Job candidates and employees have the upper hand in today’s job market, so retaining your best talent – versus losing them to the competition – is more important than ever before. As the new year dawns, you may want to tweak your benefits and reconsider what sets your company apart, so you can gain or hold onto a competitive edge in that dog-eat-dog marketplace.

Here are five ways to solidify your employee retention efforts headed into 2024:

1. Offer competitive compensation.

The bottom line is the bottom line: Your employees must be able to afford the ever-growing cost of living and be paid fairly for their time and work. The right job is not all about money, but a worthwhile wage and benefits package is still a top priority. And, every time you significantly increase a person’s responsibilities, you should be prepared to increase their compensation accordingly.

2.. Be open to remote and hybrid work options.

It started pre-pandemic and peaked globally when Covid-19 brought the world to a halt. Hybrid and work options as key factors in employee recruitment and retention aren’t going anywhere. After all, with today’s technology, why should getting the job done be strictly tied into being at the office every Monday through Friday from 9 to 5?

As much as it is feasible for your business, design an innovative strategy to make it work.

3. Provide flexible scheduling.

Along with remote and hybrid work, build flexible scheduling into your talent management plans. The most engaged, productive employees are those who can balance doing a great job at work with their personal and family plans. Flexible work arrangements are key to reduced absenteeism, greater job satisfaction, and higher productivity.

4.. Enhance your mental, as well as physical, health benefits.

Companies that include mental health and wellness features in their “standard” benefit offerings tend to gain an edge in the talent market race. Create a culture where there is no stigma attached to having stress, anxiety, depression, and other mental health issues. This may involve paid time off, support resources, and implementing or improving an employee assistance program. And, remember to communicate your commitment to holistic wellness to everyone on your team.

5. Recognize the value of employee growth and development.

Upskill your employees by investing time and resources into their future advancement. Education and training in their chosen field not only makes them happier and more loyal, but also makes your company stronger as a whole. Because as your people grow, so does your business.

KeyHR is committed to helping you retain top talent through effective, cost-effective benefit offerings. It may not always be easy, but with the right business partner, it’s well within your reach.

Our services range from group, voluntary and consultative services through retirement plans, employee assistance programs, and more. Reach out to us today so we can help nail down your plans for 2024 and beyond.