As you develop and implement your HR strategy in 2023… you may be surprised to know that recent research by MIT Sloan Management Review indicates compensation ranks only 16th in predicting employee turnover. According to Sull et. al. (2022), ‘corporate culture’ ranks first. It’s actually ten times more powerful than compensation for predicting employee turnover!
The authors also identify some easy short term actions to boost retention such as lateral career opportunities and company-sponsored social events. Ask Pareto People about how we can assist you with proven strategies and planning surrounding this this important area.