Employee engagement and retention go hand in hand. It's rare to have one without the other. In order to stand out in today's crowded job market, traditional benefits and incentives are not enough.

For many employees, flexibility reigns supreme. People want access to benefits that are uniquely important to them—not a one-size-fits-all offering.

When it comes to employee attrition, a flexible and creative approach has the power to make a difference. This can help you retain your best and recruit more great employees to your team.

52%

of exiting employees say their company could have done something to keep them.

For today's employees, standard benefits and rewards won’t do. This post explores how employers can stand out in a crowded job market—and keep their employees from looking elsewhere.

Breaking down high employee attrition rates

It's been over a year since the rise of The Great Resignation, yet employees are still leaving. It's time to disrupt this trend with The Great Retention. To do that, we must answer the question: Why are employees leaving?

According to iHire's 2022 Talent Retention Report, the top five reasons employees left their jobs were:

Issues with their manager or supervisor
Unsatisfactory compensation
Poor work-life balance
Lack of recognition or appreciation
Few professional growth opportunities

Each of these issues must be addressed for the sake of overall employee wellbeing—and the company's retention rate. It's possible to address most of the concerns listed above with a successful wellbeing program and incentive strategy. That means going beyond themed happy hours and adorable office dogs. Keep employees sticking around longer with these tips.

Focus on employee wellbeing and mental health

Employee retention is a critical factor in any company's success. High turnover rates are costly and disruptive to operations, morale, and reputation. One way to address this challenge is by prioritizing employee wellbeing.

76%

of employees look for another opportunity when they don't feel valued at work.

When employees feel valued, supported, and healthy, they are more likely to stay with the company and perform their best. Focusing on holistic employee wellbeing is a strong strategy to improve employee retention—and attract new talent.

Companies can promote employee wellbeing by offering flexible work arrangements, providing resources to address social determinants of health, promoting work-life balance, and creating a supportive and inclusive workplace.

Investing in employee wellbeing can help companies in multiple ways. It can improve employee retention, attract top talent, and enhance their brand reputation. This will ultimately drive business success.

Add career development to your employee retention and wellbeing strategy

Employees today are looking for more than just a paycheck; they want opportunities to learn, grow, and advance their careers. When companies invest in career development, they show commitment to their employees' success and wellbeing. This can lead to greater job satisfaction, engagement, and loyalty.

28%

of employees cited a lack of career advancement opportunities as a reason for resignation.

Professional growth is an essential part of any wellbeing strategy. By providing career development opportunities, companies can also identify and develop the skills and potential of their current workforce. This can result in a more skilled and versatile team that adapts to business needs while driving innovation and growth.

Build a company culture that's worth bragging about

Building a culture employees brag about can be a key factor in attracting and retaining top talent. It also fosters a positive and productive work environment.

It all starts with communicating the company's purpose and values. For example, Navigate's purpose is to Do Good Things. Each one of our employees understand how our purpose, and our values, help us reach our goals.

Leadership also plays a key role in building a brag-worthy culture. According to iHire's 2022 Talent Retention Report, 43.7% of employees left their job due to unhappiness with their managers.

Managers need access to resources that help them create a supportive and inclusive workplace. Every employee should feel valued, respected, and empowered to contribute their best.

43.7%

of employees left their job due to being unhappy with their leader or manager.

Tools like the NavigateYOU personality assessment can help. It gives leaders valuable information that improves collaboration and helps managers prioritize the unique needs of each employee.

Lean into flexibility whenever possible

Flexibility is key in today's workplace. The boundaries between work and home life are blurring. As a result, it's important to offer employees options that can adapt to their changing priorities.

The ability to work from home or choose flexible schedules can help employees achieve a better work-life balance. This, in turn, can lead to increased job satisfaction and better mental health.

Flexible work arrangements can also boost productivity and efficiency. When employees feel trusted and valued, they are more likely to be motivated and engaged. This is beneficial for both employer and employee.

Additionally, offering flexibility can attract and retain top talent who value work-life balance. Employees want to work for companies that recognize and respect their personal needs.

But it's also important to go beyond flexible schedules and consider each employee's wellbeing as a whole.

Bring it all together in one effective employee retention strategy

With personalized paths to wellbeing, each employee is connected to the resources and benefits they need most. This encourages engagement by making sure employees are directed to benefits and incentives they might not be aware of otherwise. Overall, providing flexibility to employees benefits the individual and has a positive impact on the company's culture, productivity, and bottom line.

In today's highly competitive job market, retaining and attracting talented employees requires more than just a good salary and benefits package. Building a positive company culture, offering flexibility, focusing on employee wellbeing, and making career development a priority is essential to creating a workplace that employees want to be a part of.

By taking these steps, companies can improve employee engagement, productivity, and retention rates while also attracting top talent. By investing in their employees' overall wellbeing and professional growth, companies can create a culture of success that benefits everyone involved.

Ultimately, the key to any company's success is recognizing that employees are your most valuable asset. By prioritizing their needs and creating a positive work environment, businesses can achieve long-term success and growth.

Retain and engage your workforce. See what it's like to work with a holistic employee wellbeing solution.

Sources: