Paycor Survey Reveals Retention is the #1 Priority of HR in 2023
Company culture, salary and benefits, and flex schedules cited as primary retention drivers in new report by leading HR software provider
With job openings at an all-time high, the HR in 2023: Insights & Predictions survey found that 25% of individual contributors (ICs) and 30% of managers are actively looking for a new job and most organizations are not confident in their internal pipeline of talent. In fact, over half of the respondents (53%) do not believe that their company's most effective managers could be replaced with equally talented internal candidates within a month. In addition, the majority of respondents (62%) believe the current talent shortage is long-term, which could prove troublesome with 91% of businesses hiring.
Additional key insights include:
- Retention is the top priority of 2023 (20%), followed closely by recruiting (14%) and company culture (12%);
- The top three incentives to attract job candidates are increased compensation, enhanced health & wellness benefits, and career growth opportunities;
- The primary retention drivers are company culture (22%), salary and benefits (21%), and flex schedules (18%);
- Pay will continue to rise through 2023 and beyond, especially for blue-collar jobs;
- Company culture is the top driver of retention (with salary & benefits coming in a very close second);
- 92% of business owners and chief executives believe they pay women and men equally, but only 68% of ICs agree.
"The phrase 'money can't buy happiness' has never been more evident. In a highly poachable market, employees and managers alike are putting company culture first above salary and compensation," said
The workforce has undeniably changed over the past few years, resulting in an overwhelming sense of uncertainty for workers, business owners, and leaders alike.
"A traditional approach to human resources has become dated in the modern workforce and it is crucial to have an in-depth understanding of what is important to employees. This allows companies to better cultivate a successful and engaged workforce. Now more than ever employees at all levels of organizations are looking to HR and their leaders for solutions," said
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Media Relations: Carly Graman, 513-954-7282, PR@paycor.com, or Investor Relations: Rachel White, 513-954-7388, IR@paycor.com