3 Strategies to Retain Your Talent During The Great Resignation
The economy may be uncertain, but the war on talent still remains top of mind for business leaders across industries.
With record numbers of workers jumping ship, the tight labour market isn't going to ease any time soon. According to a recent Harvard Business Review survey, nearly 60% of knowledge workers around the globe said they would be interested in taking a new job in the coming year.
Organizations have to be strategic, quick and aggressive to recruit the new talent they want. But critically, they also need to focus on developing and retaining the talent they have.
Here are three strategies to help organizations retain talent during the great resignation.
1. Focus on purpose and connection
Employees that believe in their organization’s mission and have deep relationships with their managers and colleagues are more loyal and engaged. Additionally, research from the Boston Consulting Group showed that social connection in the workplace has a significant positive impact on productivity.
Building connections and renewing relationships with your team is even more important now after more than two years of remote work. Making time for a simple coffee, lunch or team building activity can go a long way towards building a lasting relationship and reconnection with your team that goes beyond work.
Focus on showing your employees that their work is more than just the bottom line, make time to connect and build deep relationships with and among your people at all levels of the organization. And critically, support your employees when they need it - provide mental health resources, help parents with small children or employees with caregiving responsibilities.
2. Be your employees’ dream job
To keep your best talent, you need to support them to be their best. Providing clear opportunities for career growth and advancement is one of the most powerful ways to foster engagement and loyalty. According to HBR, 68% of workers around the world — blue- and white-collar alike — are willing to retrain and learn new skills.
Systemize regular conversations between managers and their teams about career goals and opportunities and help employees continue to elevate their skills by offering an abundance of training, learning and mentoring opportunities.
Don't be afraid of giving your high potential employees opportunities that stretch their skills and strengths, especially those that position them as process owners and strategic decision makers. These opportunities not only develop their skill set, they signal your commitment to their career growth and development.
3. Compensate and reward loyalty
Even the most loyal employees will not stay with a company long term if they are not being compensated properly. Now is a good time to review your overall compensation package and consider offering employees bonuses, providing funding for home purchases, education or caregiving or other financial perks. Instead of just raising salaries, look for opportunities to further incentivize your employees for performance and loyalty.
If higher salaries, bonuses and monetary perks seem like an expensive proposition, consider the alternative much higher costs of recruiting and retraining a superstar member of your team.
Not sure where to start? We can help.
Our Toronto recruiting team works with large and small organizations not just to help them find their next great hire, but to help them develop and keep the great talent they have. Reach out to us today to learn how we can help you meet your talent retention goals.