After two record-setting years for employees who quit their jobs, the dust seems to have finally settled for 2024 employee turnover rates.

Quit rates fell 12 percent between 2022 and 2023, and as the chart below shows, quit rates continued to fall over the last year.

That could mean employees have found better opportunities and are happy to stick around for a while. Or, it could mean employees are eyeing a shaky job market and choosing to stay put.

But just because the job market is a little stickier this year is no reason for HR teams to throttle back on creating a rewarding employee experience. After all, even if the trend holds, that still means about 45 million employees are eyeing the exit as you read this. 

Not everyone is convinced the trend is here to stay. A Feb. 2024 Harris Poll of 1,000-plus hiring decision-makers found one in three companies expect their turnover rates to increase.

So it’s worth taking this moment to take another look at your retention strategy to make sure you’re doing everything you can to retain your best employees the next time the job market heats up.

Retention Starts With Onboarding

A positive employee experience begins even before their first day on the job. An effective onboarding process sets the tone and lays the groundwork for an engaged, productive employee committed to your company's mission.

Take the time to make new hires feel truly welcomed into the organization. Have their workspace properly equipped. Pair them with an onboarding buddy to help them ramp up and integrate into the culture. And schedule regular check-ins during those critical first few months to gauge their comfort level and satisfaction.

Most importantly, use onboarding to clearly define performance expectations, success metrics, and opportunities for growth and advancement right from the start. When employees understand how their roles serve bigger objectives and what's expected, they'll be better positioned to stay motivated and deliver impact.

An organized, high-touch onboarding experience signals you value your new hire's future with the company. It's the first key step in cultivating long-term engagement and retention.

Recognize (And Reward) Employees Often

One of the most powerful drivers of engagement and retention is making employees feel appreciated and recognized for their great work. Unfortunately, many companies fall short in this area with sporadic or lackluster recognition efforts.

Establish multiple channels and creative ways to frequently celebrate employee accomplishments and milestones, both big and small. Consider programs like:

• Employee of the Month/Quarter awards
• On-the-spot bonus rewards (digital gift cards are ideal for this)
• Social recognition feed for peers to provide kudos
• Experiential rewards like team outings or lunch with a senior leader
• Work anniversary gifts customized to employee tenure

Promotions and merit-based raises are great, but employees need meaningful recognition woven throughout their daily experience. When they feel their hard work is genuinely appreciated, it cultivates loyalty and reinforces the behaviors you want to see.

Promote Learning And Development

Lack of career growth is one of the top reasons employees choose to move on. To retain your best talent long-term, you need to demonstrate their professional development is a top priority.

Meet with individuals regularly to understand their goals and aspirations. Collaboratively map out actionable development plans that include:

• Skills training programs
• Robust mentorship opportunities
• Stretch project assignments
• Job shadowing
• Tuition reimbursement for continued education

Some employers mistakenly assume frequent job changes mean employees only want promotions. However, research shows horizontal moves that expand capabilities are just as important to employees' sense of growth.

Formalize a process for applying to new internal roles. Top performers need to see a clear, equitable system for career advancement within your organization.

When done right, your learning and development offerings empower employees to take control of their professional journeys. It shows you're invested in their growth, which is a key driver of retention.

How Giftly Enhances Your Employee Retention Efforts

A holistic approach to employee engagement, recognition, and career development improves retention. The right tools simplify execution and amplify the impact.

Giftly's digital rewards and recognition platform provides a seamless way to incorporate meaningful appreciation into your employees' daily experience. With Giftly, you can easily deploy:

• On-the-spot bonus rewards for work anniversaries and project milestones
• Customizable rewards to celebrate tenure and motivate long-term retention
• Peer-to-peer recognition through social kudos and ecards
• Incentives tied to learning milestones in development plans

When combined with your broader programs for onboarding, training, and career paths, Giftly helps keep your organization's talent engaged, motivated, and committed for the long haul. Message us today to learn how Giftly can help your team increase employee retention.