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News - 05.01.2023

Posted by adam.mcelligott

News - 05.01.2023

3 Employee Retention Strategies to Consider in 2023

3 Employee Retention Strategies to Consider in 2023

In today’s competitive hiring market, employee retention has become a number one priority for HR professionals. This is highlighted in a recent CEO survey by Deloitte proving that employees are now in a perfect position to find jobs that meet their needs professionally and also provide a good work/life balance. Employees have ever-evolving expectations about what they want from their employers, and companies need to listen to remain competitive.

This became more prevalent since the pandemic started in 2020 whereby there was a sudden shift regarding employee expectations in the workplace. And this will likely continue into the year ahead as remote and hybrid working models have now long replaced the traditional on-site working week and is here to stay.

In many ways this new working model presents HR leaders with the opportunities to evaluate their current practices and continue to find more creative ways to attract top talent and improve employee retention and engagement. In turn, this will allow them to remain competitive in the market for jobseekers and retain their current employees.

To examine this further, we listed three employee retention strategies that HR leaders can implement to reap the benefits of what’s been learned over the last three years.  

  1. Encourage an open feedback culture

Creating a feedback culture within an organisation is a critical driver of positive organisational and financial outcomes and for employee retention as your people feel heard and valued. A positive feedback culture in an organisation is one where employees have access to each other, build and maintain relationships, address biases, have open dialogue, offer constructive criticism, and highlight accomplishments. Building a feedback culture is also vital to understand your employees’ opinions and feelings and how best to support them to do their job effectively. Based on this insight, organisations can then carry out strategies to meet the needs of their employees once they align with the goals of the business.

  1. Prioritise employee well-being

Employee well-being is a growing and important area where companies should continue to invest. Employees value the ability to continue working while caring for their families and themselves without worrying about having to sacrifice one over the other. To help address and avoid employee burnout, focus on implementing mental health support programs; offering access to diverse wellness coaches; allowing for sick leave; and look at developing social events to encourage a more welcoming and friendly dynamic within the organisation such as team building activities.

  1. Use coaching to foster a sense of trust and accountability

HR leaders should reconsider how they evaluate employee productivity and performance measurement. The emphasis should move from managing to coaching and building performance management models that encourage open conversations, provide continuous feedback, and offer clear expectations on goals and outcomes. Now more than ever, employees need to be empowered to make the right decisions, accelerating innovation and autonomy.

Are you looking to transform how you manage performance with an HR platform that your employees will love? Book a meeting with one of our performance management experts here at a time that suits you.

 

 

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