8 Essentials to Retain Talent in the 21st century: A Millennial's Outlook

As 2021 draws to an end, many amongst us have noticed an increasing trend within the corporate world. The “Great Resignation” is what they are calling it in the United States. Across the globe, no country has remained untouched by this phenomenon. Predictions are that this wave will persist in 2022, continuing to impact the Tech and Pharma sector.

Recent articles across well-reputed sources report how both young and middle-aged professionals between the ages 25-45 years are leaving or changing careers. In addition, the pandemic has forced many women to leave the workforce due to childcare and domestic responsibilities. However, even amidst these uncertain times, some top firms have still managed to keep their talent pool intact with little fluctuations and a minimal turn-over. ?These companies reported both higher retentions and employee satisfaction. I was interested to find out what their secret formula is and on research some patterns emerged consistently. Here they are:

1.????Flexibility & Freedom: Top companies realise that dedicated workers continue to deliver quality results irrespective of where they are based. These firms offered employees flexible working hours between home and office. Amidst the complete lack of control we all have felt during the pandemic, even this small liberty to choose where and when one works offered employees a sense of control over their work and personal lives. Allowing flexible “dual-working models” was a key component. On one hand it allowed individuals to meet on-site to engage and develop genuine working relations. On the other, working from home enabled others time-saving during commuting, family care, and focused work. Modern companies focused intensely on ROWE i.e. Result Oriented Work Environments.

2.????Technological & Digital Revolutions: Information technology and digitalisation have been at the forefront during the pandemic. Successful firms both embraced and quickly spread digital tools across all departments so employees would be well-connected and could continue to work seamlessly. Some companies even went ahead and provided employees free devices and hardware to work from home. Any company that aims to thrive in the future has to keep abreast with the latest technological trends and train its workforce to use these uninterruptedly.

3.????Work-Life Balance: Burnouts cause multiple deaths each year, as well as exacerbate depression and anxiety, esp. seen during the pandemic. ?Firms that have shown strong retention rates made sure their employees are cared for and can maintain a healthy balance. Burn-out is an organisational culture problem. Causes are manifold, ranging from unmanageable workload due to high turnover, unfair treatment at work, lack of role clarity, lack of communication, unreasonable pressure and demands from managers etc. Rooting out these evils is at the crux of employee welfare. In addition, generous offers and benefits like wellness retreats, compassionate paid leaves, online social and fitness events were organised by some firms.

4.????Vision, Mission & Social Commitment: Humans are driven by values, and we are all often willing to forget our differences and walk together an extra mile for a united purpose greater than us all. Companies with a clearly defined vision, mission and social responsibility have done just that. United teams for a bigger purpose. They have laid in place solid values derived by interactions with team members and borne via consensus. However, clear mission statements are not enough. Consistent activities and action must follow. Leaders and companies who are committed to real social causes and engage teams in activities (supporting the homeless, old-age homes, educating the youth, environment etc.) consistently show more team-engagement, greater fulfilment, lesser turn-overs and lower internal conflicts within teams.?

5.????Development Goals & Plans: Anyone who is invested in building a “career” and not just doing a “job” will closely watch their development and growth trajectory within a firm. One of the highest reasons top-performers quit is when they see no roadmap for gaining new skills. Top firms with high retention rates align from the very beginning with new hires, investing time in identifying strengths, weaknesses, areas of learning and motivations to develop a strong individual development plan. These companies also allow rotations within departments, timely check-ins to provide consistent feedback, and invest on educational programs for the employees.

6.????Equality, Equity & Inclusion: Research has shown that companies that embrace and celebrate values like equality, equity and inclusion will be leading in the future. These core values are undoubtedly on top of both Gen Y (Millennials’) and Gen Z’s priority list. Firms that “walk the talk” and embrace diversity are real powerhouses, thriving and forging ahead in this fast paced VUCA world (Volatile, Uncertain, Complex, Ambiguous).

7.????Supporting & Acknowledging Women: Women remain a major part of the workforce. Research has shown that the pandemic has affected working-women drastically. In addition, a vast majority of women experience a downslide in both their career and savings after pregnancy. Not only is re-entry in the job market difficult, a study in 2013 found that women who take just one year off work for childcare lose almost 20% of their lifetime earnings. Top firms have realised the potential of their female workforce. Women are offered re-initiation programs to return to the office, adequate support and training, as well as on-site childcare facilities.

8.????Collaborative Leadership: A new world order is emerging in corporate where leadership is no longer about hoarding power and knowledge, but about providing access to information, tools, as well as being fantastic collaborators across multiple levels and divisions. Firms that have already embraced such forward-thinking leadership have no dearth of talent who are willing to share their expertise in return of genuine rewards like recognition, development, and celebration of achievements.

These are the overarching eight points that I have consistently noticed after talking with personnel working in high-performing firms across the world or on reading multiple articles. Attracting and hiring talent is fairly easy. The bigger challenge companies must master is to retain employees. High turn-overs not only cost the companies large sums of time and money during re-hiring, but it also leads to loss of experience and knowledge, lower morale and productivity in teams, increased work-burden on remaining employees, as well as longer periods to train new hires. The cost-benefit analysis is pretty clear here. In the end, it all boils down to a very simple fact: Care for your employees, and in turn, they will care for you.

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