What it takes to keep talent in 2024

February 2, 2024 2:08 PM

Group of employees meeting for presentation

Employees may not have the upper hand in today's labor market, but the majority are still keeping an eye out for better job opportunities this year. Employers who let workers know they are valued personally and professionally stand a much better chance of keeping their talent from straying.

Ninety-five percent of employees are currently looking or plan to look for a new job in 2024, according to a new survey from Monster. The data shows insufficient wages, lack of flexibility, poor mental health at work and burnout are some of the main reasons workers are looking for a change — but even with no evidence of these issues, employers should assume employees are always looking for better options, says Monster career expert Vicki Salemi. The survey shows that recruiters are already operating under this mindset, as 57% said they are prioritizing retention over acquisition in the coming months.

"Employers should always do what they can to make employees happy, productive and engaged," Salemi says, pointing out that these objectives don't just apply to low and mid-level employees, but C-suite as well. "Everyone will focus on managers and their direct reports, but it's also the executives. Every level of executive needs to be recognized for their work."

While employers are getting the message about some of the issues employees are having — 10% plan to increase remote flexibility and 37% said they are increasing PTO — a commitment to things like career growth, fair pay and good communication go a long way in making people want to stay, Salemi says.

"Continuously nurture a culture that operates in a state of transparency where people not only want to come and work, but the people who work there don't want to leave because they have it so great," she says. You can't prevent them from looking, but you can prevent them from leaving."

To distinguish themselves as a great workplace, here are Salemi's four best practices for employers.

Pay people fairly

Eighty-one percent of Monster's survey respondents said their current wages have not balanced out with the rising cost of living, and 42% said a salary increase ranks highest on their list of priorities. Salemi emphasizes that paying employees market rate is essential, and if a salary increase is not within a company's budget, there are other ways to offer compensation.

"Retain your workers not only [with] salary adjustments, but also bonuses throughout the year, such as performance-based or completion bonuses," she says. "If they were to leave you, you would need to replace them at top dollar and include training, ramp-up time and assimilation, along with the additional work your current workers are taking on."

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Acknowledge employees

When employees are recognized, engagement, productivity and performance increase by 14%, according to Deloitte. One recent report found that 65% of workers preferred non-monetary rewards for a job well done, and a separate survey by Officevibe found that consistent recognition leads over half of employees to label their company as a great place to work.

"Acknowledgement and recognition are simple, no-cost ways for employers to boost their retention and bottom line," Salemi says. "And when employees work for bosses who respect and acknowledge them, it also leads into the culture."

Make leadership accessible

Establishing strong relationships with employees is a must, and leadership at all levels can do this by creating a clear policy for two-way communication. With a variety of methods such as one-on-ones, team and department meetings, all-hands meetings and feedback surveys, employers can provide ways for workers to have their opinions and needs heard.

"There needs to be open and honest communication where the leader isn't doing all the talking, but is asking questions and listening," says Salemi. "It's going back to that culture of listening and then going into action mode. The action mode shows workers that you hear them because you're not just doing the surface work, you're actually diving in."

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Train and promote from within

Nearly 60% of employees think that training helps improve their performance, and 68% prefer to train on the job, according to Zippia. Their research also found that three out of four millennials say professional development promotes a strong company culture, and 55% of employees put career growth and opportunities ahead of salary when considering a career. By carving out a career path beyond an employee's current position, companies stand a better chance of retaining their best talent.

"Create a clearly defined path to promotion and promote from within," says Salemi. "Whether or not your company has formal performance reviews, show employees specifically how to get from point A to B to C not only for their short-term career path, but their long- term [one]."