In today’s highly competitive job market, retaining and attracting top talent can be a major challenge for organizations of all sizes. In 2023, as the COVID-19 pandemic continues to drive the surge in remote work, employers are experiencing new challenges in terms of maintaining a strong company culture and strengthening employee engagement. Focusing on employees’ needs is a great place to start.
Here are five strategies that can help businesses retain and attract new employees in 2023:
1. Foster a positive company culture
A strong company culture is essential for retaining top talent and attracting new employees. Jobvite, a recruiting software company, stated that 81% of workers feel that corporate culture is an important factor in deciding whether to apply for a job.
A positive workplace culture is the sum of many parts. It can include a welcoming and inclusive work environment that values diversity, open communication and collaboration. Companies can also build a positive culture by offering professional development courses, employee recognition programs, mentoring opportunities, health and wellness support, team events, or even group volunteer projects. Any initiatives that help employees feel valued and motivated to do their best work can increase a sense of loyalty and camaraderie within your company.
2. Offer competitive compensation and benefits
When evaluating compensation and benefits packages, employees are not just crunching the numbers for salary and bonuses. Many are also interested in perks such as flexible work arrangements, healthcare coverage, retirement benefits, and paid time off.
For example, the leadership team at Marcomm is passionate about supporting contractors and employees with medical coverage, PTO, and other benefits that help them thrive. Chief Revenue Officer Jamie Simpson states:
According to BambooHR.com, over one-third of employees say their compensation is directly associated with their mental health. And over half of employees who’ve moved to a new company in the last two years received a salary bump with an average increase of 27.4%.
By offering competitive compensation and benefits, companies can attract top talent and show their employees that they are valued and supported.
Looking for tips on how to have cringe-free, productive conversations about compensation with prospective employees? Check out this Marcomm blog on the subject.
3. Promote diversity, equity and inclusion (DEI)
In today’s diverse and globalized world, promoting DEI practices is an essential component of attracting and retaining the best talent. This includes creating a workplace culture that values and respects all employees, regardless of their background or identity.
As Marcomm shared in a January 2023 blog about diversity and company culture, DEI initiatives can make a real impact on business performance, talent acquisition, legal compliance and more. For example, Glassdoor’s 2020 Diversity Hiring Survey revealed that 2 out of 3 job candidates seek companies that have diverse workforces.
Companies can also promote DEI through training workshops, career development opportunities, internship programs, and networking events where current and prospective employees from diverse backgrounds can build connections. It is also important to implement HR policies that support diversity and inclusion.
4. Foster professional development
In 2023, employees will be looking for companies that offer opportunities for professional development and career advancement. This can include providing training and development opportunities, as well as offering support for employees who are looking to further their education or achieve professional certifications. By investing in the professional development of their employees, companies can show their commitment to their employees’ growth and success.
Consider the following training and development statistics, courtesy of Lorman Education Services:
- Organizations with poor onboarding processes are twice as likely to experience employee turnover.
- 74% of workers are willing to learn new skills or brush up on their training in order to remain employable.
- 87% of millennials believe learning and development in the workplace are important.
- Retention rates rise 30-50% for companies with strong learning cultures.
5. Create a flexible work environment
The COVID-19 pandemic has fueled a surge in remote work, and many companies will likely continue to offer flexible work options in 2023 and beyond. Remote work has grown 91% over the past 10 years (Source: NorthOne). Additionally, this snippet from the 2022 State of Remote Work Report by Owl Labs indicates the remote trend is not going away anytime soon: “The number of workers choosing to work remotely in 2022 increased 24% since 2021. And those choosing hybrid work went up 16%.”
More recently, a June 2022 Gallup survey revealed that 8 in 10 people are currently working hybrid or remotely. Also, according to the 2022 Job Seeker Nation Report by Employ, 40% of job seekers would be willing to accept a lower salary to work remotely—and 30% would describe their ideal work situation/setup as “100% remote.”
Creating a flexible work environment can enable companies to attract top talent who are looking for remote arrangements. It can also help them retain valuable employees who may have competing demands on their time due to caring for children or elderly family members.
Positioning for Progress
Retaining and attracting new employees in 2023 will require companies to be proactive and innovative in their approach. Following the strategies above can help organizations create a positive work environment that will help them retain their best employees as well as attract new talent.
Wondering how to fill your marketing talent gaps in 2023? Contact Jamie Simpson to learn how Marcomm can help with direct hiring, contract staffing, Fractional Marcomm Execution™ or project work.