Retention Strategies

Top Employee Retention Strategies for 2023

4 min read
Lynsey May Sutherland
Lynsey Sutherland

For many organisations, 2022 has been about finding a firm footing after years of uncertainty. Now that a little bit of stability is returning to many sectors, new storms are to be weathered – and one of the biggest set to hit in 2023 is around retention. 

We’ve already seen a lot of movement in 2022, and more is to be expected. A 2021 study by Personio found that 38% of respondents in the UK and Ireland said they planned to quit within the next 6–12 months, while 52% of knowledge workers surveyed by Future Forum’s October 2021 pulse report said they were open to seeking a new job within the next year.

Retention will be at the top of every HR manager’s list when 2023 rolls around, so here are a few strategies set to make a difference next year. 

Build employee engagement 

Engaged employees are invested, interested and keen to stick with the same organisation. When engagement levels drop, people can start getting itchy feet and wondering what other opportunities are out there. 

There are a lot of different elements to driving engagement, from improving employee appreciation to creating new learning opportunities. There’s no one-size-fits-all solution, but a good engagement strategy can give you the framework you need to make sure you’re giving employees plenty of reasons to feel cared for – and to care about their career and progression with your company. 

If you’re working on an engagement strategy that just isn’t hitting the mark, an employee retention survey might give you the insight you need.  

Improve company culture

Your company’s culture is more than just a branding exercise. It should be the heart of everything you do.

 If you have a strong identity, employees will be much more likely to stay. That identity will change from organisation to organisation, but the important thing is that it is a collection of values that everyone shares – from leaders to interns. 

Poor company culture is one of the top reasons employees leave, so fostering connections between the company and employees is crucial. Set up frequent opportunities to check in as a team and on a one-to-one basis with employees, and open as many communication channels as possible, from formal chats to informal messages or coffee dates. 

It’s also important to make it easy for your teams to connect with one another. Peer-to-peer recognition and communication is very valuable when it comes to creating a sustainable culture. Encourage your people to recognise and celebrate success with each other. Recognition doesn’t just have to be top-down.

Show clear paths to progression

When employees feel like there’s no space for them to grow, it’s no surprise that they start looking elsewhere. Making sure there are clear goals and paths to progress in an organisation has always been important, but it’s vital now. 

The last few years have seen a lot of stopping and starting in the workplace thanks to new pressures and challenges caused by the pandemic. Some people stalled in what had previously been a clear career path, while others were thrown into new areas of responsibility. 

Lots of employees have been patient in 2022, waiting to see how things settle down. But if you want to hang on to top talent next year, now is an excellent time to start thinking about plotting some solid career paths and opportunities for advancement. 

Create a better onboarding procedure

When you’re having recruitment and retention issues, the focus is often on getting new talent through the door – but one of the biggest things to think about is what you’re going to do with new hires once they start working for you. The onboarding process is crucial to helping people get comfortable, and when it goes wrong, you could end up right back at the start. 

A poor onboarding experience may lead an employee to look for a new job immediately. A strong and supportive onboarding experience sets people up for success, leaving them feeling confident, valued and engaged. In fact, as well as improving retention levels, it can also up productivity by over 70%.

We looked at some of the most effective onboarding software around right now – it could be just what your overworked HR department needs to help new starts find their feet in 2023 and beyond.

Make sure your employees feel recognised 

You know you appreciate your employees, but do they feel appreciated? Employee recognition is a simple, effective process for showing your team that their efforts are being noticed. 

Recognising employees is about much more than just making them feel good on any given day. It can have massive impacts on personal wellbeing and professional satisfaction. A survey found that 79% of employees who quit their jobs claim that a lack of appreciation was a major factor in their decision to go. 

Employee recognition is one of the best ways to help improve your retention levels in 2023. If you already have a program in place, check out our best practice tips or find out more about taking your program to the next level with Mo. 

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Mo is an employee recognition and engagement platform that can help leaders improve collaboration and morale, reduce employee churn and drive change. 

Our platform creates a vibrant culture by developing team habits, encouraging people to celebrate success, recognise results and appreciate colleagues.

Your complete toolkit for connecting and motivating teams in the new world of work. Book a demo with our team today!

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