What will Talent Attraction and Retention Look Like in 2023?

Hiring and inspiring top talent is the fourth and final theme in our predictions for 2023.

Here’s what three members of WorkTango’s executive leadership team (CEO Patrick Manzo,  Chief Marketing & Strategy Officer Rob Catalano and  Chief Operating Officer Monique McDonough) say about talent attraction and retention:

1) What are your top three predictions/upcoming trends for retaining and attracting top talent in 2023? 

MONIQUE:

Organizations that help professionals build critical skills for “the next job” are going to win the talent war. It’s rare an employee will become a “company lifer” in 2023. Today’s workforce is looking for their employers to help them grow and develop, and the responsibility is on companies to show them how through robust development programs that offer multiple career pathing options. 

Organizations with a heavier focus on feedback will enjoy higher employee retention. Employees crave praise, but also want to build skills for success in their next role. An intentional focus on developing employees through constructive feedback will likely improve employee retention too, as professionals realize they have more to learn in their current role or organization, and will be more likely to stay for longer.

Organizations that clearly define their purpose and tie what they do to the world outside their walls will win in 2023. Employees want to work for a company that shares similar values and culture. Companies that create meaningful opportunities and career paths for employees will always succeed in attracting and retaining talent. 

ROB:

Leaders will focus on retaining and inspiring talent through more focused employee experience strategies which in turn lead to the consolidation and easier management of disparate programs and budgets. 

A double down on human-centric approaches will emphasize employee well-being, and build workplaces where people have a heightened sense of belonging.

Remote work will become more prevalent. In the face of an economic downturn, opportunities to access talent pools in other cost-conscious markets will grow. The cost of office space will diminish.

Leaders need to support a culture of recognition that’s authentic, unsolicited, and delivered in real time. This kind of highly impactful and motivating gratitude can be made by everyone: bottoms up, across the organization, and peer-to-peer.

2) How can organizations combat high turnover? Do you expect this Great Resignation to continue into 2023? 

PATRICK:

Given macroeconomic pressures, employee attrition will continue, but more moderately. To combat turnover–at any time–stress to employees the importance of their work. Offer development opportunities, fair compensation, and an environment of respect and inclusion.

ROB:

The Great Resignation was really a Great Reset. Organizations can double down on the employee experience in these pillar areas:

• Listen to employees to be agile and responsive to their needs.
• Recognize and reward employees for doing more (with less in many cases). Support intrinsic and extrinsic motivators alongside important behaviors and  values.
• Align employees with specific goals and alignment conversations.
• Develop employees for their future careers.
• Prioritize employees-first in a human-centric way.
• Amplify purpose. Be clear: “We’re in this for something bigger.”

3)What skills are top of mind when looking for new talent? Has this shifted since the pandemic?

PATRICK:

In the pandemic’s wake, self-starting inclination, motivation and ambition, together with communication and soft skills are growing in importance.  Demand for subject matter expertise is also a growing  consideration.

ROB:

Outside of traditional skills required for a role my personal approach is to look for: 

• Alignment to purpose (or passion) and values (or virtues).
• Patterns of success – have candidates seen success (and not necessarily in the SAME role – things can be taught).
• Self-learners who crave and pursue mastery.
• Technical aptitude – the ability to navigate new requirements, systems, and technologies in the changing world of work.

4)How can leaders better anticipate future talent needs? 

ROB:

Ask leaders: What will competencies and roles look like in your organization in 5+ years? What skills will be needed? Over time, up-skill current employees and/or look for new talent to meet these eventualities.

5)What do you think is the magic formula for enticing employees to stay?

ROB:

The magic formula is to build an employee experience where people are aligned with the organization’s purpose and direction, they have a voice, and they feel appreciated.

PATRICK:

Convince them the surest path to personal success is the success of their team.