3 ways to retain your employees in 2024

Looking to upskill in 2024? Here are three places to start:

WORKPLACE FLEXIBILITY: If you want happy workers, financial incentives may not be the way to recruit and retain them. According to Resume Builder , remote workers were found to be the least likely to receive promotions and raises, compared to hybrid or in-person workers, yet were more likely to report better mental health, less stress, greater work-life balance and more happiness at their current job. In-person workers on the other hand, were more likely to be looking for other opportunities, and also reported poor mental health and work-life balance.

"After the younger managers climb the ranks, it will no no longer be a tug of war [between flexibility and compensation]," says Stacie Haller , chief career adviser at ResumeBuilder. "The younger folks understand that some people work great remotely and some people like to be in the office and that both are fine."

Haller shares her argument for the importance of workplace flexibility: Why remote workers are the happiest, despite being underpaid

MENTORSHIP: Ninety-two percent of Fortune 500 companies offer mentoring programs, and their average profits are three times higher than those without such programs, according to MentorcliQ . Their research also shows a 50% higher retention rate among employees who have a mentor.

"There's a buy-in from both [the mentor and mentee]," says Matt Moraski , senior managing principal at insurance, financial and HR consulting company OneDigital . As one of the leaders of his company's own mentorship program, he understands the widespread value of these working relationships. "The folks involved in these programs tend to stay around a lot longer . For us, mentorship has been a key to developing people, securing our success and the best way to train and develop talent."

Here's how OneDigital has designed a mentorship program that works: How this consulting firm boosted retention via mentorship

UPSKILLING: Most company leaders understand that artificial intelligence will soon play a vital role in their business if it hasn't already. But first they have to educate their employees — and themselves — on how best to use it.?Coursera is attempting to address skills gaps with its new Generative AI Academy, designed specifically to equip executives and employees with the skills needed to successfully navigate an AI-driven workplace .

"Companies are asking themselves, 'Is this something we engage in now? If we wait, are we going to miss out on having a competitive edge? If we jump in now, is it too risky?'" says Trena Minudri , VP and chief learning officer at Coursera .

Here's why AI can be a tool today and for your employees in the future: AI 101: Coursera offers employers a syllabus for learning about AI