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Despite Labor Shortages, Few Firms Place Priority on Employee Retention

  • Poll finds just 16 percent of business leaders name employee retention as their top priority, despite labor challenges
  • Customer satisfaction and financial performance are top priorities
  • Only a tiny share of respondents say they rely on employee input in their strategic and operational decision-making

Summary by Dirk Langeveld

Although many businesses are coping with labor shortages, recent research suggests that company leaders are rarely putting priority on employee retention efforts.

The IT consulting company NTT Data polled 1,000 business and IT executives spanning 16 industries and found that only 16 percent of respondents named employee retention as their top priority. Customer satisfaction and financial performance were the top priorities named by respondents.

The survey also found that leaders rarely relied on employee input for their decisions on strategic and operational matters, with just 5 percent doing so.

Employees at understaffed companies may be more likely to seek opportunities elsewhere due to factors such as excessive workloads or the perception that their business is struggling. Employers can use strategies such as “stay conversations” to help improve retention.

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