What it takes to keep talent in 2024

Published 2 Min Read

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Employees may not have the upper hand in today’s labor market, but the majority are still keeping an eye out for better job opportunities this year. Employers who let workers know they are valued personally and professionally stand a much better chance of keeping their talent from straying. 

Ninety-five percent of employees are currently looking or plan to look for a new job in 2024, according to a new survey from Monster. The data shows insufficient wages, lack of flexibility, poor mental health at work and burnout are some of the main reasons workers are looking for a change — but even with no evidence of these issues, employers should assume employees are always looking for better options, says Monster career expert Vicki Salemi. The survey shows that recruiters are already operating under this mindset, as 57% said they are prioritizing retention over acquisition in the coming months.   

Eighty-one percent of Monster’s survey respondents said their current wages have not balanced out with the rising cost of ​living, and 42% said a salary increase ranks highest on their list of priorities. Salemi emphasizes that paying employees market rate is essential, and if a salary increase is not within a company’s budget, there are other ways to offer compensation. 

“Retain your workers not only [with] salary adjustments, but also bonuses throughout the year, such as performance-based or completion bonuses,” she says. “If they were to leave you, you would need to replace them at top dollar and include training, ramp-up time and assimilation, along with the additional work your current workers are taking on.” 

Lee Hafner
Editor

Lee joined the EBN team in 2022, and covers areas including caregiving, employee health and wellness, healthcare innovation, and company culture. She created EBN's popular Benefits in Action and … Read full bio


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