Top 4 Employee Experience and Retention Metrics to Track in 2023 

In our previous articles, How to Retain Your Remote Team and Top Employee Retention Strategies For Today’s Market, we’ve discussed best practices and tactics for increasing your team’s engagement and commitment.   

However, just implementing retention strategies isn’t enough. Setting metrics and benchmarks around each initiative will help you measure your progress, determine where changes are necessary and get the desired results from your efforts. 

 Based on benchmarks that our clients track and additional industry research, we have compiled a list of the Top 4 Employee Experience and Retention Metrics to Track in 2023:  

1. Retention rate: This metric is defined as the percentage of people who have stayed at your company over a specific period of time; standard calculations are based off of 12 months. This metric can be broken down according to job function, designation, department, and age group for better insight.

2. Employee Engagement Score: This metric can give you an understanding of your employees’ engagement and commitment levels. By performing regular surveys on the company’s vision and environment, you will have constant, reliable data on the engagement of your team.
    
3. Average Employee Tenure: This metric gives direct insight into how long an average employee will stay at your organization. You can use this information to make better-informed decisions when it comes to forecasting your talent needs.
    
4. Cost of employee turnover: This number is a compilation of various subset costs of employee turnover, like the cost of advertising for your vacant position, background checks, production/revenue lost from hiring manager to conduct interviews, time spent covering the vacancy, onboarding, first 90-day ramp up, etc.  

As a talent and HR leader, business owner, or head of a department, you are always aiming to provide the best employee experience that will boost dedication and loyalty to your organization. Having the right retention metrics in place will ensure that you are maintaining a healthy level of employee satisfaction and dedication.  

For assistance with implementing or improving your employee experience and retention metrics, reach out to our team today!  

*This article is supported by content created and distributed by Academy to Innovate HR and their employee retention metrics article.*