Talent is going elsewhere, but your company still has great people working. This is a time to be grounded in pragmatism blended with possibility, gratitude, and recognition of what your people, old and new, are going through.
You need to communicate to your loyal workforce what is in store for them in the future.
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The marketplace for talent has shifted. You need to think of your employees like customers and put thoughtful attention into retaining them. This is the first step to slow attrition and regain your growth curve.
And this does not happen when they feel ignored in the fever to hire new people or underappreciated for the effort they make to keep business moving forward. They need to be seen for who they are and what they are contributing, and leadership needs to ensure this is happening. Here are four steps for leaders to implement.
In far too many companies, when an employee gives notice the reaction is akin to an emotional breakup — you’ve been left and you feel rejected. This triggers some not great behaviour like a tendency to make the person leaving “wrong” and doubt their trustworthiness or integrity — even though that was not the case before they gave notice. There is a penchant to dismiss their presence and devalue their contribution.
The talent pool is tight, and careers are long. End this phase of your time together with appreciation.
Show that you value your employees by:
As leaders, people are watching you all the time whether you realize it or not. So, pause and consider how you are showing up in both your words and your actions.
When you become aware of your impact, you can control it and steer it in the right direction.
You should look for people who have a solid and versatile foundation and the ability and desire to learn new things.
Keep this in mind for a recruitment and retention strategy as well. Too often, companies don’t want to promote from within because they want someone in the position that can “hit the ground running.”This strategy denies reality because the position will change anyway. Retain your best employees by promoting them into stretch roles.
In most cases, internal job applicants who are rejected end up quitting: research indicates they are nearly two times as likely to leave their organizations compared to those who were either hired for an internal job or had not applied for a new job at all.
The lost productivity and talent, combined with the costs of finding replacements for these employees, is often substantial.
During the pandemic, the top two reasons employees cited for leaving (or considering leaving) were that they didn’t feel their work was valued by the organization (54%) or that they lacked a sense of belonging at work (51%).
❤️ Brainstash Inc.