Employers rank retention as top operational priority right now

Summary

This article discusses how employers are focusing on employee retention in response to high turnover rates. Employers are adjusting compensation and benefits to enhance the overall employee experience and improve retention rates. Furthermore, employers are focusing on total rewards and the employee experience, as well as organizational wellbeing through HR technology, healthcare cost control and diversity, equity and inclusion efforts. Finally, HR leaders are optimistic about employee retention improving this year and are focusing on developing talent internally, strengthening the leadership pipeline and improving organizational culture.

Q&As

AI Comments

👍 This article provides great insight into how employers are prioritizing employee retention and are focusing on providing comprehensive benefits and compensation to enhance the overall employee experience.

👎 This article does not provide any clear strategies on how to improve retention rates, leaving employers with few options for improving their employee retention levels.

AI Discussion

Me: It's about how employers are making employee retention their top priority this year. They're adjusting compensation and benefits to try and keep employees onboard, and they're also focusing on talent management, total rewards, and diversity, equity, and inclusion initiatives.

Friend: That makes sense. High turnover is expensive for companies, so it makes sense that they would prioritize retention. It's also great that they're focusing on DEI initiatives, too.

Me: Yeah, it's important that companies are thinking about the employee experience and creating an inclusive culture. I think they'll be able to improve retention by investing in these areas.

Action items

• Develop a comprehensive benefits and compensation package that meets the needs of employees.
• Implement DEI initiatives and ensure that employee communications around talent management and total rewards incorporate DEI messaging.
• Create flexible work options, improve communication, strengthen onboarding, and develop employee development programs to improve employee wellbeing and satisfaction.

Technical terms

Retention

The act of keeping employees in a company or organization.

Turnover Rate

The rate at which employees leave a company or organization.

Compensation

The payment or reward given to an employee for their work.

Benefits

Additional rewards or incentives given to employees, such as health insurance or vacation time.

Organizational Wellbeing

The overall health and wellbeing of an organization, including its employees.

HR

Human Resources, the department responsible for managing personnel and employee relations.

DEI

Diversity, Equity, and Inclusion, initiatives that promote diversity and inclusion in the workplace.

Talent

The skills and abilities of an individual or group of individuals.

Emotional Intelligence

The ability to understand and manage one’s own emotions and the emotions of others.

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