In hiring, seasons come and seasons go. After two years of high turnover during the “great resignation” of 2020-2022, many industries experienced a hiring slowdown in 2023.
Now, halfway into 2024, hiring is still a bit slow — but it may not be slow for long. Workday reports that hiring is likely to stabilize during the second half of 2024, which “might tilt the job market dynamic in favor of workers again.”
What does this mean for employers? That employee retention is more important than ever. When the tides of the job market shift (as they inevitably will), star employees will be fielding offers from competitors offering better pay, flexibility, and growth opportunities.
Before those offers come in, employers need to make the case for staying instead of leaving. If employees feel engaged and committed in their current role, they will be less likely to job-hop when new opportunities come their way. Prioritizing employee retention now can save you from excessive turnover down the road.
Here are FIVE strategies HR leaders should consider implementing now to strengthen employee retention and engagement:
- Invest in Employee Skill Building – Help your people do their best at work. When employees are able to use their gifts and talents to the fullest, they’ll feel more engaged, more productive, and more satisfied in their roles. Individualized training or coaching can bring out the best in your team members while also showing you care about their long-term career growth.
- Encourage Mentorship – Connect younger employees with seasoned experts on your team. This can give younger employees a sounding board and help them feel more connected to your organization. It also gives employees something to aspire to – they may be more motivated to stay if they can visualize a path to future leadership at your organization.
- Promote from Within – Consider ways to make internal promotion and role transitions easier. If employees feel that your organization is a flexible place, where growth and transition from within is possible, they may be less inclined to leave in order to gain new experiences and growth opportunities.
- Recognize Employee Effort – Acknowledgement can go a long way when it comes to employee satisfaction and well-being. Consider ways to highlight outstanding performers in your organization. If employees feel their efforts are noticed, and that they are contributing to the greater good of the organization, they’ll be more motivated to continue contributing in the future.
- Improve Benefits and Flexibility – In today’s recruiting environment, benefits and flexibility can be just as important as salary. A great benefits package can make an employee feel truly cared for and secure in their role – consider ways to increase or improve PTO programs, health benefits, well-being benefits, and job flexibility.
The bottom line? An investment in employee retention today can save you from an investment in employee recruiting efforts tomorrow. When your current employees feel valued and content at work, it not only improves your current workplace – it builds a strong foundation for your workplace’s future.
For more insights around healthcare leadership, subscribe to Lauren’s LinkedIn newsletter, Leading in Healthcare. Lauren Bencekovich is the founder and Managing Director of Lauren Recruiting Group, a boutique healthcare recruiting firm that matches healthcare executive candidates with hospitals and health organizations. Looking for an outstanding C-Suite candidate? Visit our contact page to schedule a 30-minute intro call with one of our team members. We look forward to connecting and matching you with a top-tier candidate!