How to Hire and Retain Top Talent in 2024: A Guide for Food & Beverage Employers
Employee retention and fair compensation are two important factors that affect the success of a food and beverage manufacturing company. In a competitive and dynamic job market, attracting and keeping the best talent is crucial for achieving business goals and staying ahead of the competition. However, many employers face challenges in hiring and retaining employees, especially due to changing expectations of the workforce. In this blog post, we will explore some of the key trends and strategies that employers should consider for employee salaries and retention in 2024.
Trends in Employee Salaries and Retention
According to a recent report by LinkedIn, employee turnover increased by 8.8% globally in 2021, reaching a five-year high. The report also found that the top reasons for employees to leave their jobs were career advancement, compensation, work-life balance, and company culture. These factors are likely to remain relevant in 2024, as employees seek more opportunities, flexibility, and autonomy in their work.
Some of the trends that employers should be aware of are:
Remote/Hybrid Work
The pandemic accelerated the shift to remote work, with many employees preferring to work from home or anywhere they choose. A survey by PwC found that 55% of employees would prefer to work remotely at least three days a week after the pandemic. Remote work offers many benefits for employees, such as saving time and money on commuting, having more control over their schedule, and achieving better work-life balance.
However, remote work also poses some challenges for employers, such as maintaining communication, collaboration, and engagement among distributed teams, ensuring productivity and performance, and providing adequate support and resources for remote workers. To attract and retain talented professionals, employers should consider adopting a flexible or hybrid approach to remote work if someone’s work tasks do not specifically require them to be onsite to access those tasks. Still need convincing? Here is How Employers Can Benefit from Having Remote Employees.
Employee Engagement
Employee engagement is the degree to which employees feel committed, motivated, and connected to their work and organization. Engaged employees are more productive, loyal, innovative, and satisfied with their jobs. However, employee engagement can be difficult to maintain in a remote or hybrid environment, where employees may feel isolated, disconnected, or unsupported by their managers and peers. Employers should invest in employee engagement initiatives, such as regular check-ins, individual and team video calls, recognition programs, feedback mechanisms, team-building activities, and wellness programs. Employers should also foster a positive and inclusive company culture; one that aligns with the values and goals of their employees is definitely a plus.
Compensation
Compensation is one of the main drivers of employee attraction and retention. Employees expect to be paid fairly and competitively for their skills, experience, and performance. However, compensation is not only about salary; it also includes benefits, incentives, bonuses, equity, and other forms of rewards. Employers should design a comprehensive and transparent compensation strategy that reflects the market value of an employee’s role, the performance and impact of each employee’s work, and meets the financial needs of the employees. Employers who communicate clearly and regularly with employees about their compensation package, how it is determined, and how it can be improved will also benefit from those conversations, rather than be taken off guard in an unfortunate exit interview.
Download our Free Salary Guide and get access to salary ranges and median base salary compensation for over 150 job titles in the food and beverage industry.
Download NowCareer Development
Career development is another key factor that influences employee retention and satisfaction. Your employees desire opportunities to learn new skills, take on new challenges, and advance their careers within the organization. Employers who provide employees with career development support, such as mentoring programs, coaching sessions, learning platforms, career paths, and internal mobility options have a greater likelihood of retaining key players. Encourage your employees to pursue their personal and professional goals and celebrate their achievements.
Looking to Hire a New Food & Beverage Professional for 2024?
Kinsa Group has been a trusted ally for the food and beverage industry for 38 years and provides remote recruiting support daily across North America. Contact us today for more information on how we can work together to attract top talent – remote or onsite – to your company.
Contact an Account ManagerRelated Posts:
- 5 Tips for Hiring Remote Workers
- 5 Time Wasters in Your Hiring Process
- Struggling to Fill Important Job Openings?
- 10 Hiring Secrets That Executive Recruiters Wish Employers Knew
- When to Use a Recruitment Firm | 5 Questions to Ask