Turnover is costly, the report said, but employers can stem it with the right investments. To stem the tide of turnover and reduce costs, employers need to invest in talent retention, not just recruitment, according to a pair of reports released Feb. 19 by The Conference Board.

Through an analysis of its own recent surveys, The Conference Board spelled out four areas that employers could focus on to retain talent in an uncertain market.

Workplace flexibility

One of the main drivers of retention is a hybrid work strategy with strong communication and a focus on flexibility, The Conference Board said. 

The only benefit valued more than a competitive salary was workplace flexibility, according to recent survey results from the firm, followed closely by incentive pay and “generous paid time off.

Enforcing a return-to-work or on-site policy tends to spike retention challenges, survey data showed; forty-five percent of employers enforcing on-site work policies stated they had retention difficulties, compared to 15% of those with flexible policies. 

“Employers who enforce on-site work policies have significantly more difficulty retaining employees than those who allow them to choose their work location,” The Conference Board said.

Surveys and studies from other companies and universities corroborate these findings. NORC at the University of Chicago’s survey results indicated that RTO was creating a retention problem, while a study from the University of Pittsburgh found that companies enforcing RTO may see “brain drain” attrition.

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Source : https://www.hrdive.com/news/4-ways-to-focus-on-talent-retention/740732/