People Management & HR

6 Effective Employee Retention Strategies For 2024

It all comes down to keeping your employees happy and motivated.

  • 4 min Read
  • January 7, 2024

Author

Escalon

Table of Contents

Do you know that over 4 million US workers quit in May 2023 alone? A Work Institute Retention report notes that 35% of employees may leave their jobs each year. After all, the rise of remote work has given employees a more comprehensive range of potential employers to consider than ever.

In light of the above, organizations need to develop a range of employee engagement strategies and other HR best practices to impact employee retention positively. 

With competitive benefit offerings, fostering a culture of recognition, and other vital techniques, you can boost your retention efforts in 2024 and beyond.

Here are six effective strategies to boost job satisfaction and help you retain top employees.

1. Offer competitive salaries


A comprehensive compensation package can incentivize employees to join your team and reduce turnover rates. This entails:

  • Paying employees fairly for their time and work.
  • Regularly adjusting their wages for rising inflation.
  • Compensating employees additionally as their experience level and responsibility grows. 

2. Encourage a work-life balance


The COVID-19 pandemic drastically changed how employees value work. Employees increasingly cite work-life balance as the reason for considering new jobs or have refused opportunities. 

To promote work-life balance, consider offering the following:

  • Remote work or hybrid options.
  • Flexible scheduling or reduced workdays.
  • Encouraging employees to check email or engage in work calls only during office hours. 

3. Provide a comprehensive benefits package


Studies reveal that a robust benefits package is crucial to attracting, engaging, and retaining talent. Hence, devise a comprehensive employee benefits program that meets your employees’ needs and tempts them to stay. This includes:

  • Prioritizing wellness offerings, including health insurance and mental health resources.
  • Extending child and dependent care benefits.
  • Providing employees discounts on travel costs, car rentals, food, and more.

Further, ensure that you revisit your benefits package every few years, considering your staff’s changing needs and any new offerings that may be available.

Talk to us about how Escalon’s essential business services can help you improve HR effectiveness.

4. Recognize and reward your employees 


A Brandon Hall Group report found organizations that prioritize employee recognition are 41% more likely to experience increased employee retention. This underscores the importance of recognizing and rewarding the contributions and achievements of employees. In this regard, consider: 

  • Setting up formal employee recognition and rewards systems.
  • Instituting social recognition programs.
  • Rewarding employees with bonuses and raises.
  • Providing perks such as paid time off or gift cards
  • Celebrating the achievements as well as small, daily wins of the employees.

5. Support employee career advancement


Providing your employees access to professional development opportunities also makes them happier and more likely to stay with your company. A 2022 McKinsey study notes a lack of career development and advancement as the most common reason for quitting a job. So, consider the following employee development initiatives:

  • Providing job training and continuing education.
  • Establishing a formal mentoring program.
  • Offering personal development and career coaching.
  • Delivering continuous performance management.

6. Foster a great work culture


Another critical employee retention strategy is creating a positive work climate that your employees want to be part of. Glassdoor’s Mission & Culture Survey reveals that a company’s culture matters significantly to job seekers (77% said they would consider a company’s culture) and employees staying in their jobs. Nearly 64% of employees cited good company culture as one of the main reasons they continue working for their current employer. 

To develop a great company culture, ensure to do the following:

  • Rewarding your staff not just for success but for effort.
  • Involving your employees in creative decision-making about the present and future of your organization’s mission.
  • Fostering diversity and inclusivity within your organization.

The final word


Remember, some employees will inevitably leave your company sooner than you’d like. However, the least you can do is make their decision difficult by giving them an exceptional experience. And suppose those employees leave knowing they were valued and treated fairly. In that case, they will likely say great things about your organization and might even return to work for you one day.

Schedule a call today

Want to know more about startups and what it takes to get started? Since 2006, Escalon has helped thousands of startups get off the ground with our back-office solutions for accounting, bookkeeping, taxes, HR, payroll, insurance, and recruiting — and we can help yours, too. Talk to an expert today.

This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

M&A Readiness: How to Prepare Your Financials for a Successful Acquisition or Sale 

Mergers and acquisitions (M&A) can dramatically alter a company’s trajectory—unlocking new markets, technologies, or customer bases. Yet, many deals stumble...

Read More
Accounting & Finance

Optimizing Working Capital: Strategies to Maximize Liquidity Without Raising Funds 

Working capital: The difference between your current assets and your current liabilities. It’s a key barometer of financial health.  While...

Read More
Accounting & Finance

Outsourcing vs. In-House: A Strategic Guide for Growing Companies

Expanding your team and capabilities is critical to sustaining growth—but the question often arises: Should you build an in-house department...

Read More
Accounting & Finance

The CFO’s Role in Driving Operational Efficiency in a Mid-Sized Company 

A Chief Financial Officer (CFO) isn’t just a numbers person anymore. Modern CFOs play a pivotal role in shaping strategy,...

Read More
Technology & Security

What Every $10M+ Business Should Know About Data Privacy Laws 

Once your annual revenue surpasses $10 million, you attract more attention from regulators, partners, and customers, especially regarding data privacy....

Read More
People Management & HR

The Cost of a Bad Hire: How to Improve Your Recruiting Process

Hiring is one of the most pivotal processes in any organization, particularly for a medium-sized business looking to scale. Yet...

Read More
People Management & HR

Key Insights from the 2025 CBIZ Not-for-Profit Pulse Survey 

At Escalon, we are committed to keeping our clients informed about the latest trends, challenges, and opportunities across the industries...

Read More
People Management & HR

Scaling Culture: How to Keep Employees Engaged as Your Business Grows

Growth in headcount brings exciting opportunities for a business, but it also poses a key challenge: How do you maintain...

Read More
Accounting & Finance

Managing Multi-State Compliance as Your Workforce Becomes More Distributed

Rapid expansion and remote work trends have empowered medium-sized businesses to hire talent nationwide. Yet with multi-state operations come multi-layered...

Read More