Take this approach to avoid losing your best employees to the competition
IF YOU want to retain your best employees in these times of a competitive job market and economic uncertainty provide them with opportunities to develop their career.
A new study finds that employers are failing to focus enough on this aspect of employee retention. Only a third put career wellbeing first. Instead they prioritize the physical, financial and emotional aspects of their workers.
“Hiring and retaining talent is one thing, but driving better organizational outcomes requires effective engagement solutions,” says William F. Ziebell, CEO of the Benefits and HR Consulting Division of global insurance brokerage Gallagher which conducted the survey as part of the company’s 2024 U.S. Career Wellbeing Report.
“If employees are given more opportunities to develop and advance their knowledge and skills from their employer, they’re more likely to gain a sense of purpose in their work leading to increased motivation, engagement and buy-in.”
Gallagher's study, which draws data and insights from more than 3,500 organizations across the U.S., identifies current and emerging trends to help employers optimize their career wellbeing investments by highlighting employee engagement and diversity, equity and inclusion (DEI).
The study emphasizes that support for workers’ career development, growth and mobility is now more than ever a steady driver to keep and involve employees.
Service awards are offered by eight in every 10 employers, but many more tactics can help build engagement, according to the study.
What you can do
Suggestions in the study include:
• Offer your workers clear goals, a sense of purpose and direction. In that way you will motivate employees and enhance their experience.
• Provide interesting and challenging work.
• Consider better prospects for increased responsibilities, new challenges and promotions.
• Embrace the value of DEI.
Across all types of organizations, the importance of integrating DEI into the people strategy is gaining recognition, the study says. More leaders acknowledge its influence on workplace culture and feel a growing urgency to respond to key stakeholders' expectations. However, few have actually completed the integration of DEI policies, practices, and programs within their organization.
To bridge the gap between intention and action, employers are taking a more holistic approach to DEI, according to the study's authors. Nearly half (45%) are designing initiatives to align with the core values of the organization—up 4 points from 2023. DEI needs to be embraced as a philosophy for successful integration, not treated as a program.
"A committed employee engagement strategy that includes DEI can strengthen culture and retention," said Ziebell. "And consistency in these aligned approaches will promote trust and credibility, ensuring that the employee experience remains a top organizational priority."