And it\u2019s no wonder: Last year, 47 million American workers left their jobs in a record turnover tsunami dubbed by many as the Great Resignation. The trend has set employers up for a major retention headache: A recent study by Paycor found that more than three-quarters of business leaders surveyed said their attrition numbers have jumped in the last year, and almost as many reported that a lack of talent was putting their business at risk.<\/p>\n
While experts predict the exodus may be showing signs of slowing in the coming months, that hasn\u2019t stopped employers from continuing to scramble to figure out how to hang onto their top talent. As organizations head into the second half of this year, they\u2019re starting to look ahead to how these trends will play out in 2023. So, what\u2019s to come for retention?<\/p>\n
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The Paycor research found that employers are increasingly relying on compensation as a driver of retention, and will continue to do so into 2023. Salary increases were actually the top retention strategy cited by half of those surveyed. Along with offering more money, employers are also getting on board with better, higher-value benefits, including more robust retirement plans and paid leave. Taken as a whole, it\u2019s clear that employers are willing to put their money where their mouth is to get their standout talent to stay on board.<\/p>\n
<\/p>\n
In addition to polling business leaders, Paycor also spoke with employees and found that culture, not higher compensation, is actually what\u2019s most important to them. Over the last two-and-a-half years, the pandemic has reshaped many employees\u2019 priorities, including around the type of organization they join. Company culture\u2014fueled by everything from opportunities for upward mobility to how team meetings are conducted\u2014can either make or break retention. Now, more than ever, is the time for employers to center culture in order to center their employees.<\/p>\n
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As scores of research has shown over the last few months, the rapid shift to remote work when the pandemic started is no longer a temporary fix\u2014flexibility is here to stay. Besides culture and higher wages, flexibility was a top factor that employees said would keep them from leaving an employer. And according to the research, many employers in 2023 will recognize that, as they cited flexible workplaces as another top retention strategy.<\/p>\n
<\/p>\n
Retention in this unprecedented market is a new challenge for all employers to navigate\u2014but it\u2019s one that\u2019s highlighting the need for innovation as a cornerstone of the talent strategy. Being willing to try new approaches, pivot and reinvent are all essential in an environment like this. While that may be a hard sell for business leaders committed to sticking with tried and true strategies for success, the start of 2023 will be here before employers know it\u2014so now is the time to gear up, get creative and put your people at the heart of your work.<\/p>\n","protected":false},"excerpt":{"rendered":"
Retention\u2014it\u2019s a word that\u2019s keeping most HR and business leaders up at night. And it\u2019s no wonder: Last year, 47 million American workers left their jobs in a record turnover tsunami dubbed by many as the Great Resignation. The trend has set employers up for a major retention headache: A recent study by Paycor found…<\/p>\n","protected":false},"author":3,"featured_media":14365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-11428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-integrity-insights"],"yoast_head":"\n