Employee retention is a hallmark of a successful business and a happy workplace. Having a productive and stable workforce will make you the envy of your competitors in 2024. Bountiful benefits, a flexible work environment, and well-being programs are all the rage these days. If you build in a yoga break every once in a while we’ll tell everyone and our vetted group of IT professionals at OSTechnical will jump at the chance to join your team.
Here are five of the top tips for employee retention in 2024:
- Competitive Compensation and Benefits
Employees are much more likely to stay loyal to organizations that fairly compensate them for their work and that regularly review and adjust salaries to remain competitive in the job market. Attracting top talent means offering fair compensation packages that encourage employee loyalty. Aligning with or exceeding the industry standard for pay is a must this year.
Employee-driven benefits are a wonderful option to offer your valued employees. Customizable benefit packages based on an individual’s needs make employees feel seen and respected. Consider unique perks like massages and yoga or take a page from Patagonia and give people time off to volunteer at their favorite charities.
- Flexible Work Arrangements
Remote work and hybrid offerings are all the rage in 2024. Finding the perfect work-life balance is at the front of mind for highly qualified job seekers nowadays and we don’t see that changing any time soon. Employees are drawn to organizations that see the value in allowing for scheduling and workplace flexibility. Investing in technology and tools that allow for remote collaboration and communication is key if you decide to reassess what “workplace” means for your company.
A few remote days are now the new normal for many companies. Pajamas on the bottom, business on the top, just like your grandfather never imagined.
- Continuous Learning Opportunities
Job seekers in 2024 have their eye towards their futures and that means they hope to land in a position that leaves them space to grow. Fostering a community of continuous learning gives your company an edge against your competitors. Giving employees the chance to gain new skills increases productivity and ensures that your organization is able to adapt to changes in your field in real time. Employees are more likely to remain at a company that invests in their growth.
Consider immersive training experiences that utilize virtual reality (VR) or augmented reality (AR). These emerging technologies make learning fun while simultaneously allowing employees to engage in lessons that mimic real-life scenarios. Members of your team can also attend online town halls with business leaders to keep them ahead of the game in terms of happenings in your industry.
- Diversity, Equity, and Inclusion (DEI)
In order to impress future employees a strong emphasis on a diverse working environment is incredibly important. Strengthening your DEI initiatives equals the creation of an inclusive workplace where team members from all walks of life feel supported, valued, and represented. Regular assessing and addressing of any and all potential biases whether they be in hiring, promotions, or compensation practices is a cornerstone of successful business practice. When people are treated equitably they take more pleasure in their work which means they are more motivated and will increase team morale.
Remember, diversity isn’t just just about representation, it’s about diversity of thought. Creative problem solving that sets you apart from the crowd is the cherry on top of people feeling safe and seen at work. This dynamic space you’ve fostered will be a place where employees want to put down roots and contribute to its growth.
- Purpose Driven Culture
A job isn’t just a job to people these days they want to be a part of something bigger that represents their values. Outwardly putting an emphasis on your organization’s purpose and values ensures that you are attracting and hiring people that fit your company in a deep way that builds a foundation for a long-term relationship. A purpose driven culture breeds loyalty. When people feel like they are a part of something bigger than themselves they form an attachment and their drive to succeed in the workplace increases.
One idea is to engage employees in projects and initiatives that contribute to social and environmental responsibility. If you are at a loss for words when it comes to defining your purpose, ask your team what is important to them. Open lines of communication are everything today. We are all in this together and for the long haul.
Implementing these five tips is just the beginning of a new era of office culture and employee retention. We know there is even more to bring to the table when discussing the workplace and creating a home for your employees. OSTechnical believes ongoing conversations and employee check-ins surrounding workplace culture and satisfaction can help lead to increased retention. Here’s to your best year yet!