After three years of intense labor market competition, significant shifts in working arrangements, and numerous trends like “The Great Resignation” and “quiet quitting,” 2024 is shaping up to be yet another year of transformations in the workplace.
While the Bureau of Labor Statistics reported fewer employee resignations last year than in previous years, organizations across the board still saw nearly 3.5 million resignations in November 2023 alone. And with over half of all employers disclosing no plans to hire new staff in 2024, the job market is expected to plunge in the first half of the year, displacing high-quality candidates.
So how will this affect organizations' retention goals in the new year?
Having an effective retention strategy will become all the more crucial—not just to prevent high turnover, but to ensure every employee is thriving and can effectively succeed in their roles.
But retention involves more than bribing employees to stay; true employee loyalty requires a positive and supportive workplace culture that values and prioritizes the wellbeing of each individual. As Gallup states, “Employers and employees are heading for a relationship reset [in 2024]”—and that reset must be centered around employee wellness.
In this guide, we’ll walk through the top strategies for retaining employees by taking a holistic approach to workplace wellbeing—but before we dive in, let’s take a step back to understand the overall landscape of employee retention, both this year and in previous years.
It’s impossible to predict whether employees will stay or leave, but it’s critical to understand the underlying reasons behind voluntary turnover.
In 2023, as many as 62% of workers wanted to (or already had) quit their jobs, per a recent report from Money Magazine. That’s a huge portion of the workforce who are not only disengaged, but actively looking for new opportunities. But what was causing this decline in employee satisfaction?
Here are a few top reasons why workers left their jobs last year:
So what does this mean for organizations in 2024? How can teams maintain a positive employee experience that encourages and empowers everyone to be their best selves?
As we navigate the new year, the employee retention landscape will undoubtedly evolve, but a few things remain clear from 2023:
Successful talent retention depends on an organization’s ability to adapt to evolving expectations and foster a culture where employees thrive.
Looking to elevate your wellness program for the new year? WellRight is here to help. Contact an expert to find out more about what a holistic wellness program can do for your employees.