As workers are quitting at “near-record rates,” according to a recent Reuters article, employers who want to beat the odds and hold on to top talent need to strategize. What worked in the past is still important in terms of offering pay raises, promotions, and perks, but it’s no longer enough to do only this. So, competitive employers are recognizing the need to think outside of the box when they consider ways to reduce employee turnover in today’s job market.

1. Offer Remote Work

“Remote work has been cited by survey after survey as the absolute workplace benefit—and some would even call it a right,” said Luis Magalhães, Founder and Editor-at-Large of ThinkRemote, an online resource for remote work news and guides, and Director of Marketing at DistantJob, “the world’s first remote recruitment agency.” Magalhães says, “There are so many people willing to drop their regular job for a remote job, we’ve even coined a term for it—The Great Resignation.”

So, with this in mind, Magalhães, who has been managing teams remotely for the past two decades, suggests that it’s common sense to give people the opportunity to work from home with a flexible schedule. “Just don’t fall into the common misstep of forgetting about them,” he said. “Feeling ‘forgotten’ or ‘out of the loop’ is the number one reason people quit remote jobs.”

2. Be Proactive With Stay Interviews

Gary Warner, Marketing Manager at Joloda Hydraroll, notes that the relatively new tactic of “stay interviews” can be an effective method of uncovering and resolving potential issues before a situation progresses to the stage of an employee being ready to quit. “Stay interviews also help to demonstrate to employees that their perspective is respected and they are of value to the company, increasing morale and engagement,” Warner said.

3. Create a Supportive Culture

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Recruiter Bert E. Miller, CEO of Protis Global and MRI Network, believes that companies can reduce turnover when leaders embrace openness and honesty as foundations of a supportive culture. “When a culture is clearly defined through core values and understood by team members, the end result is peak employee and organizational performance,” Miller said.

According to the recruiter, it can be very informative for leaders to examine how their culture has changed over the past two years—and just as informative if it hasn’t changed at all. “Values are generally static, whereas culture is a bit more fluid,” Miller explained. “Values typically create the foundation for your company and your culture. Once your company establishes a value system, outcomes will generally follow in cultural behavior.”

4. Make It About Output, Not Hours

“I’ve found that giving remote employees not just the ability to work remotely but also the ability to work their own set hours keeps everyone happy and productive,” said Chase Hattie, Executive Vice President of mowMedia. Hattie has been working remotely since 2018 and has helped scale the company from a remote team of three to a remote team of 15 across three continents.

Hattie explained that in today’s job market, “where there’s always another employer willing to pay more,” employers should leverage flexibility around hours and remote work in order to remain competitive. “Not only does this reduce employee turnover, it also builds morale, trust, and a meritocratic company culture,” Hattie said. “We constantly remind our employees that it’s not about hours, it’s about output.”

5. Nurture Professional Development

Toby Schulz is CEO and Cofounder of remote B2C company Maid2Match. Schulz and his two brothers have owned and managed a fully remote home services company for the last five years, with around 30 office staff and over 100 field staff. The CEO recommends expressing your desire as a manager to nurture each employee’s professional development from day one of each hire.

“Employees highly appreciate having a manager who values their personal growth and advancement within the company,” Schulz said. “Don’t make empty promises either—continuously demonstrate how you plan to support your employees in upskilling by providing them with training courses, one-on-one sessions, and more.”

6. Be Ready to Offer Pay Increases and Promotions

As you get more creative about strategies to reduce turnover, it’s important to keep pace with tried-and-true methods, like offering opportunities for increased salary and better career opportunities.

Schulz advised that if you want to retain employees, avoid telling them there are set rules around pay increases and promotions. “Whether you are a small business or a large corporation, where there is a will, there is a way to keep valuable employees at your company,” he said. “Even if you cannot afford an immediate pay increase, discuss a plan with your employee to show them you intend to look after them.”

As the world of employment continues to evolve, employers need to combine what’s worked in the past with new solutions. The methods above can help combat staff attrition and retain your company’s most important investment: your people.