Talent Retention Strategy Myth OR Reality

Retention Strategy Myth OR Reality

Employee turnover is expensive—that’s not a surprise. In today’s highly competitive labor market, there is extensive evidence that organizations regardless of size, technological advances, market focus and other factors are facing retention challenges.

One in five workers plan to quit their jobs in 2022, according to PwCs Global workforce hopes and fears survey

Employees exhibit different traits at workplace disrupting how talent is natured. The crave for a rapid career satisfaction and advancement, high value on flexibility, team work, diversity, and feedback. This leads to difficulty in talent retention mainly due to the fact that many employees now than ever will simply move on when their expectations are not met. Thus, business leaders are faced with the difficult tasks and decisions that shape policies and requirements to meet expectations in order to gain and retain talent for the workforce. They are also finding that it's a very difficult balance to encourage loyalty, performance, promotion, and overall job satisfaction that meets the expectations of this demanding generation. But the Big question; is talent retention a myth or realty?

Business leaders and executives often think that the more material benefits they offer to employees, the happier those employees will be and the less they will want to leave. However, that is simply not the case.

Consider this side-by-side comparison:

“In today’s knowledge economy, employees with unique skills have a profound impact on organizations. It’s crucial to keep them happy” - Roger L. Martin

Retention Reality

As the knowledge economy has taken over the business world, people with rare expertise and skills have become powerful be they lifestyle coach, engineers, mental health professionals. corporate executives, research scientists, environmental engineers , artists, or ?athletes, or celebrities.

Businesses that have invested in their human resources to improve employee morale and productivity performed better than others during the difficult times (Watson & Wyatt research,2019). According to Chartered Management Institute and Ashridge Consulting , retaining and developing top talent will become a critical success factor in the next five years, however, still over half of line managers are resistant to talent management processes.

Overcoming this standoff requires that organizations take an active approach to understanding their organizational culture and the employee experience, and provide creative and inspired reasons for their employees to stay. We proposed the following approach to talent retention.

Diagnosis of the talent retention

1. ?????Quantify the problem

Turnover ?= No. of Employee Leaving (Monthly, Annual)?X 100

????????????????????Average Total No. of Employees

• Identify patterns – when are people leaving (6m, 2 years, 5 years)
• Determine the impact of resignations on key business metrics

2. Identify the Root Causes by conduct detailed data analysis to find out which factors could be driving higher resignation rates . Conduct detailed data analysis – which factors could be driving higher resignation rates?

• Compensation
• Time between promotions
• Size of pay increases
• Tenure
• Performance
• Training opportunities

For example, If time between promotions correlates strongly with high resignation rates, you may want to reevaluate your advancement policies

• 3.???Conduct stay interviews to help business leaders understand why employees stay and what might cause them to leave. Ask the right questions while you still have your talent with you for instance ;
• What keeps you working here?
• What do you enjoy about your job?
• What motivates you at work?
• Do you feel appreciated in your role?
• Where do you see yourself in five years?
• What would you like to change about your job, team or department?
• If you could change one thing about the company, what would it be?
• Have you ever thought about leaving the organization?
• What would cause you to leave the company?

4.???Create highly customized programs aimed at correcting the specific issues that your workplace struggles with most. For example, If a specific gender are leaving your organization at a higher rate than their peers, you may need a DEI-focused approach like ERG, reframe the role?coaching not to mean important for those underperforming.

5.?Use a digital employee engagement platforms to utilize the data within organizations to get real time feedback on issues affecting your team .This digital platform serves as a convenient and efficient means of forging connections that advance employee interests as well as the business collective interest?.?Leaders can access and sort through based on specific criteria ranging from roles to capacity, skills, interests, experience and more.??

6.???Show respect to all people in the organization and help them to feel a sense of belonging & ownership at workplace

Employee Retention for the Future

Employee turnover is a challenge that isn’t going away anytime soon if anything, it may become more pronounced as the next generation of workers brings new expectations to the workplace and their careers. Forward-thinking business leaders that are ready to create a culture of respect, inclusivity, opportunity, and purpose will be better equipped to handle whatever talent retention challenges come their way.