- 52% of employed adults are looking for a new job, up from 35% last year, according to Achievers Workforce Institute in Toronto and Society of Human Resources in North America.
- Forbes says 61% of women are considering a job change this year.
- 46% of the respondents feel less connected to their company, and 42% say company culture diminished.
How do you plan to fight the oncoming post-pandemic tsunami?
Please forget about the classic compensation and benefits package buoy that will not help but fuel the competition wars. Maybe you are planning to invest more in hiring new talents, but if you cannot keep your existing talents in the force, how can filling up a bottomless bucket help?
The solution is to retain your existing talents, vitalize the company culture, and create trust while searching for empty positions.
According to these people who are considering changing their jobs, the top four reasons are;
- Looking for a promotion
- More development opportunities
- Considering a career pivot
- Receiving higher pay
Hence promotion, career and development are essential to our employees we should start implementing rigorous systems to fulfill this request. The solution is not recruiting new talents but motivating and developing existing talents, thus decreasing the turnover and related costs and increasing the company’s desirability for the newcomers.
Step 1; Announce a brand new development structure to identify your talents in every aspect. This includes assessment and development centers, succession planning, and performance management system available for all existing employees.
Step 2; Measure the personal development needs of these people for future positions, provide them personal feedback, and support them with structured training and coaching systems. Illuminate the possibilities and steps to be taken for these valuable assets.
Step 3; Engage and empower these people in creating and communicating the new vision, the new approach and the new culture. Let them exist out of their chambers as well.
Step 4; The sooner, the better create examples, reinforcing the trust between the company and the employees.
Talent management is a top-down process that helps employees feel empowered, engaged, developed, and motivated, allowing them to work towards the company’s business goals, increasing customer satisfaction and business performance.
If the companies want to sail smoothly through these turbulent times, the HR departments should think from a more strategic perspective instead of a tactical one. HR is the new “internal” marketing. Hence needs a marketing mindset to create a value proposition for all the existing and prospective employees that the competitors can not match.
The previous answers to modified requirements will not provide the solutions needed. We must think and act differently to achieve better results this time.
Eren Ikiz
Improva Inc. Toronto