Article: HR trends that are expected to shape retention in the 2023 workplace

Employee Engagement

HR trends that are expected to shape retention in the 2023 workplace

Retaining employees will be a challenge in the year to come. Here are some trends that will support employee satisfaction and retention in 2023.
HR trends that are expected to shape retention in the 2023 workplace

There has been a huge shift in the recent past in how employees have been perceived by the organisation. They are increasingly viewed as capital investments rather than a mere cog in the company operations. At the same time, external factors like mass resignations, economic volatility and overall unrest have led to many challenges  in retaining these valuable talent. Let’s take a look at what HR trends supporting retention and employee satisfaction could dominate the year 2023: 

Focus on overall well-being of the employees

Employee expectations have changed since the pandemic. It is important for companies to keep an employee -irst approach, be flexible with working hours, and have a holistic approach to mental, physical and emotional health of their employees. Employees also need managers who are empathetic and understanding towards them. The employee wants to be heard and appreciated for their contributions to the organisation. Today, Chief Well-being Officer is becoming a much-needed role in companies to ensure well-being and avoid professional burnout.

Perfecting remote and hybrid working strategies

Since 2020, many offices have been functioning in the hybrid and remote mode which has seen its own benefits and challenges. The hybrid working experience will be one of the most important trends of the coming year. A Beezy survey concluded that 32% said that they wanted to remain fully remote. Employees don’t want to give up flexibility, work-life balance and money which they are saving by working remotely. But then employers face challenges like maintaining trust, collaboration and employee visibility across the organisation. Since 2020 companies have developed and structured the systems required to support hybrid work and they will continue to improve their progress in the coming year too.

Rise of algorithmic HR

In 2023, most organisations will start managing employees with automation technology. A lot of international companies have already incorporated AI in 40% of the HR functions, and this has helped them facilitate increase in the candidate pool as well as enable faster and more effective hiring as AI assesses the candidates better and without bias. Apart from this, retention is also ensured due to predictive workforce planning enabled by algorithms. This can help the HR department to proactively retain their employees even in an environment of volatility and high turnover.

Upskilling of employees

The satisfaction of many employees is driven by the growth they feel they have achieved in an organisation. Companies can focus on upskilling by encouraging their employees to join courses and seminars, offer them mentorship and training, implement talent rotation strategies, send them to conferences, and through other means add skills which will benefit them as well as the organisation. Some of the important skills today are not just technical, data driven skills but also soft skills like critical thinking, communication and leadership which are important in any working culture. Most of all, this skill addition should be offered at all levels from managerial front line level to create value throughout the whole organisation.

Talent acquisition strategy

In order to promote and develop talent acquisition, the HR department should review the entire employee life cycle to understand them better and prevent losing them. After mass resignations in the previous year, recruitment has become more difficult than ever. It is very important to be able to come up with an efficient way to manage the workforce. It is important to highlight a company's ethics, show diversity in work culture and hiring and showcase reviews from current employees would help attract the right candidates. Along with that, inclusion of the contingent workforce like freelance workers should be prioritised to fill in the gaps and help companies save on insurance and security.

Overall, in 2023 HR trends employee experience will take centre stage. Companies must work to be in sync with their employees and work on strengthening their relationship to ensure better performance and growth.

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Topics: Employee Engagement, #Retention, #Wellbeing, #HybridWorkplace

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