Long story short: Time for a retention strategy audit

By Alyssa Place, This is my expertise
Published 2 Min Read

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If you’re at a loss for why employees are leaving your organization, it’s time to look at your retention strategies and make some adjustments.

Forty-four percent of employees are searching for new jobs this year, according to Willis Towers Watson. Whether it’s for better pay, better benefits or more flexibility, employees have the upper hand and aren’t afraid to walk away if a job doesn’t feel right. In this week’s top stories, EVP of TD Bank Jennifer Young explains how she’s supporting employees with robust benefits and empathetic leadership, so that they feel supported and heard. The bank has a flexible hybrid policy, and has continuously adapted the benefits to support employees in and out of the office.

The average employee says a salary increase of $5,780 would considerably improve their life, according to a survey by CouponFollow, a coupon tracking platform. Yet most employees will be out of luck when it comes to acquiring those extra funds. Just 9.4% of employers have plans to offer more than a 5% salary increase in 2022, according to a February report by Payscale. The largest share of companies surveyed — 32% — plan to stick with a 3% pay bump.

However, Payscale found many employers are feeling the consequences of those meager increases: 44% say pay is the reason they are losing talent during the Great Resignation. Here’s how employees plan to use their raise, and how employers can retain employees if a salary bump is not in the cards.

Alyssa Place
Editor-in-chief

Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace … Read full bio


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