4 steps to retaining talent in 2023

LHH's retention research revealed that 62% of businesses have looked to retain employees they might otherwise have made redundant. If retaining talent is a top priority for your business in 2023, here are four steps you can take to improve retention.    

 

 

Invest in line managers

While 48% of employees say their line manager has helped them to progress in their career, only 26% believe their line manager is sufficiently trained to support career progression. 

Give line managers the training and resources they need to excel in their role. Train them in how to host productive career conversations with employees and utilise coaching techniques so they know how to create a psychologically-safe environment that promotes openness and trust within the team. 

 

Invest in resources to build an effective retention strategy

Are there structures and resources in place that support the retention strategy? For example, if line managers are to have effective career conversations with their team, they must be able to follow-up these conversations with tangible actions.

Can line managers backfill vacant roles? Can employees change roles easily inside the business? Are your reskilling and retraining resources fit for purpose? 

HR needs leadership support and resources to ensure that internal processes do not act as a blocker to development opportunities for employees – or make it harder for line managers to assist employee career development.  

 

Focus on internal talent development by upskilling, reskilling and redeploying existing employees

HR and business leaders should meet regularly with line managers to decide how future skills requirements can be met through redeployment, retraining and upskilling initiatives, and where there may be skills gaps. 

Through career conversations, identify employees who want to learn new skills and support their development through targeted training initiatives. Employee development should not be done in isolation. HR can aid employee development by building a culture of continuous learning where learning becomes the norm. This culture can then be promoted by line managers.

 

Support employees to own their career development

Some 44% of employees say they want to progress to a new job or upskill within their existing place of work. This offers an opportunity for businesses to retain talent by supporting employee development.

However, only 35% of employees say they are regularly asked what training they need to progress and only 34% say they have a personal development plan. This shows there is a disconnect in the delivery of some retention strategies. 

Have meaningful career conversations to identify each employee’s development aspirations and map out the support the business can offer. Check in regularly to monitor progress. Employees need to feel empowered to own their career development with the support of the business.