The Ledger No. 29: Employee Retention

Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of the importance of employee retention. Read on to explore the top strategies for employee retention, how to retain Gen Z in the workplace, beating the great resignation and the top reasons your best employees walk out the door.

6 Employee Retention Strategies for Your Company

Is there anything more important than employee retention? Perhaps not. Talent keeps businesses running strong, and without effective retention, consistency can be lost and momentum halted. In fact, retention affects more than just turnover and can make a large impact on costs in the long run. Add in disengaged employees who are left behind and leaders face a hard road ahead. To fight turnover and keep employees engaged, try these six strategies:

1. Invest in employee careers

2. Focus on managers

3. Recognize employee contributions

4. Reassess compensation

5. Consider better benefits packages

6. Prioritize work-life balance

To explore how to keep top talent and get the details on the strategies above, read the full article on Emeritus.com.

Everything You Need to Know About Retaining Gen Z

Gen Z makes up 30 percent of the total global population, according to the World Economic Forum. And according to Casey Welch, co-founder and CEO of Tallo, “… Employers need to be thinking about the long run when it comes to building their future workforce.” In fact, Gen Z might be the generation that turns the tide for good. As Lisa Trenchard, senior compensation manager at Paylocity said, “[Gen Z] They’re not afraid to quit a position if they don’t receive adequate support, fair compensation, do not align with company values outside the office or are not given the ability to choose between in-office and remote work.”

So how can companies pursue this generation? Here are some of the biggest lessons learned in the past year about this talent pool:

• Gen Z adults consider money their biggest stress factor – they expect pay to be transparent, fair and easily accessible.

• Gen Z feels empowered to speak up about their emotional needs – mental health is a priority.

• Gen Z wants the ability to choose where they work and when.

• Gen Z wants to work for an employer with a strong, ethical culture.

To dive deeper into the world’s newest generation of workers and more about the importance of employee retention, take a look at the full article on BenefitNews.com.

4 Ways to Beat the Great Resignation & Focus on Employee Retention

The Great Resignation is real and ongoing. One only has to stop in at their favorite coffee shop or retail store to see that understaffing is a huge issue. But it doesn't stop there. The revolving door is all too common in corporate America as employees seek out better work-life balance, higher pay and remote working-focused enterprises. While team members assess their current jobs, there are a few things that leaders can do to keep employees engaged, and much of it relates to personal and career growth opportunities.

1. Create more steps to grow

2. Coach employees on how to stay ahead

3. Help employees assess their motivators

4. Tailor development to the individual

To read more about how to retain employees by focusing on their career progression, head over to Forbes.com to read the full article.

Top Reasons Your Best Employees Leave & How to Fix It

Talent is your biggest asset, but sometimes even with your best efforts, the top producers will walk out the door. Why? “It’s harder to hold onto top-performing superstars when the market is throwing money at them,” says Kim Curley, vice president of workforce readiness consulting at NTT Data Services. “Most companies do not or cannot react quickly enough to either prevent the loss due to a big salary increase offer or to successfully negotiate a satisfactory counter offer.”

While salary is certainly a factor, especially in this talent market, it isn't the only one. And when budgets are tight, there are other ways to ensure that your best employees stick around by fixing these common issues.

• Your employees are not engaged: Maybe they've lost that loving feeling. If so, it is time to switch things up and remind them of the passion for work they had from the start.

• Issues with managers: They may love your culture but hate their boss. Make sure to do anonymous surveys so employees feel free to criticize those they report to.

• No room to grow: Do your employees feel like there is no way to reach career goals where they are? Ask them, and readjust your growth structure.

• They are burned out: It's being seen in companies across the country. Employees need a break. Address these concerns with your team to find out how to fix this common issue.

Making sure your employees stay is an important business objective. Read the full article on CIO to learn how to keep your best talent with more on the importance of employee retention.