How Will You Retain Your Talent in 2023?

It’s difficult enough to recruit in today’s climate, but retaining employees is even more difficult.  The number one factor that employers should be focused on is the employee experience, specifically in the areas of recruiting and onboarding, diversity, equity, inclusion, and belonging, and growth and development.  Below are some tips on best practices in recruiting and retaining employees.

Recruiting and Onboarding

In a market where more than 80 million U.S. workers have retired, resigned to start their own business, or resigned to acquire a different skillset and move to a new area of expertise, organizations must assess their recruiting and onboarding strategy. In doing so, a first step is for talent management and HR departments to review their current job descriptions. According to Gallup, Generation Z and Millennials now make up nearly half (46%) of the full-time workforce in the U.S.  4 Things Gen Z and Millennials Expect From Their Workplace (gallup.com) What does that mean for organizations?  That means that job descriptions should include the wants and needs of the newest generations in the workplace.

Second, everything during the interviewing process, including time to hire, is essential to acquire good talent.  Phone interviews should be conducted promptly, and candidates should be informed during those conversations about the process.  That includes how long the organizations expects to interview candidates, next steps, and when a decision will be made.  It matters.

And finally, once a candidate is chosen and an offer is extended, the experience from delivery of the offer letter through the orientation process is critical. An organization’s brand benefits from an organized and thorough onboarding process.  New hire forms that can be transmitted and signed electronically should be distributed ahead of time, a formal orientation scheduled should be prepared, and a thorough technology training should be arranged for new employees.  Login names and temporary passwords should be created ahead of time so that new employees are able to log on and get familiar with the organization’s software applications on the first day of employment. 

Diversity, Inclusion and Belonging

Employers talk about diversity, equity, inclusion, and belonging during the interview process, and they post diversity statements on their websites.  However, it is important for employers to live by those values. New employees should feel they are joining an organization that respects their values and authenticity from the moment they walk through the door on the first day of employment.  It is the employer’s responsibility to live by the values they discuss on their website – not to just check the box by recruiting diverse individuals, but to genuinely live by the values they publish on their website.  Fostering a culture in which all employees are included as part of the family but also feel they belong (i.e., their ideas and contributions are valued, and they can come to work and be authentic each and every day) is essential for retention purposes. 

Growth and Development

An opportunity for growth and development is another important factor when it comes to retaining  employees. Employers should provide education to their managers on generational collaboration.  Professional development and training on the factors that drive each generation is critical for managers.  It will enable them to coach, mentor, and create growth and development opportunities for employees. For example, Indeed states that Traditionalists value loyalty and make an effort to help others. They may be more productive if they have an opportunity to engage in person with their peers. Boomers are loyal to organizations and do not need constant feedback about their work but are interested in professional development opportunities. They are also good mentors and can teach the younger generations about relationship development and communication.  Generation X is progressive and innovative and prefers autonomy.  Generation Y is results-oriented and may be able to help older generations with technology. And finally, Generation Z has a global mindset and is adaptive to change. However, Generation Z seek  job security and may stay with the same employer for several years (5 Generations in the Workplace: Their Values and Differences | Indeed.com.)  The bottom line is that different characteristics shape each generation, and managers need to be aware of those characteristics to provide growth and development opportunities across generations in an effort to retain talent in today’s workforce.

If you are looking to learn more about attracting and retaining talent in the current market, IntegriStar can assist!