5 Strategies for Retaining Employees in 2023

By Rob Whalen - Oct 12, 2022 3:45:04 PM - 6 MINS READ

Goodbye Great Resignation, hello Quiet Quitting

Employee engagement is waning. They arrive at 9 a.m. sharp and leave the minute the clock strikes 5 p.m. Send them an email after work hours? They won’t answer till the next day. Need someone to spearhead a project at work? Don’t expect them to volunteer. Some may see these behaviors as simply a job completed; employers, on the other hand, may see this as a disengaged employee. 

Society has given this phenomenon a proper name: Quiet Quitting. While these employees may not exactly quit, they certainly are on the brink. Employers must consider new employee retention strategies to avoid another wave of the Great Resignation. 

According to a recent survey, 22 percent of employees cited that company culture is a dominant determinant in deciding whether or not to stay at a company. Maintaining a people-centered workplace culture will be a game-changer for your business, and we have five strategies for you to implement just in time for the open enrollment season.  

Growth opportunities are a must

The first step in retaining employees? Look at the future of the company. Are there growth opportunities? If employees feel they can’t advance their careers, they will find another company where they can. Currently, only 28 percent of companies have programs focusing on talent mobility. As an employer, making your company environment one where people can learn and prosper is important.

Let’s talk benefits

Employers often worry that employees won’t use the benefits offered to them. However, 82 percent of survey respondents agree that they would take advantage of employee- benefits. Expanding upon “traditional” benefits (health, vision, dental, etc.) will show your employees how much you value them and help them save money in other areas of their lives. 

Implementing a positive workplace culture is accomplished by putting your employees first. With life planning accounts (LPAs), employees can feel supported in ways that often get overlooked, such as health and wellness. Whether it's gym memberships, childcare services, or even golf gear, LPAs give you the freedom and creativity to design them in whatever best aligns with your company culture.  

Out with the old, in with the new

Before the pandemic, we went into the office five days a week, often working 40+ hours per week without question; however, these last two years have changed everything–and employees aren’t so eager to revert back to an old way of work. 

Offering flexible work is a proven game changer in talent retention, with 90 percent of employees saying they would benefit from flexible work options. Employers can also utilize it to alleviate disengagement in the workforce. According to a recent survey, 85 percent of organizations agree that workplace flexibility is key to enriching employee engagement. Flexible work options include flexible work hours, more remote options, or a compressed workweek. 

Offer competitive pay

No one was immune to the hardships inflation provoked this past year. With 44 percent of companies recognizing pay as a reason for employee turnover, you’d think employers would be more willing to offer pay increases; 33 percent of companies who froze/cut salaries during the pandemic have no intention of increasing them whatsoever. 

Organizations must ask themselves: what are we willing to do to keep talent? Fortunately, many companies have this mindset, with 92 percent of employers offering pay increases over the last year. While workforce retention has many solutions, employees would see a pay increase as a competitive reason to stay at their current company. 

How diverse are your benefits?

Offering benefits to your employees demonstrates that you are invested in their professional and personal growth and development. Benefits are also a great way to eliminate stress and boost employee productivity, according to 43 percent of employees.

There is a wide range of benefits you can choose for your organization. In your quest to adopt a more people-centric work culture, it is always important to see what benefit programs align with your employee’s needs the best. Data gathered by the  SHRM employee benefits survey shows which benefits employees listed as the most beneficial to employees…and which are the least:

Most beneficial:

  • Healthcare (88%)
  • Retirement savings (82%)
  • Leave (82%)

Least beneficial:

  • Technology (37%)
  • Transportation (12%)
  • Housing & relocation (9%)

Re-engage your employees

While Quiet Quitting continues to be a trend, you can help make work a more positive experience for your employees with these five strategies. As the Great Resignation taught us, companies are nothing without the talented people that work for them. 

See how our flexible benefits platform can help you attract and retain more employees this open enrollment season. 

Rob Whalen

Rob is co-founder and CEO of PTO Exchange.

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