Retaining Talents in this Era

Samim who started his job soon after graduating from a top business school decided to leave his job. When his line Manager asked the reason. In reply, he mentioned long working hours and he also mention starting as a freelancer.

Like Samim, there are a lot of young Executives incorporated in the Gig economy. There's been much hubbub in recent months about what's been dubbed "The Great Resignation." The popular phrase refers to the roughly 33 million Americans who have quit their jobs since the spring of 2021. Presently this might not relevant for Bangladesh but there will be time we will have a big hit like this. In my last four years of Talent Management experience, I witnessed struggle to retain talents, especially freshers. Let us dig dive and on this

In the world of business, there are three types of revolutions, those are given below:

Industrial Revolution:?In the industrial revolution people take a job for survival. Generally, it is our grandparents who belong to this generation. They go for the job so that they could fulfill their daily need even if their Boss is grumpy, even their boss is abusive and their boss is physically biting them up they won’t leave their workplace. They believe that their Boss is always right because their opportunity is less, and they don’t have any idea that if he/she leaves the job then he/she will get another scope or not. Henceforth, loyalty never exists in this revolution because here option is less for the people.?

Information Revolution:?Generally, Information revolution belongs to our parents. They go for the job for standard living. It is a revolution where people go for the job for standard living not for survival because their parents already did that for the sake of their survival. They go for the job to get a handsome amount of salary so that they can pay family expenditure, save up for a home and children's education. Henceforth, loyalty reduces because if they get a better environment, better pay, they will switch jobs.?

Social/ Digital Revolution: Nowadays, the information revolution has died. It is a revolution where information revolution doesn’t exist. Today's information revolution is free because people can know or learn anything they want at free of cost from Goggle and YouTube. If any question arises, they can get their answer from Goggle and YouTube as well. In this revolution, people don’t care about the workplace because their grandparents took care of this, and also, they don’t care about standard living because their parents took care of that. Now in this revolution, people want a job for quality living. In today’s people, they want quality of life, not standard life. The main goal is to get a quality of job, quality of role, opportunity, learning, and rewards all of that they want for quality of life.?

For example:?If one person’s Boss says, he/she will cut his/her salary or if an organization wants to go for the contract for 3 years or 4 years to retain top talent, he/she will say thank you so much I will find another job.?

Through this example, it is crystal clear that this revolution doesn’t have the fear or doesn’t have any heed to lose their job because they know they will find another job for themselves.

An organization always requires a person who is better than them in their job. Then they can make a scalable organization or a scalable product and also a scalable service. But in this revolution or this fast-moving world where top young talents happen to be highly educated and highly aware. It is tenacious to retain top talent but it’s not impossible.

How an organization can retain their top talent those points are given below:?

• The top talent should know the direction of the company?which means they should know which direction the Company is heading. An organization should give direction. Because top talent is hungry to know new things they are like a horse of those races who will run for the goal to achieve. So, for top talent, it is very important to set in the correct direction. So, an organization has to the direction of the company so that they could inflict the direction to their top talent as well.?
• Giving flexibility to the top talent?means an organization is flexible enough that they do not break the system but come out with great ideas also come out with great initiatives. So, the organization’s goal is to become a strong coach, a strong pillar, lastly, the organization’s role is about “You go ahead, I will always stand behind you even if you fail”. Then the organization will see the confidence level go up. So, then they (employees) have a feeling that they are doing the job for themselves. Henceforth it becomes their job, not the organization’s job. For any organization, one man can’t win the battle they always need a great team for themselves.
• Honest and open communication with the top talent?means top talent needs to expose to everything. When they get exposed to this matter, they will be feeling accountable for it. The boss should aware of what’s happening with their life and the boss definitely should know what’s happening with them socially, how they are behaving with their family, what is the pain they are going through, do they have a financial crisis or do they have the financial burden or not. The leader’s support in all the aspects then the top talent is emotionally get connected with their leader. Then they will work for the leader, not the job or not for the salary. And they will ensure that the organization is moving forward or not. For top talent, honest and open communication is very important. An organization has to take care of the top talent on daily basis.?
• The top talent must be rewarded and recognized regularly?which means if an organization wishes to retain top talent, then the important aspect is the reward and the recognition has to be meticulously designed so that an organization can retain top talent.?
• The top talent must have a career path?which means the top talent needs to have a career goal, they need to see themselves growing every single day and that’s the basic need of a human being.?

Unless an organization doesn’t have any mechanism for these things, they will face grapple with retention challenges.