The Great Attrition is taking place. Employee departures have reached a record high. According to the Bureau of Labour Statistics, voluntary attrition climbed by almost 800,000 in the United States over the past year whereas involuntary attrition declined by almost 400,000 over the same time frame. In a recent McKinsey survey, it was shown that roughly a quarter of employers think they are keeping more low-performing employees than they were a year ago. How does this impact a company’s talent management strategy?
For the correct talent to be retained, skills to fill crucial gaps must be developed, and employers must be innovative to draw in new talent. To strengthen a long-term talent strategy, think about implementing these four steps:
Deal with burnout:
Employees are dealing with sadness, bereavement, and exhaustion after a trying 2 years. The pandemic’s inherent characteristics have stressed various social support systems and coping methods in use (for example, social distancing), and wellbeing issues and shortfalls have worsened. To keep their employees, employers should develop a variety of strategies that tackle these issues head-on.
Develop skills:
The best skill sets to source are those you already have; redeployment, reskilling, and upskilling are the solutions to finding the best skill sets. Investing in staff development through leadership training not only demonstrates to employees that their advancement and development matter that they are crucial to the future of the firm, but it also helps to develop talents that generate financial rewards. Leadership training can teach employees these skills, which can help them become more efficient and effective in their work. Enhance creativity: By encouraging employees to think outside the box and take risks, leadership training programs help them develop the skills necessary to promote innovation and creativity.
Boost your health:
Organisational health is a term we use to describe the vitality and durability that we see in institutions that can maintain high performance across time. The healthiest organisations strive towards a peak level of performance that is more comparable to living and flourishing rather than just correcting problems. Similar to how individuals can go beyond reducing burnout, organisations can provide employee experiences that support everyone’s success. This can change talent attrition into talent attraction, turning a liability into an asset.
Rethink the available talent:
Identify the information, skills, experiences, and talents that are required through executive leadership coaching. A new pool of high-performing talent that may only be older, younger, or less officially educated may become available via hiring for abilities and thinking outside of standard profiles or academic degrees.
Your ideal employees are departing, and if this keeps up, skill gaps will only get worse. These tactics can aid in retaining the best staff members, boosting morale, utilising underutilised talent pools, and acquiring critical skills. Research on great attrition has revealed that strengthening bonds with employees is essential if you want them to desire to grow with the business rather than apart from it.
BeLeader is one of the leadership training companies in Pune that offers comprehensive corporate leadership training to assist in talent management. Connect with us to book a free 20-minute appointment.