Retention is key

HR leaders are eager to maintain effective workforces in a competitive talent environment while also preparing for the future. That’s according to Grant Thornton’s HR Leaders survey, which features data from more than 600 professionals.

More than 70 percent of survey respondents identified employee retention and attraction as key concerns over the next 12 months, especially in some industries like manufacturing and health care. Population trends indicate that, at least in the U.S., employee attraction and retention may be a challenge for decades, exacerbated by the retirement of Baby Boomers and declining birth rates.

“These major societal trends reinforce the importance of employee retention in particular,” said Jennifer Morelli, Growth Advisory services principal at Grant Thornton Advisors LLC.

Prioritizing employee well-being. Addressing employee well-being concerns is increasingly recognized as a key retention tactic, with 79 percent of respondents saying their organization places a high priority on improving the employee experience. In the past 12 months, HR leaders reported improvements in employee well-being physically (79%), mentally (78%) and financially (74%).

Despite these favorable results, more than one-third (37%) of respondents’ employees are disengaged, primarily due to a lack of work/life balance. Margaret Belden, Growth Advisory services director at Grant Thornton Advisors LLC, emphasized the need for HR leaders to dig deeper into employee challenges and actively support their mental health needs.

“Offering employee assistance programs and other wellness activities is simply not enough,” said Belden. “Leaders need to look at the work environment, the activities, the intensity of the work schedule and expectations, and allow for a safe environment to speak up about challenges.”

SOURCE: Grant Thornton

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