In this post-pandemic environment, things look slightly different from what they did before. In the past three years, there have been huge changes in the composition of the local workforce and consequently, new trends were introduced, such as “The Great Resignation” and “Quiet Quitting”, resulting in a candidate-driven market and skill gaps.
With these ever-changing trends in the workforce, employee retention will be key in 2023 as Hong Kong’s talent exodus lingers on. In fact, a whopping 95% of employers have stated that employee retention will be a concern for their organisations, especially on the managerial and senior levels.
Now is a good time to plan your employee retention strategies.
Here are proactive measures your organisation should consider putting in place to retain employees in 2023:
- Determine hybrid and flexible work policies for the year and communicate them with your employees,
- Propose learning and development opportunities for your staff to up-skill themselves,
- Introduce well-being initiatives,
- Plan for promotions outside of the standard cycle,
- Schedule regular reviews outside of the normal cycle,
- Upskill your existing employees in agile methodologies and new technologies,
- Provide a stable work environment as job security becomes more important.
To tackle other 2023 workforce challenges, such as the existing skill gap and the war for talent, we recommend organisations put the candidate’s skills first – instead of educational background and experience – in order to find, develop and retain competent talent.
Another trend that will mark 2023 is quiet hiring. It is a tricky one as it increases your employees’ workload and pressure, but on the other hand, it motivates employees to take on additional responsibilities and aim for a potential promotion. Determining a timeline for the additional workload or potential promotion will keep the employee motivated.
I hope this helps you prepare for a prosperous 2023 and may the re-opening bring you and your teams lots of fortune, new business and a refreshed mindset in the Year of the Rabbit!
Here’s to organisations that invest in employee retention!
PS: here are tips to improve your employees’ wellbeing
