Since August 2019, Iowa has seen its workforce shrink by 3.7%, from more than 1.74 million workers to just over 1.68 million, data from Iowa Workforce Development shows.

Many workers retired and even more are on the horizon as members of the baby boomer generation leave the workforce. As the number of people in the state’s workforce declines, it’s become vitally important for companies to retain current employees.

The Business Record asked panelists in its Jobs Outlook discussion to share one thing employers could do to retain employees.

Kathy Anderson, division administrator, business engagement, Iowa Workforce Development: Many people assume that retention strategies need to be expensive, but that is not always the case. If I were an employer, I might start with asking the top talent what matters most to them, and then listen. What matters to one might be very different than what matters to another. … Flexibility is one thing we’re hearing a lot about from our employers. That flexibility might mean work hours, it might mean work location, it might mean having a weekend shift to help alleviate some … child care struggles.

Samantha Groark, executive director, Central Iowa Building & Construction Trades Council: Take care of your people. Pay is important. So are benefits. And you need to play by the rules. A lot of employers do not play by the rules, and that’s going to be important if you want to keep your people.

Amner Martinez, founder & CEO, Infinite Resources:  Culture is important. [Employers also should have] a diverse workforce. The demographics [of Iowa] are changing. … I, as an employee, need to see people who look like me and then I’ll stay with that employer.

Joyce McDanel, vice president of human resources, UnityPoint Health: Culture is it. We need to make sure that we continue across Iowa to build diversity in our workforces and make sure that we’re creating a welcoming environment.

Melissa Ness, CEO and president, Connectify HR: I read a book in the last year or two called “Time to Perform.” I highly recommend it. It talks about internal motivation. Pay is table stakes, and we’ve all been talking about that. [The book describes] how you tap into play, purpose and potential. … It just changed my paradigm completely about how to tap into that internal motivation and really help your employees, your team, maybe even yourself, live your best days, work your best days. … Retention, to me, is a lot about culture and a lot about how you tap into that play, purpose and potential.

Tom Root, associate professor of finance, Drake University: Provide employees with a rewarding experience, and by rewarding experience, I mean things that are outside of salaries, outside of benefits. It’s coming to work and having a day where you enjoyed being at work and you feel that you’ve accomplished something; that you feel like you are a valued member of the team you are working on.

Watch the full video of the panel discussion here