Five Tips for Retaining Talent in 2023

It’s no surprise that Millennials and Gen Z employees are always plotting their next move. It’s in our DNA, as we have extremely short attention spans. Even though the reality is, we’re just a product of the environment. As they say, “can’t hate the player, hate the game.”

We’re experiencing a record number of start-ups launching, remote work, layoffs, human resources violations, and new employment laws being introduced both at the state and federal levels, almost weekly. With a landscape that encourages attrition, it has become more challenging than ever for companies to retain their top talent. Here are five valuable tips to increase employee retention:

Remote Work, Office Work, or Hybrid. Give Options:

Some jobs will require for you to report to a physical location. For certain roles, there’s no avoiding that. But for many, this isn’t the case. At the end of the day, effectively performing on the job is all that really matters. Collaborate with your employees to help them figure out their ideal work environment. Some have even discovered the ‘hybrid method’ of spending a few days working remote paired with a few days in the office, to be most effective.

Focus on Diversity, Equity, and Inclusion (DEI) initiatives:

Talent comes in all shapes, sizes, colors, backgrounds, you name it. When you’re building a workforce with people from diverse walks of life, you’re bringing a fresh perspective to the business. This creates more opportunities to appeal to a larger audience and increase growth. Implementing programs that focus on DEI is not only a suggestion, but also the right thing to do.

Transparency is Key:

All systems that rely on cooperation have identified communication as the number one single key to success. Be open and honest with your employees. Some conversations may not be easy, but the more honest that you are with them, the better. Alternatively, let them share their thoughts to help improve to the work culture. Give the employees access to communicate with the c-suite, whether it’s a weekly “Office Hours” or “All Hands Call,” let them open up and ask questions and share their insight.

Show your Employees that You Care:

It’s important to remember that, we are all humans. We have emotions, feelings, moods, anxiety, etc. All of this impacts how we function in the workplace. Being part of an organization that ‘doesn’t care,’ will affect everyone from the top to the bottom. Here are a few ways to show your employees that you care:

-Team Bonding Activities: Have a monthly team outing, where everyone can hang out, outside of work. If your company is mostly remote, then plan a virtual gathering where some type of cuisine is ordered and fun activities are planned.

-Wellness: There are a few ways to encourage employee wellness. You can organize activities like a team hike, field day, and other fitness challenges. You can also offer a reimbursement program, where the company pays for a portion of the employees gym membership, equipment, or health supplements.

-Employee Surveys: Let them tell you what’s important to them, and listen. Send out these surveys monthly and carefully track the progress. Your employees will notice the improvements over time.

Offer Attractive Benefits:

As stated in our article titled ‘5 Key Questions: What Business Owners MUST KNOW About Offering Employee Benefits. “80% of employees prefer additional benefits over a pay increase. Employees are starting to prioritize the benefits they would receive from a company over salary because employee benefits provide better experience and helps increase their job satisfaction.”

We all have different needs. Some people are looking to take care of a family of six. Others may be single and just want some fun discounts or perks at work. A few may even be very interested in having pet insurance. Putting together a full suite of benefits for all types of needs is important.

If you’re interested in more employee-centric strategies, please reach out to us at Luminescent. Learn how our free high-touch business consulting service will tailor the perfect fit! www.goluminescent.com