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Four steps for elevating employee experience and retaining top TMT talent in 2024

  • March 04, 2024

With waves of layoffs in the last 24 months, coupled with a growing number of employees seeking new challenges, the technology, media and telecommunications (TMT) sector is facing a talent inflection point. The question for TMT leaders is how to refresh the employee value proposition to motivate and retain the talent needed to move their business forward.

According to PwC’s 2023 Global Workforce Hopes and Fears Survey, one-third of TMT workers are contemplating job changes within the next year and two-thirds (67%) of TMT leaders in the US cite talent attraction and retention as posing a serious or moderate risk to their company. These factors mean prioritizing employee experience has never been more critical for TMT companies striving to retain their top talent.

Source: PwC’s 2023 Global Workforce Hopes and Fears Survey of 53,912 workers in 46 countries and territories

Based on our work on the front lines, and what we’re hearing from the workforce, here are four steps to help elevate your employee experience in 2024.

When employees perceive their role as having a broader meaning and purpose, they become more engaged, satisfied and motivated. PwC’s 2022 Global Landscape Study of nearly 20,000 workers found that this kind of meaningful work is the strongest driver of employee engagement, with 88% saying it’s important to them. More than just connecting employees to your organization’s purpose and role in society, meaningful work requires connecting individuals to work that matters to them, including new challenges that can advance in their careers. PwC research shows that when employees feel they have a promising future, they’re four times as engaged and almost three times as likely to say they intend to stay at the company.

The talent retention takeaway

Employees want opportunities to build relevant skills that can help them do work that’s meaningful to them. Make the paths to that kind of professional growth easier for your people to navigate. Investing in customized learning and upskilling can accelerate both individual and business growth. Employees who learn new skills that can be applied directly to their work tend to feel more closely tied to the organization's mission.

Research shows that when employees feel included, seen and heard, they are 84% more likely to stay with their company. To achieve this, organizations should focus on cultivating a culture that values inclusivity and collaboration. By actively connecting employees to the company's culture, leaders can create a sense of belonging and make sure diverse perspectives are valued. Additionally, shaping diverse teams and providing access to growth opportunities can empower employees to contribute their individual skills and ideas, driving innovation and long-term commitment to the organization's success.

The talent retention takeaway

When it comes to talent retention, regular check-ins with employees using specific listening solutions are essential. This allows organizations to gauge employee sentiment, promote engagement and support initiatives accordingly. Transparent communication — especially among managers and employees — is key in fostering a culture of trust and openness. By leveraging data-driven insights, organizations can track progress and identify areas for improvement to continuously enhance their employee experience.

Creating a tech-enabled work environment that prioritizes employee needs is not a luxury; companies can’t attract and retain top talent without it. This is especially true in the TMT sector. Surprisingly, however, while 90% of C-suite executives believe their companies pay attention to people's needs when introducing new technology, only about half (53%) of staff say the same. This disconnect should be addressed. By providing access to industry-leading technologies and empowering employees with the flexibility and skills to adapt, organizations can unleash the overall potential of their workforce.

The talent retention takeaway

To retain talent, design a work environment that supports employee success. Make sure your digital solutions don’t create more friction than they can solve for. Allow time for training and adoption. Seek feedback from the people using the solutions so you can evolve your approach as needed over time. Be prepared to answer the question: “What do I do with the time automation saved me?”

To retain top talent, it’s crucial to establish a support system that extends beyond monetary compensation. Leaders who prioritize the physical, emotional and financial well-being of their workforce recognize that the workforce is not monolithic. By leveraging preference analytics, organizations can customize benefits and well-being resources to cater to employees’ individual needs. This tailored approach not only enhances well-being and career satisfaction but also gives more flexibility and choice, which shapes a better experience. Moreover, it can lead to cost savings for the organization, creating a mutually beneficial outcome for both employees and the company.

The talent retention takeaway

Supporting employees in their professional and personal journeys goes beyond compensation and total rewards. It means taking a close look at your employee value proposition and employer brand. It means taking a tailored approach to the many different employee populations within your workforce. The needs of frontline workers in an organization can be very different from those of desk-based workers. In fact, in our survey with the Manufacturers Institute we found a 22% gap in employee experience between the two segments. To motivate, inspire and support your people, look for ways to enhance access to tailored benefits, communicate clearly about what’s available and provide solutions to make the most of the resources you and your people have invested in.

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Adam Gerstein

Principal, Workforce Transformation, Employee Experience Transformation Leader, PwC US

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