We all know that employee retention has been shaky over the last few years. For Total Rewards professionals, this should be viewed as an opportunity. Now is the time to listen to the demand and adapt accordingly. What appeals to the modern-day candidate? What are your competitors offering? How can you make these adaptations coincide within the company’s goals and budgets? With these questions in mind, we went to our 54.5k LinkedIn followers for answers. We held a poll that asked, “What can companies do to retain employees?” With over 1,000 responses, read along to see what people had to say as we analyze the value of what these polls can teach us.
- Work-Life Balance
Results: With a whopping 54% of the votes, work-life balance was by far the most popular choice. For many, balance is what it’s all about. After all, what good is money if you don’t have the time to enjoy what it’s being spent on? It’s easy to get stuck in workaholic mode, but at the end of the day, it’s family, friends, and free time that make life grand.
Analysis: As we all know by now, work-life balance can be greatly improved by allowing for more flexible work schedules. Allowing employees to work remotely even on a hybrid basis can solve the problems many employees face every day: daycare expenses, commute time/cost, and even furniture destroyed by anxious pups left alone all day. If there’s one thing that these last few years have taught us, it’s that it all comes down to listening to your employee’s needs and adapting accordingly.
2. Better Compensation
Results: With 34% of the votes leaning towards better pay, it’s clear that money still talks. What’s a better way to show employees that they’re appreciated and valued for their hard work? No, we promise the answer is not another pizza party. One thing that “The Great Resignation” has shown employees and employers alike is that if you’re not being adequately compensated, it’s often easier to find another company willing to keep up rather than convince your current employer that you’re worthy of an adequate raise.
Analysis: This is why it’s vital for employers to keep cost of living rates, inflation, etc. in mind when considering raises, bonuses, etc. Luckily, you can often find other companies doing the heavy lifting for you when it comes to market salary estimations. SSG offers salary guides for almost every industry; reach out to request one for yourself!
3. A New Boss
Results: We originally added this option as an outlier, expecting only a few people to select it jokingly. Though with 8% of the votes, people took it seriously. What it really comes down to is employees in need of better leadership.
Analysis: When companies notice high turnover rates in their staff, often the most efficient course of action is to re-evaluate the current leadership in place. Sometimes in order to get the most honest feedback, it’s best to offer methods for employees to speak freely. Several options for anonymous surveying, polls, or suggestions in the workplace can be highly beneficial to getting to the bottom of unnecessary turnover.
4. Better Benefits
Results: Finally, “better benefits” came in at just 5% of responses. The truth about benefits is that today’s employees already expect quality benefits; it’s no longer an added “perk,” it’s an expectation. So while it’s obviously important to offer a good benefits package, many employees will be basing their long-term decisions around the company’s work-life balance structure and compensation levels.
Analysis: Remember that while it’s important to offer a high-quality benefits package, it simply isn’t what retains employees in the long run.
Final Thoughts
With one unprecedented year after another, it’s likely that the jobs market will remain fluctuating unexpectedly. Though, one thing remains to be true in the effort of retaining employees: it all comes down to listening, adapting, and evolving into the future. Employees want to know that their concerns are not simply heard, but are taken into consideration and given action.
