The Battle Of Employee Retention

The battle of employee retention
Overview
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    In terms of (employee) talent and retention, hiring the right candidate is only half of the battle. Imagine this scenario. During the past few months, your tech department has experienced a loss of talent, specifically those responsible for vulnerability management. There is a pressing need for an expert who can expedite tickets, based on their status, with the critical tickets requiring immediate attention. 

    In the absence of such a person, your company’s security is at risk. A new job advertisement has been posted on a variety of platforms and websites, including Glassdoor and LinkedIn, by your organization. Your organization now has access to a wide variety of newly discovered, distinct talents who are prepared and willing to assist with vulnerability management in a matter of days. The first obstacle is to go through the resumes, then narrow down the list of candidates, interview them, and hire the candidate(s) that you believe will be most suitable for the job. 

    Well done, congratulations! The mission has been accomplished. The right talent has been selected for this important and immense task.

    Now that you have hired the most talented person(s), your organization can quickly address the task at hand, regaining the driving seat and securing the future of the company by eliminating threats. However, a new challenge lies ahead. You have now gained access to your talent. The question is, how do you retain that talent to ensure the security of your organization?

    Great Resignation

    Due to the “Great Resignation,” numerous employees have abruptly decided that they are no longer satisfied with their post-pandemic jobs; therefore, they are resigning. As much as 20 percent of the workforce has chosen to follow this path. All industries in the United States are affected by this phenomenon. Retail and hospitality appear to have been the most severely affected segments. The specialized divisions are also brutally stimulated by this undertaking.

    Resignations may be motivated by a variety of factors. Several reasons have been cited including difficulty balancing work and life, inadequate earnings for their profession, a reduction in hours, an increase in overtime for salaried workers, and a lack of diversity and inclusion within their organization. In addition, these individuals desire to be happy with their careers, but have been unable to do so, so they are seeking alternative opportunities that will benefit their careers and personal lives.

    Due to the “Great Resignation” of our time, more opportunities have become available. Talent has a broader range of professions to choose from. This same, diverse talent is now able to demand a higher first-class wage than before. Despite what may seem discouraging for the United States’ workforce data, it has actually encouraged talented individuals to ask for more when applying for a job. The best news of all? During the hiring process, they are receiving all or most of what they are inclined to inquire about. 

    It may seem that institutes are giving up more in order to attract the most qualified candidates, but that is not the case. Organizations are setting themselves up for long-term success and improved retention rates by granting these special requests to new hires.

    Focus on the Talent Pool

    To retain talent, your organization must possess the ability to retain its employees in order to maintain a productive and stable business environment for all employees. Talent strategies and techniques can be sourced in droves. However, it all depends on what is most appropriate for the organization. If your organization is concerned that they may potentially lose newly discovered or long-term talent due to the “Great Resignation,” these concerns should not be taken lightly. The best course of action is to move quickly and swiftly. To determine which technique may be most appropriate for your business practice, let’s examine several techniques. 

    Work-Life Equilibrium

    In order to stimulate satisfaction at work, it is essential to maintain a healthy work-life balance. Your employees have a personal life, and you should respect their boundaries. Encourage employees to establish clear expectations regarding what is expected at work and at home. Vacation time is an integral part of this process. As such, if someone requests PTO (paid time off) for a vacation (or for any other reason), accept their request unless it conflicts with time off requests made by other employees. Adapt accordingly and make adjustments as necessary.

    Wholesome Workplace Interaction

    A business’s success, as well as the success of its employees, depends on effective workplace communication. Establish an open line of communication where questions, concerns, and ideas can be discussed freely and without judgement. The purpose of constructive criticism is to promote internal growth and long-term success, both personally and professionally. Communication should be a regular practice among leaders and employees.

    Aggressive Wages, Bonuses, and Incentives 

    Due to the recent “Great Resignation,” millions of career-minded individuals are seeking a change in pace, so it is important to recognize the need to remain competitive with other comparables in your field. You should ensure that someone within your organization is responsible for conducting research on current and ongoing wage trends in order to make sure your organization stays ahead of the wage game. Bonuses and incentives should also be reviewed on a regular basis. A company does not want to lose top talent to a competitor, so be prepared to offer a higher wage for the same position to prevent employees from deciding to leave for a better-paying position down the road.

    Prepare to Upskill, Reskill, and Cross-Skill

    This is an important component in order to prevent your talent from leaving for another employer. Your current talent can be up-skilled, reskilled, and cross-skilled in order to prepare for the next new technology, job skill, or problem that arises. This will demonstrate the value they bring to your organization. As well, it helps reassure employees that you are investing in their future and that they are fully supported by your organization.

    Provide Opportunities for Advancement

    Employees will be engaged if they have opportunities for advancement on a regular basis. It is not necessary to limit this to new job titles. In order to increase employee wages, higher education advancements should be considered. Consequently, this will result in new job skills being brought to your organization and your talent will be able to better themselves in the long run. This type of reimbursement is ideal for those seeking to continue their career path for the purpose of receiving more aggressive wages, bonuses, incentives, or a better job title. Both your organization and employees will benefit from investing in your talent.

    Offer Remote/Hybrid Work Environments

    The pandemic of 2019 has shown many of us that commuting back and forth to an office for five days each week is not justified. Consider offering remote and hybrid positions to further accommodate your employees’ work-life balance. Retaining talent requires a focus on flexibility.

    Retention Starts from the Beginning

    In order to retain talent in your industry, it is crucial to take steps such as these. The process begins with the applicants themselves when they apply for the position. Be selective when selecting candidates for your company’s interview process. Ensure that your organization places a high priority on strategy. Pay close attention to the past experiences of the individual in order to make a more accurate prediction of the future. I

    deally, you wish to attract candidates who will continue to work with the organization as long as they are engaged, offered incentives, competitive compensation, and have the opportunity to demonstrate their ability to be productive. If these simple steps are taken, retention will not only start from the beginning, but will continue until the end (when they choose to retire). When bringing someone on board, that is the ultimate goal.

    Be Prepared for Loss

    There are times when an employee has the opportunity to advance their career right in front of them but decides to pursue a different path. It is important not to take this to heart, as change is inevitable. Although it is difficult to predict when this may occur, it is important to be prepared in case it does. If an employee decides to leave the company, there is nothing more you can do on your end. In order to pivot for the better, accept it and use succession planning.

    Retention is Challenging

    Strategies are found far and wide and can help influence an organization’s ability to retain talent over time. Whether your organization chooses to take one of these paths, none of these, or make a path of their own, the choice is ultimately up to your organization and those employed within it. Embrace the change and focus on the challenge at hand. The best thing that your organization can do is be prepared to retain talent and make their decision to walk away the hardest one they may always regret.

    “The key to success is to start before you are ready.”

    Marie Forleo

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