How can companies ensure that they retain top talent in 2023?
Posted on 7th March 2023 at 14:28
Attracting and hiring top talent is just the first step in building an effective workforce. The hardest part is retaining the best and brightest employees. The most skilled and innovative team members have no end of opportunities on the job market, so it's vital that companies put in the work to prevent them from looking for bigger and better opportunities with competing organisations. Here are four ways that companies can hold onto their best team members in 2023.
1. Offer remote and hybrid work opportunities
97.6% of people who work remotely want to continue to do so for at least part of their work hours. Working from homes helps people save money on commuting and office lunch costs. Plus, it offers a better work-life balance by eliminating travel time and allowing people to create a workspace that suits their idea of comfort. If businesses want to attract and retain the top talent in their industry, it's vital that they cater to the demand for remote and hybrid positions. A huge benefit of having remote work capabilities is that organisations can recruit talented people from anywhere in the world. Plus, when existing talent wants to relocate, organisations don't have to lose their best employees.
2. Offer more benefits
Salary is without a doubt one of the most important factors in retaining talented employees, but it's just one aspect of an appealing benefits package. Paid annual leave, flexible hours, private healthcare, pension, gym membership, discount cards and bonus schemes are all examples of appealing benefits that could incentivise top talent to stay with an organisation. It's important to consider that different employees have different ideas about what makes for good benefits depending on where they are in their career and family life. For example, those who are parents might value the option of flexitime most, whereas a recent graduate at the start of their career may prioritise an opportunity to earn generous financial bonuses.
3. Create personal development plans
Personal development plans are strategies for individual employees to develop in their role and their career by setting and meeting objectives. They're a brilliant way to help employees continually upskill and improve their performance. Employees often feel frustrated if they feel there's no room for them to progress or learn in their current role. If your organisation doesn't want to lose its best talent, it's important to give employees the opportunity to learn new skills, take on extra responsibilities and progress into more senior roles.
4. Let employees in on your vision
82% of employees think it's important for their organisation to have a purpose, and 90% would trade a percentage of their salary for more meaningful work. If organisations can't show their top talent that their work has value and meaning, they risk losing them. It's important that your company has a clear vision about the impact it has or wants to have on the world. Even more important is communicating this vision to employees so that they can get behind the organisation's cause and feel proud of the work they do.
Work-life balance is key to retaining top talent in 2023
In 2023, employees want to feel like their career fits into their personal life and aligns with their values. By respecting the work-life balance of your top talent and taking an individual approach to their development, you can make them feel valued and incentivise them to stay loyal to your organisation.
Dean Chapple currently works as a human resources manager for a large enterprise. With 10 years of career experience, he has developed a deep understanding of employee engagement and satisfaction. When he’s not working, he enjoys mountain biking and spending time with his children.
If you would like to find out more about how Emerald Starfish can support with your Employer Branding, please contact 01162080246
Tagged as: retention strategy, salary expectations, Staff retention, Values
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