A Crowdsourced Guide To Employee Retention Strategies In 2024

Recruiting the right talent for your company is often a tedious process. However, you might face an even more significant challenge when it comes to retaining these employees.

You’re not alone.

According to 47% of HR managers, employee retention is one of the top talent management challenges.

Employee turnover is an essential issue because it could cost you as high as $15,000 per employee. And it usually results in low morale among workers left in the company.

Undoubtedly, as an HR leader or executive, you want to keep your best people. 

But how can you do so? 

The answer: You need an employee retention strategy.

In this guide, we’ll show you why people leave companies, the relationship between employee engagement and retention, and some of the best tips offered by executives that have retained talent successfully.

Let’s begin with an understanding of what employee retention means.

What Is Employee Retention?

Employee retention simply refers to practices an organization puts in place to retain its existing employees (or reduce the number of staff that want to leave) over a period of time.

It’s a situation where your people decide to stay with you and not look for, at least actively, other job opportunities.

The opposite of employee retention is turnover — when your staff leaves your company. 

You can express retention as the percentage of staff that stay in the company for a specific period.

Here’s a simple formula to calculate employee retention:

Employee retention rate = {(Total number of staff – Total number of staff that left)/ Total number of staff} * 100.

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The Importance Of Employee Retention

Does it matter whether your employees stay? 

Yes, it does. It’s more efficient and cost-effective to retain a quality employee than to hire a new employee. Just think about the added resources you’ll spend recruiting, training, and orienting a replacement employee that may or may not be of the same quality.

Even if you manage to hire someone who passes all your interviews and background checks and meets all the requirements, you still have to think about onboarding and integrating them into your company’s culture.

The whole process can take months, and it will affect your company’s stability, employee morale, and productivity, among other things.

And if you don’t have a good employee retention program, all the effort made could be for nothing as the employee might leave after a couple of months.

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Effects Of Employee Turnover

Since employee retention is the opposite of employee turnover, the apparent importance is that it prevents or limits the problems that occur due to turnover.

However, innovative companies know that staff retaining strategies need near-constant attention because it does more than just solve the problems that arise from turnover.

Retaining your key staff provides you with crucial business benefits that will massively strengthen your company.

Let’s now consider some effects of turnover and why you need to implement a solid retention strategy as soon as possible.

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Hiring New Talent Is Stressful

Think about all the steps that are required when looking for a great employee. You’d have to:

• Create and post a job vacancy and description
• Review scores of resumes
• Choose candidates to interview
• Interview candidates
• Run background checks and references
• Make the job offer
• Complete legal documents
• Onboard the new employee

Think about the time spent on all these processes. Depending on your industry, you might spend between 25 days to 46 days filling out entry-level positions.

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Therefore, retention is vital because it’ll reduce the chances of going through the process of rehiring for a position.

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High Turnover Expenses

No matter the position you want to fill, you’ll incur additional expenses you could easily avoid.

For example, replacing an entry-level worker costs about 50% of their yearly salary. And this figure rises to as high as 250% when hiring for a higher-level position.

Onboarding a new employee will cost you a fair amount. And unfortunately, you cannot avoid it because the new employee must learn the job and adapt to the company culture.

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Turnover Means Losing Knowledge

If experienced people leave your company without transferring their knowledge to someone else within the company, you’ll have lost their experience, knowledge, and skills — perhaps forever.

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It Affects Teamwork

Turnover also affects teamwork and employee morale. 

If employees are unsure whether their team members will be at work next month, it’s only normal that they avoid forming any bonds.

And if your people fail to bond, it’ll hurt productivity levels and your organization’s bottom line.

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It also drains employees who have to keep training new people. They may feel that investing time and money in their new coworkers isn’t a good use of their time or they may feel isolated from others when they aren’t consistently working with a team.

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An Inconsistent Business Is Unsustainable

How can you expect your company to grow if workers come and go at rapid intervals? If your workplace is like a supermarket door — with people coming and going, how do you expect to build enough momentum to succeed?

Instead of focusing on making the company more successful, your managers, if they don’t leave as well, will be focused on training new people while straining to keep other workers happy.

However, with excellent staff retention, your people stay longer at their jobs, gain more experience and skills, and grow to become key workers for you. Your managers can focus on the company growth, instead of the constant recruiting process.

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Negative Effect On Customers

Suppose you run a business that involves personal interaction between your staff and customers. In that case, some customers might become used to dealing with certain people, making them want to come back and use your service.

However, if the employees your customers enjoy dealing with leave your company, it can potentially reduce the chances of these customers doing business with you again.

Even though your clients know that employees move from organization to organization, they don’t expect it to be a near-constant occurrence.

When you are constantly changing the people they interact with, clients might lose confidence in your company.

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It Affects Your Ability To Attract Talent

Potential employees now can see what it’s like to work in a company. Sites like Glassdoor can allow them to get a glimpse into the culture of your company. Current and former employees leave reviews, share compensation and benefits, and their overall impression of what working at your company is like.

If they see that people are almost constantly leaving your company, it might raise red flags, and make it challenging to hire the best talent.  

By initiating an excellent employee retention program, you can reduce or even eliminate those problems.  

You’ll have experienced people filling critical positions in your company, ensure that valuable people don’t move to your business competitors, and create a feeling of togetherness in your company.

However, the benefits aren’t limited to just these.

In addition, you will enjoy improved productivity, higher revenue, more satisfied customers, a higher level of worker engagement, and more satisfied employees.

And when your business is renowned for its excellent retention, you can bet that it improves your brand’s standing — helping you attract the top talent in the field. People want to work for a company that values their employees. If you can show you value the people you already have, bringing in new talent will be much easier.

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What Are The Drivers Of Employee Retention And Turnover?

Before you can create a kickass retention strategy, you need to understand the factors that cause your people to leave and what makes them stay.

These factors are called the drivers of retention and turnover, and in this section, we will see what they are.

Let’s start with what causes your employees to leave.

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What Causes Employee Turnover?

Employee turnover can either be voluntary or involuntary. 

Voluntary turnover happens when competent employees leave their position in your organization of their own accord. You have little control over this kind of turnover, other than creating an environment that makes people want to work for your company. 

For example, employees might leave because they found a new job, went back to school, moved abroad, or retired. 

Involuntary turnover, on the other hand, occurs when you fire employees from their positions. 

There are several reasons why this might happen. 

Some common reasons for involuntary turnover include:

• Unimpressive performance during a probationary period
• Violation of company rules
• Layoffs due to downsizing

Obviously, not all turnover is equal. Some executives feel that any amount of turnover is a sign that things are going awry, but that’s not always the case. In fact, a certain amount of staff turnover is good.  

For example, aiming for zero turnovers is not viable. Why not? When new people come into your organization, they bring new ideas and improve your organization.

Nevertheless, you should keep turnover as low as possible. If you discover that turnover is higher than you like, then the employee retention strategies we have gathered from leaders across industries can help you.

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Why Do Workers Stay?

Many organizations have spent plenty of money investigating the reasons why staff leave. They figure that knowing why people can offer solutions on how to keep turnover down.

Although it’s good to know why they leave, it’s equally important to understand why they stay. 

If an organization wants to keep employees, it should look at both why they leave and consider the reasons for retention and continuation — and double down on the reasons employees stay.

According to a study by the Harvard Business Review, the brief answer to why workers stay is inertia. That is, employees tend to stay in an organization until something causes employee turnover.

Several factors affect this inertia — within and outside the company.

Let’s see some of the internal factors that make workers stay.

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Employees Stay When Employers Are Responsive To Their Wants

Before the Covid-19 pandemic, nearly 30% of staff looked for new work opportunities because their current place of employment didn’t give them flexible work opportunities. 

However, due to the pandemic, more employers have offered flexible scheduling and work options to make workers want to stay.

Staff is more likely to stay if their employers show interest in them and respond quickly to their needs.

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Employees Desire Recognition

Employee recognition or peer-to-peer recognition is another reason why workers stay. People want to be praised and recognized for what they do. We asked 31 CEO's which strategies have the biggest impact on retention and the top answer was frequent employee recognition/appreciation.

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According to SHRM’s study on employee recognition, recognition makes the workplace pleasant and contributes to a better culture that engenders retention.

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Opportunities For Career Advancement 

Employees are more likely to stay in a company if there are opportunities to advance — whether by promotions or by moving to other departments.

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Employee Benefits

Competitive employee benefits, which include competitive pay and benefits packages, might not be the biggest thing that makes employees stay, but it’s undoubtedly a big reason they stay.

Now that we have identified the key drivers of retention and turnover, how can you use this knowledge to develop an excellent employee retention program in your company? We consider the best learnings from executives that have successfully developed retention strategies.

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20 Best Employee Retention Strategies

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1. Invest In Employee Career Development Programs

Offering learning and training opportunities is one of the biggest motivators for employees staying at a company. They can get new knowledge by attending seminars and studying courses that you bought for them.

Workers need movement, and this new knowledge might be precisely what long-term employees need to shake up their routines and move them to get better in their roles. When you invest in their education and improvement, employees feel valued and that they are progressing in their work, even if their position isn’t changing.

“If I have to name one strategy that has led to better employee retention in the organization, it will certainly be professional development programs. These programs not only make the employees more efficient but also make them feel valued and invested in the company,” says Mark Condon, the CEO at Shotkit.

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Stan C. Kimer, the President of Total Engagement Consulting, agrees with this view. He says, “ One strategy and tactic that worked at IBM when I was there and now with several clients is providing employees with a robust program for skills and career development.” He continues, “When a company shows it values their employees enough to want to help them to grow personally and professionally, they are much more apt to stay.”

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2. Ensure Hires Are A Cultural Fit

One reason employees leave is that they don’t fit the company culture. Therefore, during the hiring process, ensure that your hires are people that embody your company's core values.

“One employee retention strategy is to recognize that retention begins with recruitment,” says Olivia Tan, the co-founder of CocoFax. She goes on, “Retention begins at the application stage, with candidate processing and selection for interviews. It begins by determining the facets of culture and policy you want to highlight and then searching out candidates that possess certain characteristics.”

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Jason Brown, who serves as the CEO of ApprovedCosts, had this to say about his recommended retention strategies “Always hire the best person for the job from the start. Avoid having a mindset that you may need to let go of one or two of them later on. If you hire someone who’ll most likely quit, then you shouldn’t be surprised that they’ll leave. Find a candidate that you think will get along with your current employees.”

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3. Frequent And Meaningful Employee Recognition (Especially Among Peers)

One of the keys to a good life is connection and relationships with other people. Encouraging your employees to get to know each other and to seek out the good in their coworkers is an easy way to improve these relationships. Peer-to-peer recognition is an immensely powerful strategy that will reduce turnover while making your staff truly happy at your organization.

Michael Alexis, CEO of TeamBuilding, reveals how his company uses Slack in peer-to-peer recognition “One element of our retention strategy is peer-to-peer feedback. We have an internal Slack channel called #you-are-awesome where any team member can post praise for any other team member, and then the rest of us pile on with emoji love. For example, recent posts include a co-host giving a shout-out to an event host for a successful event and an operations team member praising marketing for an email that went out.”

He goes on, “The reason this peer-to-peer praise is so important is that it highlights day-to-day contributions that management might otherwise miss. This system provides both recognition for the employee and understanding for management — all of which contributes to long-term happiness, engagement, job satisfaction, and productive collaboration.”

If peer-to-peer recognition is something you want to start with your company, Nectar has a 360 recognition and rewards platform that can get you going. Book a demo to see our platform in action. We also have a ton of helpful employee recognition statistics on the blog if you're interested in this topic.

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4. Create A Flexible/Remote-Friendly Workplace

While almost all companies have switched to remote work or hybrid in-office and remote work, some still don’t offer flexible schedules. This might have a negative effect on the productivity of the staff and might cause dissatisfaction among your workforce.

Neil Taparia’s company conducted a survey that saw employee engagement rise from 70% to 87% and a 100% retention rate instead of the usual 85% - 90% retention rate. One of the factors that caused this, according to them, is the flexible workplace. “They (employees) asked for unsynchronized working hours. We have workers in different time zones, and synchronizing them was tough, hence the request. Instead, what we've done is we've implemented asynchronous Slack standups where the employees updated us within two hours of the first standup.”

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Mark Webster, the co-founder of Authority Hacker, also says, “At our core, we're a 9-5 business. That doesn't mean we can't be flexible, though. If an employee wants to take a half-day to run some errands, or perhaps they just want to beat the weekend crowds at the mall and head out on a Wednesday afternoon, it's fair game providing their core tasks are covered! The same applies should they want a longer lunch break or if they want to start a bit later on certain days.”

Maryna Zavyiboroda, who serves as the Content Marketing Manager at HRForecast, also attributes flexibility to better retention. She says, “Every employee can choose their working hours and, if needed, shift them to keep up with daily chores. Internal surveys show that that’s one of the key points that our employees like about our company.”

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5. Improve Your Onboarding Process

Your onboarding process is a new employee’s introduction to your company. They will form lasting impressions of what they expect, how they feel about the company, and what the future could hold. Having a solid onboarding process allows you to set employees up for success and make them want to be there.

Jason Brown of ApprovedCosts has something to say about this strategy as well. He says, “As the employer, you need to inform your prospects during the hiring process. Create an onboarding experience that lays a strong foundation. Be honest about what you expect from them and avoid sugar-coating any details.”

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6. Keep Communication Channels Open

Communication with your staff is essential, but it’s only helpful if you communicate clearly. And the communication channel goes both ways, or your employees will just feel like they are being lectured.

Alan Harder says, “Employee retention is much easier when you have a transparent and healthy line of communication. Employees should feel free to share any and all thoughts, questions, or concerns with you. On the other hand, they want you to be transparent and frank with them about what's going on at work and about their own success. Make certain you're in touch with them on a regular basis.”

Ben Lamarche, the General Manager of Lock Search Group, says an open-door policy is one strategy that will boost retention. He comments, “Organizations often pay lip service to the concept of an open-door policy, but we try to actualize this policy as best as possible. We have not only included an open door policy in the employee handbook, but we’ve also communicated to employees that they are free to schedule a meeting with a member of senior management without fear if they have been unable to resolve the problem with their immediate bosses.”

To ensure employee satisfaction, and by extension, retention, Dan Potter, the Lead Product Analyst at CRAFTD, remarks that “developing a multi-channel strategy with real-time communication has been the lifeline to our employees' satisfaction.”

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7. Make Staff Feel Valued

If your employees don’t feel valued, or they feel interchangeable, they won’t have the motivation to work hard or to stay with your company. 

“The most important strategy to help improve employee retention is to make them feel their ideas are valued.” Says Chanda Torrey, CEO of Gifter World.

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Brack Nelson, MD, Incrementors Web Solutions, agrees with Chanda. He says, “Motivation, recognition, and incentive — these three principles will be very helpful for keeping the most outstanding employees in the company. A person who feels their work is recognized receives motivation to improve and is encouraged to do so with different strategies by the company will make them feel committed. By seeing that they are valued, their level of interest and growth will expand, as well as their productivity.”

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8. Promote Work-Life Balance

Employees are not robots. To be happy and find fulfillment in their work, they need to have a promising career and life balance. If your workers feel that most of their time is spent working, they might start to resent the job — the first step in walking out the door.

Ewelina Melon, who serves as Head of People at Tidio, says, “In the current challenging times, people value their mental and physical well-being with extra care. Thus, the top #1 employee retention strategy ensures a good work-life balance in the company. From the 1st day to the final notice day, it is crucial to show employees that toxic hustle culture does not equal your company’s culture. Expecting staff to leave long after working hours ended, pull all-nighters to finish a project, and be available to drop by the office at the weekend is the antidote to good employee retention. People get tired, burnt out, disillusioned, and leave, eventually.”

Roverpass ensures that employees are well-cared for. Its CEO Ravi Parikh reveals how they help their employees achieve this balance.

He comments, “In the first few months of the pandemic, we noticed employees were struggling with overwork and showing signs of burnout. We instituted a mental health leave policy in a bid to maintain employee retention throughout the changing times. Although our prior sick leave policy included language about mental illness concerns, our employees weren't using it for that purpose. By giving specifically designated mental health days, we were able to encourage employees to take time off during hard times and reduce their risk of burning out entirely.”

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9. Use Employee Training Tools

Talking about how to use tools in boosting employee retention, Magda Klimkiewicz, HR Business Partner at Zety, says, “Most working professionals lose steam when there are no growth opportunities, as being stuck in a rut is bad for your career. To address it, tap into the power of employee training tools. After all, it'll not only help communicate to employees a clear message that they are the top-value asset, but you'll also enjoy higher retention rates and improved productivity on a company-wide scale.”

She goes on to give a specific example of a tool that can help. “Another way for employers to boost retention is to take the pulse and get an accurate reading of employees' engagement levels via tools like Officevibe. Such tools keep HR professionals in the loop about how employees feel across the board and can flag potential retention issues so that HR professionals can react in time.”

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10. Ask For Feedback

Several employers have jettisoned the annual performance review and adopted frequent meetings with their staff. This allows them to get employee feedback from specific employees and makes it easier to alleviate any pain points that they might have. When we asked our audience how frequently they conduct employee feedback surveys, 45% of them said they do so quarterly while annual and monthly cadences were equal at 23%.

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“Implement feedback culture — As far as employee retention strategies go, this one is often neglected. Employees expect proper feedback from a manager or a leader about how they perform or how they can improve,” says Josefin Björklund, the Co-founder of Topp Casino Bonus.

He goes on, “Companies need to get into the habit of encouraging a feedback culture and listening to all their employees' feedback. Regular receiving and giving employee feedback can reduce employee turnover. It makes it easier for an employee to understand and track their goals and responsibilities.”

Christian Velitchkov, Co-Founder at Twiz LLC, also says about feedback, “Sometimes the employees may perform well, but it may not be in line with what the organization expects, and that can create problems. Proper feedback ensures that employees are on the right track. It can help them understand the needs of the job and help them avoid mistakes. It helps develop a relationship with employees, creating a friendly environment. It even helps employees in enhancing their skill set.”

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11. Create A Shares Scheme

When your employees have a stake (literally) in the company, it drives them to work better and will help in retaining them.

One company that does this is Vestd. Vestd’s CEO Ifty Nasir remarks, “One strategy that really drives higher retention is to implement a share scheme. Every single team member in our company is enrolled on our scheme, and this helps to incite loyalty and drive.”

Carter Seuthe, the CEO, Credit Summit, also says, “In my opinion, the best way to retain star talent is to incentivize them to stay with you. If you can get them to buy into your company and its success, you'll have an employee who's as invested as you are. In some industries, this buy-in may involve purchasing shares in the company. You can use this to reward employees who have stayed a certain number of years and add to it with each subsequent year.”

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12. Offer Benefits

When it comes to employee compensation, it isn’t enough to just offer money. Quality employees are looking for additional benefits, some of which are becoming standard across all industries.

ThinkImpact’s Co-founder, Sandra Craft, talks about the benefits the company provides and how this helps with retention. She says, “We focused more on the welfare of our employees by giving them the freedom to enjoy themselves with flexible leaves and an annual all-expense-paid vacation when they exceeded their performance expectations throughout the whole year. We also give them free medical access semi-annually to check themselves and extend the benefit to their family members.”

Bret Bonnet of Quality Logo Products uses another strategy. He remarks, “Most of our employees are millennials who tend to prefer experiences over compensation. For this reason, in addition to regular annual assessments, our employees can also unlock various rewards depending on the number of years of service. After two years, they get an additional two days paid time off along with an all-expense paid weekend staycation that includes up to $3,000 that can be spent in downtown Chicago.”

He continues, “After five years, they get a VIP concert experience where we put them up for the weekend at any destination of their choosing and also purchase front row tickets (usually via StubHub) to a concert or show up to $10,000.”

Goldie Agency’s CEO, Julian Goldie, also praises the impact of benefits packages:

“One strategy is to promote a good recognition and reward system and by creating a fair pay package according to talents, skills, education, and the likes. It promotes value for your employee and helps boost their self-esteem.”

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13. Conduct Exit Interviews

Employee feedback and suggestions make you stay connected with your employee — even when they have decided to leave. The feedback you get by conducting exit interviews can help you know what to work on to improve the engagement or welfare of your existing workers.

And what is more, seeing you make an effort to patch things up, so to speak, might even motivate the employee to stay.

Kerry Wekelo, COO of Actualize Consulting, talks about an experience she had when conducting an exit interview, “When one of our Directors wanted less travel (pre-pandemic), I was able to modify the travel requirements to 25% of what she requested. She had young children, and it took the pressure off of her. Then I said, “If you feel this way again, come to me. Let’s always try to work it out.”

The result? “I have been able to save many people with this strategy,” she concludes.

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14. Offer Competitive Salaries

Whether you like it or not, salaries play an essential part in retaining your staff.

Sherry Morgan, Founder at Petsolino, says, “Give bonuses, gifts, and other commissions. *This act allows them to realize how valued they are in the company, and this drives them to stay as well because they will then feel like they are important and are needed, which in fact, they are.”

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15. Build A Healthy Workplace

Cody Crawford, Co-founder at Low Offset, recommends building a healthy workplace.

He says, “Employee wellbeing is crucial. Employee well-being identifies the individual's happiness at work. A culture-driven company always puts its employees first. A significant influence on their happiness level is their subjective opinions surrounding their job and their employer.“

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He says, “By creating a positive work environment, we have been able to encourage our members to balance their work-life. Offering them flexibility with work has helped our team to pay attention to personal goals as well as other aspects of life.”

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16. Rotate Work Responsibilities

Talking about retention and work responsibilities, Josefin Björklund also says, “Doing the same work and not expecting any new responsibilities to come makes employees frustrated and hopeless. It would be best if you didn't make employees stick to their laid down responsibilities.”

He continues, “Involve them in various tasks and a chance to work in other verticals. It will help generate better ideas, improve co-worker relationships, and make them more skilled and advance their professional development.”

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17. Get The Right Leaders

Your managers play a significant role in employee retention. Many employees who leave a company they like cite bad managers as a reason they leave. One strategy to improve retention is to find good quality managers.

Angela Minardi, Chief Experience Officer at Fit City Adventures, lists three things that leaders must do.

“Leadership must listen, act, and walk the talk.”

She expounds,” Leadership must listen: Surveys, focus groups, open office hours, and most importantly peer-to-peer culture committees created to implement the fun! “

“Leadership must act: Once they hear results, they must put a plan in place to ACT on it and quickly with wellness options, benefits, new positions, and programming.”

“Leadership must Walk the Talk: They have to be seen as engaged, they need to show up for their people every day and at events, thanking them, asking questions, checking in, and taking part in everything they set up.”

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18. Optimize Your Workplace Experience

“Employees want the employers to trust them and allow some autonomy in the workplace. The employers should trust the employees with important work and let them perform there and only intervene if necessary,” says Christian Velitchkov.

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“This creates a feeling of mutual respect. This creates a free environment for employees, and they feel respected and trustworthy.”

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19. Drop The Micromanagement Approach

No one likes to be micromanaged or constantly told what to do. If you have done a good job with the recruitment and onboarding process, trust your employees to do their job well.

“The number 1 tip to employee retention is trusting your employees by dropping the micromanagement approach. Creating a flexible work culture with minimal hierarchy is extremely important for young talent, especially these days when more people work remotely,” says Nikita Chen, CEO of LegitGrails.

“But to successfully lead a team remotely, you must trust them, and this means work being result-oriented rather than task-oriented. Showing people you trust their skills and judgment will make a huge impact on your culture and employee loyalty.”

Bemana’s CEO, Linn Atiyeh, also recommends letting workers do their thing within the limits of reason. “Few things create burnout as quickly as having someone constantly breathing down your neck,” he says.

“At the end of the day, employees are adults who need to feel at least some sense of autonomy to keep them willing to work at a company. That's why we implemented a strategy where we grant employees freedom at work and refuse to micromanage. As a result, we've had great employee retention and are constantly in awe of the great work that people deliver when they're able to showcase their talents and creativity.”

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20. Put People In Roles They Enjoy

When people enjoy where they work and their work, there is little reason for them to leave the job.

C9 Staff’s CEO, Phillip Lew, says, “Finding out and taking note of my people's passions and strengths have become an integral part of our hiring process. As early as the interview rounds when we're hiring people, I already poke around candidates trying to find out what they love doing and what they're good at.”

“So far, it has yielded me an entire creative team who are not only passionate about what they do; they love every minute of their work. When you put people in roles they enjoy doing, you maximize their productivity and contribute to the development of their passions. Everyone wins.”

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Ready To Improve Your Employee Retention?

As we have seen from the employee retention strategies above, keeping your employees happy and engaged are vital ingredients of a solid employee retention program. 

The importance of these factors is obvious, but applying them takes time. Nevertheless, the benefits that come from focusing on employee retention — better performance, productivity, quality of work, plus the enormous savings in turnover and employee-related issues — makes the hard work worth it.

When you have an excellent employee retention program in place, you will retain the key and motivated workers who want to be a part of your business and work with you to make your company as successful as possible.