Employee Retention Strategies to Keep Your All-Stars

A talent shortage is impacting some sectors across the economy, and this has only been worsened by the large number of employees leaving their jobs and seeking new opportunities. The reasons for these resignations are numerous, from career re-evaluations in the wake of the pandemic and talent poaching by rapidly expanding companies, to higher salary expectations amid candidate scarcity. 

The upshot of this trend is clear: if you are an employer or a line manager, you need to be thinking about how to keep your top performers. But retaining your stars will require close attention to multiple different elements of your employee value proposition (EVP). 

Now, more than ever, organizations must secure their workforce with effective employee retention strategies.

So, how do you develop an EVP strategy that keeps your staff bought into your vision? We conducted a survey of 126,000 US workers across various sectors to find the answer to these questions. Here, we share some of the key insights, as well as strategies to keep your best employees.

Retain Employees With Competitive Salaries 

In the US, while pay growth is expected to slow, employers are still expected to give average pay rises of 4%, according to Society of Human Resources Management. Of course, some of these pay rises may be offset by recent cost-of-living increases, which enhances the ‘grass is greener’ mentality and makes higher salaries with new employers more appealing. In fact, our recent candidate survey revealed 40% of respondents are seeking a new role solely based on increased pay.

Given the recent years of economic turbulence, it’s hardly surprising this trend has emerged and so employers must take proactive steps to remain competitive, leveraging the latest salary benchmarking to adjust compensation packages. 

At Michael Page, we keep close track of average salaries in different sectors and regions of the country. To find out what you need to be paying your employees to remain competitive and retain your workers, check out our 2024 salary guides.

Embrace Flexibility 

The meaning of flexible working is evolving. It's no longer confined to just working from home or the office; it now encompasses flexible start and finish times, as well as the freedom to work from various locations worldwide. This shift marks a profound change in how we approach work, granting individuals greater autonomy and adaptability in their professional lives.

In a post-pandemic world, to offer these benefits is no longer the exception, but the rule. Of course, ways of working differ drastically between different sectors. In technology, remote working was commonplace even before the pandemic, whereas in a sector like manufacturing, fully remote working is essentially impossible for many roles. 

Although salary continues to be the key driver of resignations and job acceptances, flexibility is still essential to attracting top talent and differentiating your organization from the next. For this reason, employers that don’t offer flexible working will be in danger of losing their best people to competitors who are willing to make these allowances.

Evaluate the Employee Experience  

Keeping your people engaged and happy has always been important, but never more so than in a hybrid working world. When the whole team is in the office, it is far easier to see who might be struggling or losing motivation. 

But when your employees are spending a substantial amount of their time working remotely, it can be more challenging to keep track of their attitude, their contentment, and their commitment to their work. 
Here are a few things that can make a big difference when it comes to employee retention and help you retain those key team members that you don’t want to lose:

• Provide training and development opportunities, including accreditations and certifications which will help your employees progress their careers.
• Offer a clear progression roadmap to motivate them, and a personal development plan to give them clear, positive actions.
• Conduct ‘stay interviews’ with high-performing employees. These conversations offer a great opportunity to uncover what motivates employees and builds trust. Learn what employees like about their role, or what they would like to change to help them thrive.
• Create a culture of recognition. Don’t underestimate the impact this can have. In our survey, a quarter of candidates looking for a new role said they didn’t get the recognition they deserved in their current role.

How Can Michael Page Help Your Business?

At Michael Page, our consultants work closely with leading businesses to help them with all their talent needs, including attraction, retention, and development in a competitive market. To arrange an introductory conversation, get in touch with us.