Unveiling the 2023 Survey Insights: Elevate Your Employee Retention Strategies
Discover the secrets behind companies with the best employee retention rates in our exclusive vlog!
From office models to talent management, leadership, and total rewards, we uncover the strategies that drive high employee retention.
HR Mastermind and Circle Members can log in to access a copy of the survey report and an Excel version of the raw data to slice and dice your own data by industry or size company.
Once you log into the LMS, type in keywords: "2023 Survey"
Don't miss out on this opportunity to gain valuable insights and customize your approach to employee retention. Tune in now and revolutionize your retention strategies!
In this vlog, Cindy Lu reviews the 2023 CHRO Partner survey results focused on employee retention strategies among top companies. The respondents consisted of various HR leaders, primarily Chief HR Officers and Chief People Officers, from organizations of all sizes and industries.
The key finding from the survey was that over the past year, 46% of companies experienced an increase in turnover, while 28% saw a decrease. The survey concluded on April 15th, 2023, indicating a year-over-year struggle with turnover for many organizations.
The survey explored the impact of the office environment on turnover, revealing that organizations with a flexible work model experienced the highest decrease in turnover, while companies insisting on an "office-first" model faced the highest increase.
In terms of open communication, surprisingly, companies that communicate to a fuller or greater extent didn't necessarily have lower turnover rates. This suggests potential room for improvement in how communication is conducted within these organizations.
Work-life balance significantly affected turnover, with companies that fully support work-life balance seeing lower turnover rates. Interestingly, a psychologically safe and positive work environment and strong company culture were essential for lower turnover rates.
In talent management, opportunities for career advancement, investment in learning and development, and recognition of employee contributions were identified as key factors in decreasing turnover rates. However, the survey revealed an interesting paradox in the area of leadership development. Companies providing extensive leadership development opportunities reported increased turnover, suggesting potential issues with leadership effectiveness or consistency.
The alignment of the executive leadership team on strategic priorities emerged as a critical factor affecting turnover. The survey also indicated that having a formal strategic HR planning process significantly decreased turnover.
Finally, the provision of competitive compensation and benefits packages played a pivotal role in lowering turnover rates.
The Cindy Lu encourages viewers to join the CHRO community and offers access to the raw data for personalized analysis. The insights obtained from this survey could be used to build business cases or develop new programs aimed at improving employee retention.
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