slash employee turnover rates with these 5 proven strategies.

Remember the Great Resignation? While the media has largely shifted its focus, the issue is far from over for business leaders and recruiters. Bureau of Labor Statistics data reveals that quit rates remain over 2 percent, even if they've tapered off from their pandemic-era peak. But remember, those numbers are averages — your company doesn't have to suffer from high employee turnover, especially if you implement the following five retention strategies.

1. review employee compensation

While salary isn't the only factor in employee retention, it often speaks the loudest. To stay competitive, consult the Randstad 2024 Salary Guide. It offers trustworthy and localized pay data for hundreds of roles nationwide.

Staying up-to-date with market salaries is essential, but don't overlook the impact of a well-rounded compensation package. Enhancing base pay with variable benefits is a strategic move for combating high employee turnover.

2. prioritize workplace flexibility

Flexibility in the workplace has graduated from a perk to a crucial factor influencing people's decisions to stay put or move on. But don’t reduce flexibility to a choice between "remote," "hybrid" and "on-site." That’s too inflexible! Employees today appreciate a range of options that go beyond location, including compressed workweeks, flextime or other custom arrangements.

3. foster career growth and development 

A lack of career development opportunities is a leading reason behind high turnover rates. According to LinkedIn data, employees who experience internal mobility through promotions or sideways moves have a 64 percent chance of remaining with their employers after three years. That’s compared to a 45 percent chance for those who don’t enjoy such opportunities. 

Don't risk losing your high performers — these are often the ones most likely to eye the exit door when career growth stagnates. Provide well-defined career pathways, promote continuous learning and offer upskilling and reskilling programs.

4. make employees feel valued

A culture of employee recognition can boost retention, and it doesn't have to drain your budget. While spot bonuses and high-end perks are great, they aren't the only avenues for showing your team their work is valued.

Recognition can be as simple as public shout-outs in team meetings, celebrating work anniversaries or significant milestones, or even creating a “wall of fame” in the office to showcase exceptional performances. Personalized gifts or handwritten notes can also go a long way in making employees feel special and seen. The key is consistency and making it part of your regular work culture rather than an occasional initiative. These small yet meaningful gestures will help cultivate a sense of belonging among your employees, making them more likely to stay with your organization in the long run.

5. promote a positive work culture

Creating a positive work culture sounds appealing, but many leaders find it challenging to implement — the concept can seem too fuzzy and difficult to measure. Here are three practical steps to improve your organizational culture:

keep the conversation going 

Increase one-on-one meetings and team huddles to ensure everyone's voice is heard. Use platforms like surveys and exit interviews to measure employee sentiment and identify areas for improvement.

set some culture metrics

Use metrics like employee Net Promoter Scores (eNPS) or internal mobility rates to measure the effectiveness of your culture-building efforts. 

recognize and act on feedback

Take swift action to address any roadblocks to engagement your employees identify, whether work-life balance, career development or other concerns.

Fine-tuning your retention strategies is a long-term game that pays off in lower turnover rates and increased employee satisfaction. While you’re working on these, partner with Randstad for all your talent needs and benefit from our industry expertise and coast-to-coast network.