Despite the challenges of the last year, employee engagement has seen some positive trends - with improved work/life balance and flexible working top of the list. The risk as we emerge into a ‘new normal’ is that employees will look elsewhere if they feel these gains aren’t kept. But with staff turnover costing businesses time and money, retaining top talent is more critical than it’s ever been.
In March 2021, we joined forces with TALiNT Partners to host a virtual discussion with HR and talent leaders on this very topic. How has the pandemic impacted employee retention strategies and internal mobility, and how should employers respond?
Here are three trends every talent acquisition leader needs to know about.
Digital transformation has been on the corporate agenda for some time; the pandemic simply turbo-charged the pace of change. The result has been the creation of new roles, and higher demand for new skill sets in existing functions.
Competition for talent in a remote working world will be fierce and essentially borderless. This means companies that wouldn’t normally be considered competition for staff due to their geographical location have now joined the fight for in-demand skills.
This has upped the ante when it comes to the need to retain talented people. It also raises the question: when should employers look to upskill staff from low-demand functions to fill urgent skills gaps and keep high-potential staff engaged?
The pandemic has brought the need for flexible working options to the fore, as people discovered the personal and professional benefits of working remotely. But for employers who want to retain their best people, a carefully balanced approach is needed.
Those that offer no flexibility will struggle to retain and attract talent. But that doesn’t mean a completely remote working environment is suitable for everyone. Many workers will be keen to regain the social element of the traditional office, or to move on from working in less-than-perfect conditions at home. Finding the right balance will be crucial.
Employees have a growing appetite for training, education and development that should be leveraged right now to stop people leaving for other opportunities. With the competition for talent increasing, making internal mobility difficult is a sure way to make it easy for other organisations to poach your staff. If you don’t invest in people, your competitors will.
Our event attendees said they plan to use the increasingly sophisticated HR tech tools that are available to train and develop staff, and to give HR teams better visibility of existing talent and skills. Mapping your workforce in this way, so internal candidates become your first port of call for new hiring needs, will help retain high performers and streamline external recruitment costs.
Clearly, employee retention and internal mobility are top of the talent agenda at the moment. But what steps should you be taking now to convince your best employees to stay?
Here are five great ways to improve employee retention and mobility in 2021 and beyond.
At Guidant Global, we’ve developed a culture that has the wellbeing of our people at the heart of everything we do. And that’s what so many of our employees can relate to. We can retrain and reskill individuals but they need to feel like an authentic ‘Guidant person’ - not just a worker assigned to a set task.
Internal mobility and employee retention are going to play critical roles in business recovery over the coming months. The tips above are a great starting point, but if you need talent management advice that’s tailored to your business, we can help. Contact us today.
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