KPMG polled 50 top CEOs from various industries between July and August 2023 to learn about their perspectives on the nation and its future and compared the results to those of 1,300 global executives. The survey found that organizations and executives are re-evaluating their retention strategies in light of an impending recession and they are also turning their efforts to talent retention.
While an increase in salary might prove a successful strategy in the recruitment of top talent, retention requires more than just a large pay check. Employees are looking for more than just competitive salaries. In the post-pandemic world people have altered their mindset when it comes to what they want and need in their work environment. Maybe your salary and benefits got them there, but how do you keep them?
Here are 5 top talent retention strategies to think about:
Invest in employee engagement:
High levels of employee engagement mean team members feel that they are a fundamental part of the company, and that they understand and are working to meet the company’s goals. In fact, according to Deloitte’s Talent 2020 survey, a mere 15 percent improvement in engagement can lead to a 2 percent increase in profit margins.
- Ask your employees what they need to feel happier at work and how, if given the chance, they would better the company to highlight actionable steps for organizational improvement. Employee surveys are a great way to do this.
- Provide feedback to your teams through regular informal meetings and more structured quarterly feedback sessions.
- Encourage your employees to share ideas and ways to innovate through frequent brainstorming sessions and by fostering an open-door management policy.
However, listening is just the first step — ensure you show your employees that their voices have been heard through implementation progress and status updates.
Prioritize professional development
Investing in the career and skills development of your talent is one way to ensure a profitable future in the long run. According to a study conducted by Degreed, 46 percent of the responding professionals agreed they are more likely to leave their company if they do not see a commitment to upskilling and reskilling, resulting in costly turnover.
Offering internal trainings, access to collaborative learning opportunities, educational resources, or the option to attend external courses will ensure your teams feel supported and that they have the skills and certifications to contribute to your company’s success.
Implement internal recognition programs
There is a strong connection between talent retention and employee recognition. In fact, Deloitte found that leadership support and recognition are among the top three most effective non-financial factors for retention.
Employee recognition can result in many additional benefits related to retention, including:
- Promoting a healthy work culture
- Increasing customer satisfaction
- Maintaining employee motivation
- Strengthening employees’ relationships with their work team
- Reducing dependence on managers
Foster a culture of diversity and inclusion
Diversity in the workplace is increasingly important to employees, especially those in the tech industry. Employees prefer to work at companies that are diverse, giving employers that prioritize diversity a significant advantage over the competition.
Looking beyond race, language, and gender ensures employees are treated equally and that employers have access to the best talent. Diversity also leads to inclusiveness and greater satisfaction within teams.
Offer flexibility around working schedules and location
Top talent in the post pandemic world expect more than just the ability to work remotely — they are looking for flexible work arrangements that ensure a better work-life balance.
A few ways that flexible working arrangements can help increase retention include:
- Increased employee loyalty
- Attractive brand and company culture
- Reduced stress within teams
- Better work-life balance
Related Article: Tips to Better Employee Retention
Related Article: Ways to Reduce Employee Turnover