Turning retention challenge into clear competitive advantage

IN 2022, the ongoing impact of the Covid pandemic on workplaces culminated in the “great resignation”. This trend saw employees around the world leaving their places of work in droves and as a result, employee turnover surged to unprecedented levels.

- GAELLE DEVINS

While resignation rates have gradually decreased over the past few years, turnover continues to be a major challenge for businesses. Recent research from PwC revealed that a fifth (20%) of employees had considered leaving their role in the past year; with this figure rising to 25% for employees aged 18 to 24.

Purposeful growth

Retention is no longer about salary alone. It's about purpose, progression and organisations seeing workers as more than just a job title. Employees want to be at workplaces that offer growth, feedback and a culture that reflects their values.

The good news is that acting now can turn this challenge into a competitive advantage. Here are three actions leaders can take to build workplaces that employees want stay at to grow and thrive.

Listen to your team

To understand and address the cultural challenges that might be causing team members to leave, start by gathering insights through surveys at key moments such as onboarding, performance reviews and exit interviews. These touchpoints offer a window into your employees' experiences. It also reveals their joys and struggles throughout their journey.

Leaders need to prioritise consistent, open feedback to show their teams that they value their evolving needs. Annual surveys alone could potentially miss key growth opportunities. Instead, embrace frequent “pulse” surveys and platforms for ongoing dialogue that create spaces in which employees feel truly heard. They need to trust that the company hears and values their input.