How do you retain employees? Forty-three percent of workers will look for a new job in the next year, putting employer focus on retention strategies.
More than 80 percent of employers are concerned about retaining employees — and with good reason. Almost half (43%) plan to look for a new job in the next 12 months, according to research from global staffing firm Robert Half.
“In a tight employment market, workers have more options, and the grass may look greener somewhere else,” said Paul McDonald, senior executive director for Robert Half. “Employers can help prevent turnover by learning what motivates their most valued employees and customizing their retention strategies. While money is an important motivator, benefits or growth opportunities are also strong enticements.”
How Do You Retain Employees Looking for a New Job?
Robert Half asked respondents if there was one thing their employers could do that would convince them to stay at their current jobs. The top answer was what you’d expect: more than 40 percent of workers would stay if their employer offered them more money.
Access to more time off or better benefits would retain 20 percent of employees looking for new jobs. Nineteen percent of workers would be happy to stay at their current job if they were given a promotion. A new boss would retain only 8 percent of employees. Lastly, 10 percent of employees said there was nothing their employer could do to convince them to stay.
What Employee Retention Strategies are Companies Using?
Forty-six percent of employers are increasing communication with employees through town hall meetings and employee engagement surveys in an effort to retain more employees. Just over 40 percent of employers are improving employee recognition programs and providing professional development to improve employee retention.
Enhancing compensation and benefits is the retention strategy 40 percent of employers are using, which makes sense since more than 60 percent of respondents said more money, time off or benefits would keep them at their current job.
Other employers are providing reimbursement for ongoing education, facilitating mentorship programs or working with interim staff to prevent full-time employees from becoming burnt out.
Surprisingly, 7 percent of employers aren’t using any employee retention strategies. If they knew nearly half of their employees would be looking elsewhere within the next year, we bet they’d reconsider.