𝗜𝗻𝗳𝗼𝗴𝗿𝗮𝗽𝗵𝗶𝗰: 𝗖𝗛𝗥𝗢𝘀 𝗕𝗲𝘁 𝗢𝗻 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 𝘁𝗼 𝗥𝗲𝘁𝗮𝗶𝗻 𝗧𝗮𝗹𝗲𝗻𝘁 𝗮𝗻𝗱 𝗟𝗮𝘂𝗻𝗰𝗵 𝗛𝘆𝗯𝗿𝗶𝗱 𝗪𝗼𝗿𝗸
As work shifts into a new chapter, CHROs are facing 2 critical challenges at once: retaining employees and leading the charge on making hybrid work a success. First, there’s the great “employee exodus,” with two-thirds (65%) of employees saying they’re looking for a new job — up from 36% in our workforce survey in May. With a tight labor market and 10.1 million open jobs in the US, this raises a significant challenge for HR leaders in terms of both recruiting and retention. Second, there’s the new world of hybrid work, where HR is at the forefront on everything from managing rotating schedules to mitigating the risk of remote work inequity — the idea that those who work remotely will end up being passed over for promotions or stretch assignments in favor of on-site employees.
Building leadership in a hybrid world tops CHROs agenda. CHROs see inclusion and inclusive leadership as key to addressing both challenges: Create a work environment where people feel valued and can be themselves, with leaders who are empathetic and provide equal opportunities and resources to everyone, and they’re less likely to want to leave. More than a third of CHROs (36%) identify building inclusive leadership in a hybrid workplace as one of their top three priorities for the next three months. Long-term (12 months and out), they also see leadership development (34%) and establishing a hybrid work model (32%) as their top focus areas.
Focusing on the employee experience is key to both retention and to navigating the new world of hybrid work. Strong leadership skills are critical to retaining and engaging talent; leaders shape the vision for their team, coach employees, influence well-being and support the redesign of work, all of which contribute to overall employee experience. Yet many leaders have little experience in managing a hybrid workplace and have yet to establish protocols and best practices for how to lead in a hybrid world. Many will need personalized coaching and training on how to do it successfully, inclusively and with empathy.
Meanwhile, even if only a fraction of the employees who say they’re looking actually leave your company, you’ll still have a significant percentage of people who are unhappy enough to want to leave. There will also be others who may not be looking but are likely to be approached by recruiters seeking to lure talent away with the promise of higher compensation, work-from-anywhere options and other perks. Look to adopt a strategy of “re-recruiting”: proactively make a compelling internal offer to your top current employees to entice them to stay, rather than waiting for them to get an offer elsewhere and have to compete.
Use employee listening tools, preference analytics and sentiment surveys to better understand employees’ needs and identify flight risks early on. Wherever possible, take a personalized approach to design the right compensation and benefits to motivate them to stay, and consider offering development opportunities that help them grow. Finally, work to strengthen and reinforce the employee value proposition as a way to attract and retain talent.
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The study was completed by PWC.
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