Employee Retention Strategies

With a whopping 93% of workers planning to look for a new job this year, it’s no surprise that workforce sustainability continues to be a major challenge.

 

Total rewards strategies, such as family care and education programs, can significantly improve employee engagement and job satisfaction, while lowering their risk of leaving.

Let's talk about employee retention
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Why are employees becoming increasingly difficult to retain?

Today’s employees know their talent and skills are in high demand and won’t settle for an organization that doesn’t value them fully. Unlike previous generations of workers, the modern workforce, comprised primarily of Millennials and Gen Z, has higher expectations for flexibility and support. They seek benefits that meet their needs both in and out of the workplace, including:

  • Better work-life balance - Millennials and Gen Z cite workplace flexibility as their top reason to stay with an organization
  • Superior benefits, such as family care and education support - 6 in 10 of these employees expect employers to help solve child care needs, according to a forthcoming Harris Poll and Bright Horizons study
  • Career growth and upskilling opportunities – 96% say that having access to skills development is important to them

Organizations willing to make the necessary investments in strategies that support employee retention will build a thriving, sustainable workforce for the long-term.

A comprehensive guide

Understanding benefits that drive retention

Our guide explains the various types of family care benefits, including stipends, child care centers, and back-up care, to help you build the right program for your unique workforce.

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The importance of employee retention strategies

Implementing retention strategies that employees value benefits organizations in critical ways:

  • Improved employee loyalty and morale: 79% of employees have quit a job due to a lack of appreciation. Investing in solutions that directly align with employees’ pain points make them feel seen and valued, resulting in a more loyal workforce.
  • Increased productivity and output: nearly half of employees (46%) say unwanted interruptions reduce their productivity or increase their stress more than six times a day. Family care benefits help employees focus on work, feeling confident their loved ones are in good hands.
  • Budget savings: the direct costs of replacing an employee can range from 50% to 200% of their annual salary. That means workplace retention strategies can save your organization hundreds of thousands of dollars annually.
  • Satisfied customers: companies with high employee engagement and retention report 2.5 times more revenue growth, partly due to better customer relationships and service consistency.

Workplace retention strategies for employers

 

The most effective retention strategies for employers address employee needs holistically, providing actionable solutions for their biggest challenges in both work and life. Successful strategies include:

 

Flexible work arrangements

Hybrid or remote working options, as well as flexible work schedules, help reduce employee burnout, which fosters long-term job satisfaction and reduces the likelihood that employees will leave.

 

Family care benefits

Programs such as child or elder care support help employees navigate personal responsibilities without added stress, making it easier for them to remain engaged and productive at work.

 

Education and upskilling programs

By offering tuition assistance or additional educational opportunities, employers enhance the skillset of their workforce, while gaining deeper loyalty among their employees.

 

Defined career pathways

Giving employees a clear vision of their future through career pathways motivates them to stay and grow with your organization. When workers see opportunities for progression and development, they are more likely to remain engaged and invested in their roles.

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Improve employee retention with family care benefits

Bright Horizons provides strategic solutions that help employers cultivate high-performance workforces. Our benefit offerings act as retention strategies and support workers through diverse needs.

More than 1,450 organizations rely on Bright Horizons for family care and education programs that help employees balance work-life needs, deliver their best performances at work, and advance their careers.

Bright Horizons' family care benefits include:

  • On- and near-site care: help employees secure affordable, quality child care by offering care centers located at or near the workplace
  • Back-up care: prevent work absences that result when care arrangements fall through or regular care isn't available, such as during school breaks
  • Elder care: provide holistic support for employees who are responsible for taking care of aging parents or elderly relatives
  • College coaching: reduce workplace distractions by helping parents and their children prepare for and apply to college
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Retain top talent with Bright Horizons

Hear how on-site child care has become a successful retention strategy for top companies.
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Retain employees with education benefits

Education benefits are among the most effective retention strategies for employers and essential for organizations looking to remain competitive in a rapidly evolving world. As talent gaps widen, connecting your employees to education opportunities can help promising workers grow professionally and gain in-demand skills.

EdAssist by Bright Horizons benefits include:

  • Tuition assistance: unlock workforce potential and drive employee loyalty with highly configurable, end-to-end solutions
  • Student loan support: help employees tackle student loan debt to bolster financial wellness and position your organization as an employer of choice
  • Career pathways: empower employees with an interactive approach to discovering career possibilities curated by industry experts and backed by research
  • Coaching: academic, career, financial and policy coaching allow your employees to navigate important decisions with confidence

Child care is critically important to attracting and retaining Stanford University faculty and staff. It’s also important to our graduate students and postdocs, who often come here from other parts of the world without their families close by. Most are coming in the prime of their family growth years and at a really demanding time in their careers.”
Associate Vice President, Employee Support Programs & Services,
Stanford University
Alston & Bird has been on the Fortune Best Places to work list for 23 years. And we have been partnering with Bright Horizons for 22 years. So I would think that it is safe to say our partnership with Bright Horizons definitely helps us recruit and retain talent and continue to be an employer of choice for attorneys and staff in the legal industry.”
Benefits Manager,
Alston & Bird
Being able to offer and having this program in place has been an absolute competitive advantage in attracting and retaining research and development talent, our manufacturing talent. Our voluntary turnover compared to the industry is nearly half.”
Vice President of Human Resources,
United Therapeutics

Elevate your retention rates with family care benefits

Family care benefits can be the differentiator your organization needs to compete for and retain top talent. Learn how Bright Horizons can help.

Looking to book care or access your employee benefits? Get started here.