QOTW: Attracting and Retaining Employees

We’re hearing a lot in the media about the tight-labor market and how companies are having a hard time recruiting and retaining employees. This week we asked plan sponsors what their company is doing to address this, if anything. More than 90 percent of organizations are making changes of some kind, and the top three answers may surprise you. The most cited tactic to retain and attract employees was promoting organizational culture, cited by a third of respondents, followed by expanding work-from home programs (nearly a quarter of employers), and diversity, belonging, and inclusion programs (ten percent). These areas of focus are likely cost-effective ways to retain employees, by trying to create a work environment where people want to be. Increasing pay and benefits are also being considered, but only by a handful of companies.

Comments include:

• How can we be creative with benefits to diversify ourselves from other organizations!
• It has been very difficult so far this year in the healthcare industry!
• It is a challenging environment to hire.
• It's tough.
• Not so much the "reward statements" as increasing benefits and pay - total rewards.
• The increase match is only for specific union positions.
• This is almost too broad a question.  Every part of the business is hitting this in some way or another, beyond these lists.
• We already have many of the line items noted and because of this we are able to attract and retain.
• We are leaning on creating a great work life balance with a ministry focus.
• We are pulling all the levers we can - more PTO, more money, improved communications, emphasis on culture, employee growth and development.
• We are serious on retaining employees that we just had a one day strategic planning session on what we can do this year to build upon our organizational culture and what benefits fit with our culture and how to improve them.
• We have a bonus referral program where an employee can earn addition pay at 3-6-12 month intervals for a total of an additional $1000 at the end of the year if the person referred lasts 1 yr.
• We have a very robust benefits program in place.  Have recently added student debt and additional mental health programs.  May enhance employer FSA & retirement contributions.