When it comes to effective hiring practices, employee retention reigns supreme. But wait, shouldn’t retaining employees come…later? Not in the modern hiring sphere. These days, employee retention is its own version of recruiting.

Data from Workday, Inc. indicates that the year-plus hiring slowdown is coming to an end. Seasoned employees are eager to grow their careers, and 81%* of business execs are concerned about losing top performers to disengagement. Many companies are investing more energy and resources into their current people while engaging prospective talent.

Need some direction? We teamed up with the pros at Workday to share case study findings, trends, and pointers straight from the Workday Hiring and Talent Trends report. The data is based on more than 36m job requisitions, 284m job applications, and 25m offers that customers processed using Workday Human Capital Management (HCM). (Talk about thorough.)

It’s time to recruit some key learnings into your hiring strategy. Let the onboarding of knowledge begin.

Revamping resources—and outlook

Ready to boost your retention game? Here’s how HR teams and organizations are attempting to keep both current and future workforces engaged and content:

• Internal growth: Recruiting and talent teams are partnering to bolster internal opportunities + mobility programs for their peeps.
• Flex 💪 work: Companies are exploring creative ways to give their teams much-desired flexibility in how and when they work.
• Skills-based hiring and planning: What’s the difference between talent acquisition and talent management? Good q. The two are coming together to effectively nurture an existing workforce.
• Managerial matters: How people feel about their manager impacts a lot. Developing and enabling top-notch people leaders boosts productivity, engagement, and retention.

One of the biggest challenges Workday sees in the near term for all kinds of organizations is evolving from a talent scarcity mindset to one of talent abundance. As macroeconomic hiring trends see a gradual upturn, this will become even more important.

That’s right. The rate of decline in job requisitions slowed down in the second half of 2023 (-2% from 1H 2023 to 2H 2023), which suggests the end of aggressive hiring slowdowns may be near.

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