Recruit. Retain. Repeat.
Engaging candidates while hanging onto preexisting talent is always a top priority for HR, and it will continue to be in 2024. Already, 51% of employers are planning to up their starting salary offers next year as a way to attract more highly skilled employees, a recent report from talent solutions firm Robert Half shows.
“Competitive pay and flexible work are top of mind for professionals and will likely influence their career decisions in 2024,” Dawn Fay, operational president of Robert Half, said in the report. “To attract and retain top talent—particularly in an uncertain economy—it’s critical for employers to benchmark salaries and compensation packages, consider options for hybrid work, and employ strategies to bolster employee engagement and morale.”
HR Brew has covered companies putting these tactics into action in 2023. We combed through our coverage to gather the most inspiring stories for our readers as they begin to strategize for the new year.
Why HR should prioritize effective communication around pay
Increasing transparency and communication around pay can reduce an employee’s intent to quit by 30%, according to Payscale research. Training managers to have open conversations with employees about their pay and the compensation policies established by the company can reduce disengagement and turnover.
Pet food company Stella & Chewy’s says it will give employees a $15,000 bonus—if retention improves
Pet food company Stella & Chewy’s announced a plan to incentivize manufacturing employees at its Wisconsin plant to remain with the organization, saying it will offer $15,000 bonuses if the manufacturing site’s overall voluntary turnover rate drops below 23% in three years.
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This freight company is investing in employee education and reaping retention rewards
North American freight company XPO offers employees several education benefits including tuition reimbursement. Some 93% of employees who utilize that program remain with the company.
Three ways HR is addressing staffing challenges in healthcare
Ongoing staffing challenges are a large concern for HR leaders in healthcare, but the industry is finding ways to address the issue. Turning to gig work, creating an internal talent sourcing program, and investing in workforce training have helped some organizations recruit and retain healthcare workers who are already in short supply.
Here’s why TA pro Mandi Spindler changed her company’s approach to recruitment
When Ulteig, a North Dakota-based engineering company, changed up its approach to how it sends out recruiting messages, it noticed an immediate difference in numbers of responses from candidates.
How a flower shop in Brooklyn used Instagram to grow recruiting
In early 2023, Suzanna Cameron, owner of Stems, an environmentally conscious flower shop in Brooklyn, New York, was struggling to find new employees through the usual hiring channels. In order to find candidates with the right skills and a passion for the job she made Instagram her main source for recruiting—and it worked.
Correction 12/19/23: This article has been updated to clarify who is eligible for Stella & Chewy's retention bonus.