Employee Retention: Still A Major Focus!
LTC Performance, An IMA Company
Providing Compensation and Executive Performance Solutions for the Modern Workplace
By Terry Lauter Comp
Admittedly, it’s tempting to ease up on our big “employee retention” focus as the hiring market has cooled a bit. Even so, the 2024 LinkedIn Learning Report indicates that 93% of organizations are concerned about retention, while a recent survey by Chief Executive identifies “retaining and engaging employees” as CEOs’ top priority and challenge for 2024. In other words, the smart money is on keeping your eyes on the ball and continuing to develop and enhance retention and engagement efforts to boost your employer brand.
Experts agree that a tight labor supply will continue to impact hiring for many years to come. And according to Indeed & Glassdoor’s Hiring and Workplace Trends Report 2023, “Compensation remains king for job seekers.” Some estimates suggest that more than 40% of employees would quit for a better-paying job without thinking twice.
While not the ONLY total rewards strategy, competitive pay and benefits fall near the top of every related retention survey. As such, today’s employers must regularly monitor their total compensation packages against those offered by competitors matched in terms of revenue, geographical labor market and industry.
While benchmarking is not a perfect science, today’s employers need fresh benchmarking data, that is timely, cost-effective, and carefully tailored to their unique positions. Since this data can often be confusing, many organizational leaders are also seeking expert advice and actionable recommendations.
For more information related to enhancing employee retention (and attraction) results and how to leverage benchmarking effectively, we recommend reading the following articles: