According to PE-CXO’s recent survey, 41.8% of CXOs have seen increased turnover in the past year. The “Great Resignation”, which increased employee expectations around purpose-driven careers and flexible work arrangements, coupled with inflationary impacts on compensation have all created challenges for employee retention in a competitive talent market. Replacing an employee costs between 1.5 and 2x their salary. Low employee engagement is equally costly and often results in disengaged customers. Investing in retention and engagement strategies saves time and money, ensures employees feel connected to the company mission, purpose and culture, thereby resulting in improved business outcomes.

1. Regularly Gather and Act on Employee Feedback

“Collaborative approaches such as focus groups, surveys, and cross-functional teams can create a sense of ownership and foster a culture of engagement.”

— Anonymous CEO

Obtaining frequent, candid employee feedba...