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The Great Resignation is slowly becoming a thing of the past. The new challenge today is employee retention.

Data from Workday, a provider of human resources applications and a yearly study on workplace trends, suggests that there may be an end to the hiring slowdown soon:

“The year 2023 saw the pendulum swing from the “great migration” to the “big stay.” Voluntary turnover is down, involuntary turnover is up. In most industries, more job applicants are fighting for fewer open positions. The average length of service for most roles is longer than it’s been for years, even while internal promotion rates at companies are down. There’s a lot of brain power and energy that’s bottled up, signaling that many seasoned employees are more than likely itching to grow their careers.”

If you’re looking for ways to grow your company, it may be a good idea to start investing in employee retention. Let’s explore actionable strategies to boost employee satisfaction and loyalty.

1. Make Your Employees Feel Valued and Seen

In You Belong Here: The Power of Being Seen, Heard, and Valued on Your Own Terms, author Kim Dabbs discusses how important it is for employees to have a sense of belonging and identity at work. As an HR leader, prioritize creating an inclusive environment where every employee feels seen and appreciated. When your team knows that they matter, it positively impacts a company’s culture.

2. Practice Healthy “Policy Hygiene”

When was the last time you updated your handbook? Outdated HR policies can negatively impact an employer’s recruitment, retention, and engagement efforts.

Take a proactive approach by routinely reviewing your company policies and asking questions like:

  • Are we creating a work culture that’s safe for everyone?
  • Does this environment help our employees thrive?

Could your employee handbook use an update? Explore what it should include.

3. Recognize and Celebrate Achievements

Regularly acknowledge individual and team accomplishments. Whether it’s hitting a sales target, completing a project, or demonstrating exceptional teamwork, celebrating each of these milestones can make your team feel seen.

Recognition can be as simple as a shout-out in a team meeting or a personalized note. Feeling appreciated can boost morale and strengthen loyalty in the long run.

4. Foster Professional Development

When employees see a clear path for growth, they’re more likely to stay committed. You can create this by providing opportunities for skill development through workshops and certifications.

When employees start taking advantage of these programs, be sure to highlight the success stories of team members. It can help show others that a clear path exists and that they can take advantage of it too.

5. Offer Comprehensive Healthcare Benefits

Quality coverage matters. Offering robust healthcare benefits is a proven employee retention strategy in the long term.

Additionally, consider going beyond basic coverage. This could look like an employee wellness program; these initiatives have been shown to reduce stress, boost morale, and enhance productivity. Invest in your team’s well-being, and they’ll invest in your company.

6. Be Prepared For Open Enrollment

Open enrollment can be overwhelming for employees. Ensure a seamless process by being prepared, providing clear communication, and supporting employees throughout the renewal process.

Need assistance finding the right coverage for your small business? Our health insurance brokers are here to help! Contact a team member today to get started.

Remember, investing in your existing workforce pays dividends in the future. By implementing these strategies, you’ll build trust, foster loyalty, and create a workplace where employees thrive regardless of any changes or trends in the job market.