What’s Behind Employee Retention in 2023?
The events of the past few years have redefined employees’ priorities. Now more than ever, employees seek a holistic and empowered experience from their organisation – and those not responding to this risk the painful and expensive consequences of losing their best talent.
So, what are some of the key factors behind an effective employee retention strategy in 2023? Here, we explore what teams really want – and where businesses need to shape up.
1. Feeling valued. Employees need to feel recognised for their contributions – whether that’s across performance, effort, altruism, service milestones or personal celebrations such as birthdays. A crucial factor behind a modern employee retention strategy is an authentic culture of recognition and belonging that celebrates individuals from every angle.
2. Adequate reward. Achievements and performance need to be tangibly rewarded to ensure employees not only feel valued but feel motivated to unleash their potential. Reward can either be monetary or non-monetary, but a personalised approach ensures individuals and teams are incentivised to commit their best efforts.
3. Flexible working. Businesses with the most effective employee retention strategies adopt a flexible working model that can be tailored around its teams’ needs and best ways of working. Empowering employees with the freedom to control their time is critical to enhancing the EVP.
4. Remote and hybrid policies. Whilst industry discussions around remote work and productivity continues to trend, at Rippl we believe in People strategy over set-up in driving engagement. In a modernised world, remote and hybrid working opportunities are fundamental to retaining talent – prioritising an outstanding overall employee experience over in-office mandates will be much more powerful in boosting retention.
5. Authentic culture. The role of culture in employee retention is growing – with more and more seeking a culture that is authentic to the business’ core values and purpose, but also aligns closely with their own personal principles. Now more than ever, employers need to practice what they preach – and proactively champion authentic culture at all levels.
6. Consistent connection. Regular, open communication enables employees to feel connected to their business and its wider community. News, updates and engagement should be delivered on a consistent basis so each individual feels part of the organisational journey.
7. Feedback opportunities. Employees need to feel seen and heard within the business. Leveraging regular pulse surveys, polls and feedback loops enables each individual to have a voice in shaping the overall employee experience and highlight challenges that could result in flight risks.
8. Wellbeing offers. A holistic approach to employee wellbeing is fundamental for an effective employee retention strategy. Wellbeing support should be front and centre of the organisation’s benefits package and encompass physical, emotional and financial health to evidence commitment to nurturing the people behind its brand.
Want to explore a tailored approach to boosting engagement and retention across your business? Chat to one of our experts and discover how Rippl can make waves for your strategy.