Over a period of less than three years, organizations have weathered the storms of a global pandemic, a significant shift in how business is conducted with the dramatic increase of remote work, an upheaval in the workforce due to the Great Resignation, and most recently, skyrocketing inflation and worries of a possible economic recession.
How has all that changed the way business leaders view the human resources landscape? Recruitment, which has long been a top priority for organizations, is taking a back seat to employee retention in the new landscape. HR business partners have realized a greater need to invest in engaging employees they worked hard to bring on board.
A recent report from HR solutions provider Lattice surveyed more than 800 global HR leaders in various industries and found employee retention to be the top priority among their 2023 initiatives, followed by manager training, and then learning and development.
A major issue is the challenge of more remote workers than we’ve ever seen. Less face time among staff and between staff and management can result in employees feeling more disconnected from the organization. Career conversations happen less often, and employee morale can be hard to track.
The good news is that most HR executives and change agents are figuring out solutions through investing in the people they already have. The Lattice report also showed that more than 85% of HR teams say they’re putting more effort into improving employee engagement than they have in the past.
Advancements in technology that have resulted in more-robust HR analytics have allowed human resources professionals to implement more effective, people-centric strategies based on reliable evidence about what’s truly important to employees: improved culture, a creative total rewards structure, increased pay transparency, staffing efforts built around diversity, equity, and inclusion (DEI) initiatives, and more.
As a greater expectation to align HR strategies to business outcomes continues to evolve, a crucial aspect will be employee growth and engagement and, thus, a higher level of retention of the key talent organizations will need to move forward. Employers Council’s whitepaper on retention discusses the reasons employees leave and strategies to help them stay. If you have any questions or need assistance, please contact our Member Experience Team.
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