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LHH Retention Report 2023

This new research looks at how employees' attitudes are changing to their career development in light of the changing economic environment and what are businesses doing to retain talent?
FEB 27, 2023
Retention report 2023
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We surveyed more than 500 senior HR Directors and 2,000 employees to gain a better understanding of how opinions are changing towards job hunting, talent retention and employee development in light of changing economic conditions.

 

The findings provided valuable insight into what HR and business leads can do to retain talent and pinpoint investment into employee initiatives to develop and retain talent.

 

The ongoing talent shortage has seen 63% of HR leaders say that they are worried about their staff retention, which has resulted in more businesses (62%) being proactive in retaining talent through redeployment and reskilling programmes who might otherwise have been made redundant. 

 

Key findings:

  • the cost of living is making employees more hesitate about changing employers (27%) but still have career aspirations that employers can fulfil
  • Evidence that companies are retraining people who they previously would have had redundant (62%)
  • 55% employers have chosen to retrain existing employees over recruitment
  • 66% of HRDs say line managers play a vital role in retention
     

Download the report

 

Role of line managers in supporting retention

41% of employees say getting career development support from line manager is the most important factor but 26% of employees say their line manager is not trained in career development. This gap is something which HR professionals can work on by giving line managers the training they need to effectively support employee's career aspirations. 

 

Importance of internal employee career mobility 

 

There appears to be a disconnect between the importance that business leads are putting on talent retention and what employees are actually experiencing. Our research found that only 35% of employees are asked what training they get and 34% do not have a development plan in place. 43% of HR Directors who responded reported that they have received complaints that employees have been denied training requests. What can HR leads do to more effectively engage with employees who will benefit most from new business initiatives designed to develop employees and support their growth?