2023 Recruitment and Retention Trends: Article II

The year of 2022 was characterized by exponential growth in the recruitment and retention industry. The troubles and developed solutions businesses implemented in 2020 and 2021 had their repercussions this year, resulting in a high unemployment rate and difficulty in finding skilled talent. As we move into 2023, companies will continue to find it increasingly difficult to attract qualified candidates from a sparse marketplace. Human resource departments have had to adapt the ways in which they approach the recruitment process to develop a more efficient and proactive system. In part one of this two-part article series, we focused on identifying the key trends for recruiting in 2023. Today we will be looking at expected trends for retention.  

The workplace day is not what it once was. Although older generation offices did value feeling appreciated by their fellow colleagues, today’s workforce is more upfront about it. They want to feel both appreciated and adequately compensated for the time and effort they invested in their company. Adequate pay is defined not only by its direct relation to an individual’s particular area of work, but also how it adjusts to cost-of-living expenses and other inflation-related factors. Bonuses in response to exceptional work will help promote continued motivation and peak performance.  

A study done by Glassdoor showed that two out of every three job seekers specifically look for companies with diverse workforces during their search. Companies are having to make more of an effort to ensure different kinds of diversity lives within their company culture. This includes equal ratios of men to women, age, and ethnicity. A wide array of people brings a wide array of knowledge, skills, and new ideas that creates a cohesive, productive, and comfortable work environment that is attractive to current employees. If they are surrounded by those who are similar, yet different to themselves, it creates a more comfortable environment which elongates employment. Deloitte has reported that 47% of candidates actively pursue companies that value diversity and inclusion when considering potential employers, and that 83% of millennials are more engaged in an inclusive environment.  

Everyone loves growth. Whether that’s growth within their attitudes towards work or growth that leads them to a role with more responsibility, it is something most individuals like to experience. According to a survey by Clear Company, 76% of employees report a desire for growth opportunities. A striking 40% of employees who receive inadequate training will leave the company within a year of being hired. Providing both through training and follow-up in addition to setting a clear path for what growth at the company could look like gives an employee the opportunity for higher satisfaction at their job.