Since the pandemic, businesses have witnessed a new trend of increasing numbers of employees resigning and changing jobs. Given employee departures, it has become a key concern to retain employees.
Increased employee turnover can be inconvenient and costly with frequent changes. According to Gartner, companies that had a 20% employee turnover rate before the pandemic may now witness a turnover rate of up to 24% in upcoming years.
Employers are looking for ways to incentivize and engage employees and encourage them to stay. Reducing the employee turnover rate and retaining talent is a key priority for 2023.
Why Is Retaining Employees Important?
Retaining employees is an integral part of business performance.
When employees leave, the company often loses important work experience and contextual understanding that the employee has developed in the course of their role. It also leads to changes in the workplace and further adjustments when new employees replace the former ones.
If the position remains unfilled, the remainder of the team may have to cover up until a replacement is found. This can put further pressure on the team, affecting the other employees and the performance of work.
Additionally, finding and replacing an employee involves extra administrative costs and time.
The process of recruiting and onboarding new employees and the time it takes for them to adjust to the workplace is another factor that can affect the regular continuance of work. In cases where a role requires training and technical know-how, this can be time-consuming and costly.
5 Things That Will Make Your Employees Stay
Here are five things your business can do to help make your employees stay in 2023.
A Better Hiring Process
The hiring process plays an important role in finding the right employees for your business. If you hire candidates who align with the business vision and values, they are more likely to adjust and stay on.
Additionally, hiring candidates who have the requisite skill set helps ensure that they can perform well in their roles and are more likely to continue at the company.
Another benefit of an improved hiring process is that it helps avoid mismatches between the candidate and the workplace.
According to a McKinsey report, 48% of workers are quitting their current job to move to an entirely new industry. Given this trend, it is increasingly important to ensure that employees’ professional interests align with the workplace and the work involved.
Onboarding and Training
A good onboarding process can help employees get a clear understanding of the expectations and norms at the workplace. It can also help them adjust better and integrate with the organization.
As a part of the onboarding process, it’s a great idea to train employees to work on systems in place so that they are familiar with the technology and processes involved. This sets the basis for their role in the organization.
Incentives to Retain and Attract Talent
Incentives are a great way to encourage employees to continue at the workplace. They are also a factor that potential employees or applicants consider and can help your business attract new talent.
Incentives can take various forms, ranging from competitive pay to benefits or perks. Pay and perks play an important role in motivating employees and enable employers to show appreciation for work.
Incentives also help attract talent and reduce the cases of talent leaving the company.
Some of the perks that employers are considering in 2023 include the following:
- Increased flexibility and paid leave, particularly for parental leave
- Increased investment in physical and mental well-being (like ergonomic office furniture and well-being apps)
- Reimbursement for technology expenses
Remote Work and Flexible Work Hours
During the COVID-19 pandemic, remote work became the norm across different industries. Many employees who had been working from home during the pandemic were reluctant to switch back to the earlier work setup.
Flexible and remote work conditions became a priority. These are now key benefits that workplaces are offering existing and new employees to enable more convenient work options.
Remote work and flexible work hours can also promote employee productivity. By offering more convenient work options, you reduce the chances of burnout and employee departures.
As an employer, you can facilitate remote work in various ways to enable your employees to work from anywhere. Many employers are assisting employees with the remote work process by ensuring they have the right devices and encouraging virtual work where possible, along with virtual collaboration.
Engagement and Collaboration
Engaging employees helps involve them and boosts workplace morale. Recreational activities and team outings are a fun way to liven up work. Encouraging collaboration between employees helps develop better work connections and promotes participation.
Strengthening employee relations and interactivity helps your business retain employees in the long run. Additionally, it helps foster a better work environment.
Some ways to do it include group activities, team projects, and facilitated interactions.
With remote work, your business can facilitate engagement and collaboration through various digital interactive tools. These include video chats, meetings, conferences, and other communication channels.
Another way to do this is through interactive training tools. These create an immersive learning environment for employees and make training a participative process. These digital tools can help involve and integrate employees better, leading to better employee retention.
By improving the training process, you ensure that employees can absorb and integrate learning material and skills, enabling them to manage work better.
Summing Up
Given the trend of employees resigning and switching jobs, retaining employees in 2023 may be a key consideration for your business. Implementing ways to retain employees not only helps your business avoid additional time and costs. It also offers a way to incorporate engaging solutions and incentives at your workplace.
Hurix offers an array of digital tools that provide interactive solutions for your organization or business. With collaborative tools, training technology, learning management systems, and more, these solutions will enhance what your business has to offer.
Contact us on marketing@hurix.com to find out how we can help improve the workplace setup and retain employees for the long haul.
