The past year has indeed been challenging with rising inflation, wage growth, talent shortages, global instability and supply chain disruption. While all these concerns are expected to continue this year, our Trendicators Research & Insights advisory board members are optimistic that 2023 will be a year of recovery. In fact, we asked them to characterize 2022 and describe their outlook for 2023. Some words shared for last year were, “Chaos, Crazy and even Exhausting,” while their sentiment for this year had a more positive outlook “Realign, Stabilize X2 and Outperform.” All signs that calm could be on the horizon.
Our advisory team met to talk about today’s talent challenges, the business environment, and ways to enhance the experience of managers and new/current employees. Here is a summary of the insights discussed to optimize recruiting, onboarding, employee engagement and employee recognition programs.
Finding & Keeping Top Talent
Trends are pointing toward demographics replacing economics as the dominant force driving labor market trends. Understanding and responding to diverse demographic segments’ unique needs and interests will be essential for attracting and retaining top talent.
Organizations that fare the best in today’s talent war must focus on and improve experiences for candidates and employees. Listening and responding to the needs and desires of candidates, employees and gig workers are the keys to building long-lasting relationships.
Creating Better Experiences for New Hires
Human interaction, technology and experience must align. In the post-pandemic hiring environment, effective preboarding and onboarding programs play a vital role in reducing the risks of early attrition and acceptance of competing job offers.
Creating positive experiences for new employees is more important than ever. While technology will play a part, organizations of all sizes must understand that the interpersonal experiences of new hires profoundly influence retention.
Our Trendicators 2022 survey research indicates that 74% of employees believe their first-day onboarding experience affects their decision to stay more than a month, a 12-percentage-point increase over 2019 survey results. Supporting that first experiences influence retention.
Keeping Stressed-Out Teammates Engaged
Undoubtedly, employees who are stretched thin will start to experience stress. However, that’s where recognition comes in.
Employees who receive frequent recognition and appreciation from the people they work with are more likely to be productive, have heightened self-esteem and form deeper connections with their team members. The effectiveness of peer recognition is improved by teaching people how to express recognition in various ways.
With less face-to-face engagement, there is less human interaction than ever before in the workplace. Gartner forecasts that the pace of employee turnover will increase by 50–75% compared to previously experienced turnover rates in companies. Unless efforts are refocused on retention, managers will be unable to drive performance and affect change. Leaders need to take action to enable their managers to keep their talent while still being able to deliver results.
Optimizing Recognition Programs
We have seen an uptick in organizations looking for ways to stretch their budgets, reach more people and increase program participation. The key is amping up outreach and communications efforts to maximize awareness, impact and engagement.
Optimize the effectiveness of your recognition program by building a persistent plan for communication and engagement that includes ways your managers can be better at recognition, and helps employees feel good about their accomplishments.
Click here to read our Overcoming Talent Challenges on the Road Ahead eBook, for more insights on these workforce challenges!