Like most employers, you may be struggling to attract and retain employees during The Great Resignation. Millions of employees are leaving their roles for more fulfilling opportunities.
According to Paycor’s survey Human Resources in 2023: Insights & Predictions, 62% of respondents believe the talent shortage will be long-term. In response, many employers are providing employees with increased compensation and benefits to promote employee attraction and retention.
However, compensation is only part of the issue. Offering an attractive company culture also is important to attract and retain talent.
According to the survey, company culture (22%) and salary and benefits (21%) are the primary drivers of employee retention. As a result, most companies are enhancing their culture as part of their employee attraction and retention strategies.
Discover how partnering compensation and culture can increase retention for your Dallas business.
Fair Pay and Employee Retention
The survey found that although 92% of business owners and CEOs believe they pay women and men equally, only 68% of individual contributors agree. This perception significantly impacts employee retention.
Employees typically leave companies when they believe they are not being fairly compensated. Conversely, employees typically remain with companies when they believe they are being fairly compensated.
As a result, compensation transparency should be one of your company’s top priorities. When your employees feel they are being paid fairly, they are likely to remain long-term.
Attractive Culture and Employee Retention
Employees want to work for companies that provide flexible workplaces, prioritize employee health, and offer opportunities for career growth. Including these characteristics in your company’s culture can increase your employee retention rates.
According to the survey, 22% of respondents said desirable company culture is the top reason they remain with an employer. This was followed by salary and benefits (21%) and flexible schedules (18%).
Increased communication and trust are among the top benefits of promoting an attractive company culture. This elevates employee engagement, productivity, and retention.
Flexibility and accelerated leadership paths should be important parts of your company culture. These elements encourage employees to remain with your organization long-term.
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