Six Employee Retention Strategies for the New Year

In 2022, many economists predicted a “Great Resignation” that would stem from many employees simply quitting. Instead, workers have sought out better jobs. As such, experts have begun referring to the current situation as the “Great Reshuffle.” But regardless of why they may be leaving, retaining top performers remains a struggle for employers. Going into 2023, it’s a good idea to make employee retention a resolution for the new year. Here are some ways that can benefit not only your business but your employees as well.

  1. Review compensation. Pursuing additional compensation that aligns with market value and employee desires could be beneficial to your company. Take a look at salaries and benefits at competing companies and see where you can improve spending for your employees. 
  2. Provide meaningful benefits. An excellent health care plan is enticing to workers, but there are many other unique benefits to offer. Pet insurance, identity theft protection and mental health resources are all benefits employees want. 
  3. Invest in career development. To improve your employees’ long-term careers, give them a chance to climb the corporate ladder. By enhancing their staffing levels and closing skill gaps, employees have a chance to enrich their careers and you can meet workers’ demands for career advancement.
  4. Offer flexibility. Flexible workplaces have become a more popular retention tool in the past few years. Giving employees the chance to work from home, choose their hours or take time off unexpectedly is a benefit that many employees appreciate.
  5. Train managers to better support employees. When done correctly, training managers on how to best support and communicate with employees can be an effective, low-cost solution. Providing such assistance can also reduce potential employee burnout for team members on all staffing levels.
  6. Encourage communication. Effective communication shows employees that the company values them. Conversely, a lack of communication can make them feel underappreciated, fostering discontentment and low morale. 

If you are seeking more information about employee benefit solutions and retention, contact CanopyNation today.