How to Retain Top Talent Beyond 2023 & Why Hybrid Work is the Answer

Business leaders faced lots of challenges in 2023, and while it may seem like things are “back to normal” following the pandemic, it’s not really. 

One thing that’s stuck around is the demand for remote and hybrid work. 

During the pandemic, office workers found out that many jobs could be done remotely. 

On the other hand, frontline employees like retail workers, restaurant staff, construction, and healthcare workers were a bit challenged when it came to working from home. 

Companies that saw a boom during the COVID pandemic, like in the technology industry, staffed up but couldn’t keep up with the labor expenses as we came into 2023 and rumblings of an impending recession. 

This ever-changing professional landscape has made it harder and harder to attract and retain top talent. Our new white paper "The Future of Management: Prioritizing Employee Experience" explores the current challenges and trends surrounding talent management. 

This article provides a summary of the key findings in the white paper – shedding light on the importance of addressing employee expectations, embracing hybrid work models, and leveraging digital technology to enhance the overall employee experience.
 

According to a survey by talent solution provider Robert Half, staff retention is a significant concern for managers, with 87% of employers in the United States worrying about losing employees to new roles. At the beginning of 2023, 46% of professionals reported their intention to seek new jobs. To mitigate this risk, organizations need to focus on understanding and meeting employee expectations.

When it comes to retention, it’s not only about pay. The top 3 reasons job seekers are quitting jobs include salary, benefits, and a feeling of overwhelm or lack of support. 

Salary will likely always be towards the top, especially during economic uncertainty like we are in now, but employers must start looking at more of the less tangible benefits that employees want. Benefits doesn’t always mean what type of health insurance your company offers, but rather, now includes things that contribute to work-life balance like flexibility, time off, and work location. 

Where to start? 
 

1. Embrace Hybrid Work

Accenture's Future of Work Study reveals that 83% of workers prefer a hybrid work model. However, managing hybrid teams poses daily challenges, such as digital exhaustion and siloed communication. It is crucial for employers to support their management teams in providing guidance and fostering a positive work environment for hybrid employees.

Many employers want to see employees return to office, some claiming it’s for company culture reasons. Others are wondering if they can save expenditures by not having an office at all. 

If you are thinking about requiring your employees to return to the office, consider this - 50% of professionals in the US say they would look for a new job if their company required them to return to the office full time. Can your company afford to lose that many employees?  

2. Understand employee motivations

To attract and retain top talent, employers must pay attention to two key factors: internal culture and flexibility. A study by Robert Half found that 35% of job candidates are willing to reject an offer if the company culture doesn't align with their values. Flexibility in work arrangements is also highly valued, with lack of flexibility being a common reason for declining job offers. 
And don’t forget the 3rd reason people quit jobs - a feeling of overwhelm or of lack of support. Many office workers report that eliminating a daily commute to the office significantly reduces their feeling of overwhelm when sorting out their professional and personal to-do list for the day. 

3. Leverage Digital Technology

Digital tools play a vital role in enhancing the employee experience. By implementing well-structured processes and automation, organizations can ensure that key moments in an employee's journey, such as onboarding or career advancements, are given due attention. 

This is one way that companies are choosing to revamp their company culture – by reevaluating communication and collaboration methods to accommodate these new work models. For example, research shows that 52% of employees prefer watching video over reading content. A secure video management tool can streamline video sharing, protect videos with sensitive information, and can help you easily share media-rich updates. 

Digital solutions can also streamline communication, centralize information, and save time for HR departments to focus on supporting managers and employees.

4. Overcome Management Challenges with a hybrid, dispersed team 

In a hybrid work environment, managers face new challenges in maintaining team cohesion and communication. It is essential to adopt strategies that promote individual and collective effectiveness, including regular team meetings, trust-building, performance-driven management, and effective communication channels. Additionally, prioritizing employee well-being and fostering strong relationships within the team are crucial for success.

To wrap it up…

The white paper "The Future of Management: Prioritizing the Employee Experience" sheds light on the evolving landscape of talent management. 

What else you’ll learn in the white paper: 

• How to use technology to enhance the employee experience
• How to re-think management in a hybrid world
• Three Essential "Power Skill" Categories Every Manager Needs
• How to do internal communication smarter, not harder
• A case study for how one client uses LumApps to improve employee engagement

An employee experience platform, like LumApps, can help improve your employee engagement through hyper-personalized communication, a centralized space to create community and culture, guide employees through career milestones, and automate everyday tasks so you can focus on the human elements that matter most. 

Ready to invest in your employee experience strategy? Book a demo today. 
 

The Future of Management: Prioritizing the Employee Experience 

Reflecting on the impacts of the pandemic on today's workforce, this white paper explains the most critical trends in management and how you can improve processes in your company.