It has always been important for employers to identify what benefits they can improve upon within their organization to retain their employees, but it's more important now than ever before. With today's competitive landscape, many workers are looking for new opportunities because it's a candidate's market, so companies are offering great benefits to attract top talent. The 'Great Resignation' and today's inflation rate are forcing employers to improve the benefits they offer.
In DZConneX's recent podcast with HRO Today, Mara Klug, Vice President of Enterprise Sales for DZConneX, and Debbie Bolla, Vice President and Editorial Director of HRO Today Magazine, discuss the four strategies that are key to retaining employees right now. They discuss why it's critical in the Great Resignation to talk to your current workforce to see what improvements within your organization will make them stay, rather than ignoring their needs and losing top performers.
Listen to the Podcast below:
4 Retention Strategies in Times of Economic Change
1. Flexibility
When it comes to flexibility, every employee will want something different and every company will have different needs and expectations for their workforce. Employers need to ask their employees what freedoms they want and try to accommodate them. Key focus areas to consider are PTO, work schedules, and work environment. They should decide together what the best balance is.
2. Compensation
Money isn't everything, but it can definitely help you retain your best talent. The goal here is to make sure you're paying your employees enough that the temptation to leave for more money is off the table. People are making more money in today's market, so it's critical that you remain competitive to ensure your retention rates don't decrease.
3. Personal Connection
People tend to stay with companies when they feel like what they do really matters. Focus on creating personal connections with your employees so they know that you care about them and their opinions. If your workforce feels like they truly have a voice at your company, they will be more inclined to keep working for you and producing results. A good practice is to conduct stay interviews to regularly check in with your employees to make sure they are satisfied and have everything that they need.
4. Employee Wellbeing
Knowing that their employer is looking out for their best interest is a vital part of retaining employees. Be sure to express that your employees' physical and mental health matters to you by offering wellness benefits to make them feel secure.
The strategies mentioned above are also essential in attracting new employees, so companies need to continuously be re-evaluating and pivoting to stay competitive in today's market. Mara and Debbie close out this podcast by exploring how companies will benefit from implementing these strategies.
To listen to the full podcast and receive additional insights, visit our Podcast Library here.
