HR Trends | Effective strategies for employee retention in 2024

Effective strategies for employee retention in 2024

A great workforce is the backbone of any successful organisation. As an HR professional, employee retention should be high on your list of priorities. When surveyed, 82% of global leaders agreed that HR has a pivotal role in creating a ‘people-focused’ workplace culture. So, how do you achieve this in 2024?

As we step into a new year, businesses are seeking innovative strategies to ensure their workforce remains committed and engaged. In this article, we will explore effective strategies for employee retention that go beyond traditional approaches, considering the ever-changing landscape of the working world.

Flexible working arrangements

One of the most significant shifts in the workplace landscape has been the widespread adoption of flexible work arrangements. In the post-pandemic world, the hybrid model, combining remote and in-office work, has become a staple for many organisations. In 2024, providing employees with the flexibility to balance their professional and personal lives is not just a perk but a necessity.

Of those looking for a new job, 71% consider a flexible working arrangement as important to them. Aside from attracting talent, it acknowledges and supports the diverse needs of your current workforce. Flexible working has been proven to be beneficial for those with young children and people with disabilities. On a wider scale, it also creates a culture of trust, promoting job satisfaction and loyalty. When surveyed, 80% of employees said they would be more loyal to their employer within a flexible working arrangement.

Investing in professional development

A 2023 LinkedIn report revealed that 3 out of the top 5 factors job hunters consider are linked to learning and development (L&D). Employees today are not just seeking a job; they’re looking for a career path that allows for continuous growth and development.

Development initiatives can range from peer mentoring and e-learning to funding qualifications. By implementing an L&D strategy, you are investing in employee satisfaction & retention and developing a workforce that evolves with the times.

Embracing technology

In recent years, it’s become increasingly clear that organisations must keep updated with new technologies. There are endless ways that technology can make the employee experience more enjoyable, improving both productivity and retention.

Modern payroll systems are developed to avoid payslip delays and build employee trust. Technology can also develop stronger workplace relationships and improve team working with intuitive messaging platforms like Slack. Technology can also aid other employee retention initiatives like L&D. Services like LinkedIn Learning provide high-quality e-learning courses and resources across a variety of industries.

Promoting employee wellbeing

Another priority has also moved to the forefront in recent years: employee wellbeing. Since the pandemic, discussions around mental health and wellbeing have become more common. When surveyed, 61% of those considering changing jobs within the next year cited mental health as a factor. It’s also clear that workloads and a lack of support are key causes of these issues. Just under half (47%) of employees feel their job has negatively impacted their mental health. So, what can employers do?

Training managers to have the tools to support their staff is important. It helps managers feel more equipped to do their job and creates a workplace where staff feel comfortable to share their problems and feel valued. It’s also important for employers to evaluate their workplace culture to ensure it supports a healthy work-life balance where staff can take adequate breaks when needed.

Create a positive company culture

It might sound like a vague concept or a phrase that gets thrown around by less-than-ethical businesses, but having a strong company culture is highly valued by employees. When surveyed, a staggering 88% said they saw a distinct company culture as essential to a business’s success. But what does this entail?

Company culture drives all elements of business management. Therefore, a positive company culture is proven to drive productivity and make work feel purposeful. All the initiatives we’ve mentioned above contribute to this: learning & development, wellbeing support and leveraging technology. However, there are other ways a company can improve its culture:

Social responsibility

Employees are driven more by social values now than ever before. Recent studies show that 70% of employees would avoid companies with no strong values. This will only become more important over time, with 77% of Gen-Z believing it is important that their employer aligns with their values.

Showing gratitude

People thrive when they are praised - 83.6% of employees feel recognition motivates them to succeed at work, and not just from larger gestures. An easy way to boost morale is to show recognition in small ways regularly - whether it be a quick message or a small treat for your team after a long week. Other gestures of gratitude include social media shoutouts, lunches, bonuses, or funding for certifications.

The landscape of employee retention is evolving rapidly, driven by changing priorities and expectations. To thrive in 2024 and beyond, organisations must have a holistic approach that goes beyond traditional perks. From embracing flexible work arrangements to prioritising employee well-being and fostering a positive workplace culture, the key to retaining top talent lies in understanding and adapting to the evolving needs of employees. As businesses navigate these changes, they will retain their most valuable assets and become more favourable in the competitive job market.

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