Struggling to sleep? You’re not alone. As an employer, the quiet of the night often echoes with concerns over workforce management and company stability. But what exactly keeps us up? When discussing with hiring managers and HR professionals what issues “keep them up at night” the responses most often included are:
- Talent Acquisition
- Employee RetentionÂ
- Performance Management
- Culture and Morale IssuesÂ
- Employee Wellbeing (including health and safety)
Today, we tackle Employee Retention. And if you think this only applies to other managers and companies, statistics tell us otherwise………
In 2024, the landscape of talent retention continues to transform, reflecting the dynamic shifts in workplace ideology and employee expectations. According to a study by the Work Institute, an alarming number of employees are leaving their jobs voluntarily. In fact, they predict that one in four employees will leave their jobs in 2024, many of which are within their first year of employment. Obviously, this churn costs companies valuable time and resources, making it clear that a strong retention strategy is a key investment for the future.
A recent Gallup report further reveals that talent retention is at the forefront—with 87% of businesses citing it as their top challenge. In an era where 63% of employees believe they can find a better job “easily” (LinkedIn’s Global Talent Trends 2024), it’s a race to not only secure but keep top talent.
We’ve entered an era where the war for top talent rages fiercer than ever. As employers, our focus on retention strategies must be as innovative and forward-thinking as the individuals we seek to keep. Gone are the days of one-size-fits-all; today’s workforce demands personalization, flexibility, and a deep sense of purpose intertwined with their professional roles.
A decent paycheck is no longer the end-all-be-all for staff longevity. Â
As we navigate through 2024, companies are re-evaluating their approach towards keeping their best talent from seeking greener pastures. So, what does it take to hold on to your top performers in this era?
An enlightening stat unveils that thriving employees are three times more likely to work for a company with a strong sense of purpose than one without. A compelling mission and clear values aren’t just corporate taglines; they’re the bedrock for fostering an engaged and committed workforce.
According to a recent Gallup report, over 50% of exiting employees mention career progression—or the lack thereof—as a significant reason for their departure. It’s clear that opportunities for growth within the organization are paramount. Regular training programs, opportunities for promotions, and a clear career path can do wonders for retention.
I’ve found that career development opportunities also play an indispensable (and rapidly growing) role in retention. Professionals in 2024 crave growth and learning. Regularly investing in your team’s skillset not only keeps your organization at the cutting edge but also communicates a potent message: We believe in your potential.
Companies with high employee engagement, report 59% less turnover. Let’s make sure that Employee retention is not just a HR buzzword, but a strategic imperative in 2024!
Engagement begins with conversation—so let’s dialogue. What innovative strategies are you employing for talent retention this year?
Feel free to reach out directly to discuss this topic further as well as any other questions or concerns regarding the current hiring climate. I guarantee that in our call together you will leave with 2 or 3 ideas that will greatly impact your ability to find, attract, and procure the top 10-15% of the candidate pool on a consistent basis. |
