article icon

Improve Your Employee Retention Strategy With These 6 Tips

At the heart of a strong retention strategy is a workplace culture that promotes better employee engagement. Here are 6 tips to cultivate a culture that will lead to stronger employee retention:

Tip 1

Develop a culture of open communication.

In times of uncertainty and when information is lacking, people will develop their own narratives that may be based on flawed perceptions or inaccurate information. In the year ahead, transparency and open communication with employees will be increasingly important.

As your company faces challenges, be open with your team, and encourage an open-door policy so employees feel empowered to bring concerns (or new ideas) to their managers or leaders. Ask for feedback regularly. But be prepared to act based on their responses. This will help to build trust with your employees and show them that their opinions are valued.

Tip 2

Promote better work-life balance.

Today’s employees continue to seek a better work-life balance, and you can promote this in a way that makes the most sense for your organization. Consider offering remote or hybrid work schedules, or if your business doesn’t lend itself to this structure, explore flexible scheduling – such as an earlier or later start time or extended midday breaks.

Tip 3

Evaluate your compensation and benefits packages.

If you haven’t evaluated your compensation and benefits packages recently, now’s the time. Employees prioritize both when considering whether to pursue new opportunities (or stay put), so assess whether your pay and benefits packages are competitive within your industry, and if possible, make adjustments.

If offering competitive benefits is a challenge due to costs, consider working with a professional employer organization (PEO), which provides access to Fortune 500-level benefits that rival major corporations at affordable prices for you and your employees.

Tip 4

Recognize your employees.

Rewards and recognition matter to your employees. Encourage managers to ask their team members how they prefer to be recognized so they can provide tailored rewards. Ways to recognize your employees include:

  • Sharing kudos for employees during weekly team meetings
  • Extra time off, such as a Friday afternoon or an additional day of PTO
  • Team lunch
  • Company awards at monthly or quarterly staff meetings
  • Emails or handwritten notes thanking employees for a job well done

For more ideas, read “10 ways to show gratitude to your employees, year-round.”

Tip 5

Provide support for employee well-being.

Increased awareness of mental health issues post- pandemic has made overall well-being – mental, emotional, physical, and/or financial – a priority for many workers. You can provide resources to promote employee well-being through extended benefits, such as an employee assistant program or Teladoc services that provide easy access to mental-health resources.

Tip 6

Offer professional development and career growth opportunities.

In LinkedIn’s 2022 Global Talent Trends report, 59% of employees said they want their employers to invest more in professional development. Workplace training and development is beneficial for both your employees and your business. Through courses, conferences, or mentorship programs, your employees can learn and develop new skills, and they are more likely to be fulfilled and engaged in their role. At the same time, this new knowledge can lead to innovation or improved efficiencies in your organization, and you’ll be developing employees to promote into new roles in the future.

Note: This information was previously included in G&A’s “HR Trends in 2024” guide – where you can find more on employee retention and engagement, and other expected trends, like AI (Artificial Intelligence) and managing a more informed workforce.