The Great Resignation: How to Win the War for Top Talent in a Competitive Job Market

In the past, corporate executives took it for granted that the people they hired would work for decades and then retire from their company. Yet that is no longer the case. Today, working ten or more years for the same company is a rarity. This is especially true of talented managers and workers. These individuals find nothing wrong with working one year here and one year there as they attempt to advance their careers. It is a great loss to see talented people go from a company, and even in down economies, workers are unafraid to leave a job for what they think are greener pastures.

Fortunately, all is not lost for those companies who want to keep their most skilled and talented workers with them for years to come. There are many strategies for attracting, retaining, and managing talent in today's down economy. The following are just a few ways executives can keep their best staff on board.

Provide Competitive Benefits

In ordinary economic times, benefits are not always the chief consideration for job-seekers. During shaky economic situations, competitive benefits are far more important to workers. Companies unwilling to match or at least approximate the salaries offered elsewhere are likely to lose their best talent to their better-paying competitors. Besides salary, potential or current employees also weigh vacation time, life insurance, retirement plans, and more when looking for a job. Wise executives monitor the benefits competitors are paying and adjust what they offer accordingly.

Offer Regular Promotion Opportunities

Some talented employees leave one corporation for another because the new job allows them to advance. Having too many dead-end positions filled by gifted workers is a quick way to lose those employees when opportunities to grow at other companies arise. Attracting and retaining top talent requires companies to offer many ways employees can continue to rise to the top. Offering promotions to current employees (where the skill set fits) before searching for workers outside the company will also help keep talent around for longer.

Provide Training and Self Development

Skilled employees are looking for ways to better themselves through better education and training. Businesses can attract and retain the best talent if they help their employees improve their skills. Sending employees to training classes regularly and providing tuition reimbursement will attract good workers and keep them around for years to come.

Value Employee Input

Employee morale is low when workers feel as if upper management never listens to them. Managers should involve employees in decision-making as much as possible and make changes based on their input when feasible. Employees who feel like they have a say in running a company have a better reason to stick around than those who do not have any such say.

Aim for Diversity

Younger workers are primarily looking for a diverse workplace because of their experience growing up in a diverse world. Therefore, having people from various backgrounds will attract young and talented workers.

These are just some of the many ways companies can attract, retain, and manage talent in today's economy. Companies who follow them and ask their workers what they want will keep their best talent for years to come.

About Imran

I am a Senior Consultant specialising in leading large-scale digital transformation programs across the Banking, Pharmaceutical, and Manufacturing industries. I drive IT strategy, infrastructure, applications, and data centre migrations for Fortune 500 companies. With a strong focus on regulated sectors, I manage multi-million euro budgets while leading global teams to ensure the successful delivery of strategic business transformations.

Get in touch

You can reach me either through my LinkedIn profile or by email: [email protected]

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