023 looks set to follow the economic trends of its predecessor, it's time to explore the benefits of employee retention strategies.

A good employee retention strategy can help to:

✅Lower stress levels and reduce feelings of burnout

✅Build stronger workplace relations

✅Increase feelings of job satisfaction  

✅Foster employee engagement

When employees experience a high level of job satisfaction, they are less likely to seek alternate opportunities.

Now, we know you'll never be able to keep everybody happy – some people are bound to move on, no matter what you do. But by enhancing the employee experience, you can significantly reduce employee turnover. 

You might think you don't have time to invest in new retention strategies. But what you really don't have time for is losing your best employees. 

Here's our advice on the essential elements of retention strategies (they work!): 

Elements of an Effective Employee Retention Strategy: 

A Positive Work Environment 

Maintaining a good working environment is a big part of keeping employees happy and satisfied while at work.

(And we’re talking about more than bringing in a few potted palms or ferns.) 

But, just like plants, individuals thrive in different conditions - so consider providing a range of workspace options. These could include collaborative spaces or a mix of open-plan and 'quiet' spaces.

Find out what your employees value most (remote working options? Flexible hours?) and allow them to choose where and how they work based on preference and project needs. 

The key to reducing turnover is creating a strong company culture that promotes and supports employee values and autonomy. 

Benefits: The Perks of the Job 

Salary isn't everything!

Now, there’s no arguing that money makes the world go around, and salaries will probably always be one of the key motivators for changing jobs.

But it might surprise you to know that today's employees want something a little different. In fact, a growing trend among younger generations of workers sees more and more Gen Z and Millennials ranking lifestyle benefits (flexibility and hybrid working arrangements) over salary. 

So, why not give the people what they want! Offer your employees competitive benefits.

Now, there’s no universal formula for best-fitting benefits. Remember, your workers are individuals, and different people value different things.   

The responses to our 2022 Candidate Motivators Report found that demographics (gender, age, discipline and location) significantly influence the benefits employees rank as most important. (Read more about how to retain different generations of talent HERE)

Employees now prioritise alternate benefits such as healthcare and flexible working arrangements. Additionally, many of today's new employees (hey there, Gen Z!) place high importance on training opportunities and career growth. 

So, to effectively appeal to your employees, you need to know better what they want. Our 2022 Candidate Motivators Report can help with this.  

Rewards and Recognition 

When looking for ways to create positive employee experiences, you can't go past recognition.

When employees feel appreciated and valued, they are more likely to stay with your organisation, reducing turnover. 

Recognising and rewarding employees for their hard work and achievement can be done in various ways. Think about your company's culture and purpose, and align your benefits strategy to reinforce your core values. 

A simple and genuine "thank you" can go a long way in today's fast-paced, automated world! 

Or, if you’re thinking along the lines of more tangible rewards, why not explore some easy-to-implement ideas from our blog post on Mastering the Total Compensation Equation.

When it comes to rewards and recognition, try to offer something that’s inclusive to all. 

But How to Begin? 

Employee retention: as easy as ABC! 

Well, not quite.

But here are 4 starting points:

1. Measure your ROI

Start by looking at your metrics. There are many ways that investments in improving the employee experience can pay off. Our Cost of Retention blog might be a good place to start.  

2. Talk to your employees!

Many of the reasons for employee turnover are preventable. By finding out what's important to your people and identifying problem areas, you'll know where to focus your efforts. 

3. Culture counts

Employee retention strategies are more than just one-size-fits-all solutions. Instead, it's important to tailor your solutions, considering your employees' needs and the company culture.  

4. Know what you don't know. 

Knowledge is power. Are some of your data points missing? Put some processes in place, so you'll be able to measure this in the future. 

Invest in your people.  

Get the inside scoop.

Use our Candidate Motivators Report to learn what your employees need. By understanding your people and implementing these key retention ideas, you'll be able to retain your top talent and build a stronger, happier workforce.