Why Retaining Employees Will Be More Important Than Ever In 2023

Knowing What to Pay Employees Is Key in Today's Climate Morris Bixby

The Great Resignation is expected to continue throughout 2023. As a result, retaining employees will be more important than ever.

According to the iCIMS 2023 Workforce Report, 33% of workers will look for new jobs before the year ends. This is especially impactful for small and medium businesses. Losing an employee in a smaller workforce is much more directly felt by the other employees than losing an employee in a larger workforce.

As an employer, you must adjust your retention strategy to encourage employees to remain with your organization. The following tips can help.

Find out why retaining employees will be more important than ever in 2023 and some tips to attain this objective.

Hiring Costs Are Increasing

Inflation is increasing the costs of most products and services. This includes your hiring expenses.

It costs less to hire internally than externally. As a result, you should focus on moving current employees into roles that have a greater impact on your organization.

According to the iCIMS report, approximately 80% of workers do not feel professionally or financially secure. Offering higher-level positions with increased salaries can reduce the desire to find jobs with other employers. This helps reduce your hiring costs and increase your employee retention rates.

Vacant Roles Impact Business Operations

The iCIMS report shows that 58% of workers have difficulty finding open jobs at their company. This is one of the top reasons many employees seek opportunities with other companies.

To minimize this issue, focus on cross-training and promoting your current employees to fill job openings. This fills employees’ needs for increased responsibility, income, and career growth.

Offering your employees more senior roles encourages them to remain with your organization. This increases employee engagement, performance, and productivity. It also elevates employee retention rates and your bottom line.

Employees Desire Clear Career Paths

As demonstrated by the iCIMS report, 70% of workers lack a clear plan for career progression. This is why many employees look for positions elsewhere to advance their professional paths.

Fortunately, managers can work with their employees to develop customized career paths within the organization. This provides employees with ownership over their career development.

For instance, managers can delegate tasks, assign projects, and provide stretch assignments to help their employees expand their skill sets. Managers also can use technology to help their employees find and apply for job openings within the company. This may include suggesting positions based on an employee’s skills and experience, communicating job expectations, and sharing stories and videos of employees in the role.

Getting help with career planning encourages employees to remain with your company long-term. It also increases your employee retention rates.

Are You Struggling to Hire?

Talk with Morris Bixby Group if you need help hiring agricultural employees. Reach out today.


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