As a result of the ongoing COVID pandemic, the workplace and job market have been forever changed. More than ever before, workers are seeking flexibility and adaptability from their employers, and companies are being faced with a decision—shift their practices or get left behind.
The degree of this shift will continue to vary by industry, but this change is proving necessary for survival and success. While flexibility is a key part of future success in attracting talent and competing in the current talent market, retention and investing in your current employees is more important than ever.
The cost of losing talent is greater than ever. It has been estimated that the cost of losing and retraining a new employee has risen by 50% over the past 18 months. This is simply due to the lack of talent compared to the number of current openings. Simply put, it is cheaper and more beneficial for your organization to retain and groom your top talent than replace them.
Here are some immediate adjustments your company can make to continue to engage, retain, and grow the talent in your workforce.
1. Encourage open conversations, engagement, and real-time feedback.
In this era of remote work, it is difficult for companies to manage employee satisfaction and engagement. Times of the annual review and only speaking to employees on an as-needed basis is dead.
Check-in with your employees in real-time and make sure they feel engaged and aligned to the mission and direction of the organization. Realistically, top talent has more options employment options available to them than ever before.
2. Be aware of burnout and the needs of your employees.
The COVID-19 pandemic has brought employee wellness and mental health to the forefront. Between employees being required to work long hours, having continually changing work protocols due to the virus, and adding personal needs in the mix too, burnout and exhaustion are realities to face.
It can go a long way to have an open mind and honest conversations with your employees about their well-being and mental health. Make quality of life a priority by addressing burnout as a standard operating procedure of your business.
3. Focus on providing your leadership teams with skills to manage remote employees.
Most organizations have not equipped their leadership teams with the training or tools needed to successfully manage remote employees. In the pre-pandemic work era, it was not deemed necessary to invest in developing these areas since most employees were always in the office.
As a result, we have generations of leaders who have never managed remote employees. Make a committed investment in the future of your leadership team to retain the best remote employees and succeed in the future of a flexible workforce.
If you would be interested in discussing other recruiting and retention strategies, please feel free to reach out at corey.walker@ncitepartners.com.
