How to Build and Retain the Best Talent During the ‘Great Resignation’

How to Build and Retain the Best Talent During the ‘Great Resignation’

?As the world begins to experience repercussions of the Great Resignation – the ongoing workforce trend where employees are quitting their jobs in large numbers –verdict is that the employees today have more power in contrast to the employers and hiring managers.

Firms that once had a major hiring advantage in local markets are up against competition from foreign companies offering work-from-home opportunities. The domestic firms that were used to receiving job applications in bulk for their positions are currently seeing fewer candidates chasing after their openings. And despite having that stellar reputation, certain enterprises are observing that their best talent is jumping ship to other organizations, while some are even switching to other industries.

Basically, firms that once saw employing advantage in their own sector and complementing ones are at the mercy of the candidates’ priorities as their demands are changing and if left unaddressed, they will choose not to work with you. According to the US Department of Labor Statistics, nearly 4 million employees voluntarily left their jobs in the US in June 2021. As per Forbes’ survey conducted on 2700 employees across 5 countries, about 40% stated that they had considered quitting their jobs in the last one year. To counter this unfavorable trend, here are some useful strategies that companies should adopt to safeguard themselves from losing good resources. ?

·?????Alignment with the organization’s mission

The feeling of making an impact or contributing towards the larger purpose of a company can offer great motivation for employees for them to continue marching forward. With so much insecurity and growing concerns amidst the pandemic, companies are now trying to attach a purpose to the jobs held. They are even hiring for newly generated job titles such as ‘Chief Purpose Officer’ so employees begin to link their day-to-day tasks with the broader mission and find meaning in their work. This can help retain workers as they will be shown the broader perspective.

·?????Proactive recruitment strategy

While enterprises strive to determine a creative approach for hunting down decent talent, online platforms such as LinkedIn can help persuade potential candidates who are not actively searching for jobs. If served the right way, the talent may be persuaded to take on the opportunity at hand and accept the offer. If not, they still become part of the talent pool. As a result, many HR managers are able to effectively draw professionals from different fields or industries that may have a similar way of working. They can source the best talent and prepare the candidates for new roles through reskilling.

·?????Offering flexibility

Today, we see organizations experimenting with different work arrangements. Many companies are now testing the hybrid work setting where employees work part-time from home and work from office the rest of the week. This at-home/in-office arrangement is important for employees as they currently rate flexibility amongst their top needs. Most employees care deeply about the ability to continue working remotely. This arrangement could be made in their current capacity or a new one, meaning they are willing to give up their present position to find one that allows them to choose where they work from.

·?????Re-establishing personal connections

Almost 60% of the employees who have not considered exiting their jobs have highlighted the following reasons for staying.

1.???Option for flexible working

2.???Competitive benefits package

3.???High salaries

Interestingly, the other reasons that helped retain employees this year were the strong support of their leaders and career development initiatives. During the pandemic, leaders have become so focused on tasks and deliveries that they have missed building that one-on-one connection with their subordinates. These one-to-one meetings are essential for employers because they offer the opportunity to convey to the employees that they are noticed and valued. You can use this chance to help resources identify exclusive opportunities for career advancement or use it to get a sense of whether they are drifting away from the company and can intervene at the right time.

There are plenty of good resources available in the market but it takes a good eye and a great initiative to bring them up to your open position, make them consider it and convince them to accept the offer. So unless you offer them the right purpose, flexible working conditions, one-on-one rapport and recognition, you can be the next victim of the Great Resignation.

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