Prevent losing top talents.
Buzzwords such as “shortage of skilled workers”, “war of for talents” and “demographic change” are increasingly appearing in discussions with managers. However, if one takes a close look at the respective companies, it can often be quickly established that systematic, targeted personnel development is rarely synchronized with the strategic objectives of the company. However, since the state of current in-company continuing vocational training still rarely provides the highly professional, modern, and time-saving further training or retraining opportunities, the motivation and commitment of employees drop drastically, and often the wrong or missing skills management is partly to blame.
The reasons why this might happen to even a big name brand
Even household brands – who have no trouble in attracting talent – fail to have a successful talent management strategy in place. Why it might happen?
43% of Millennials think that they will leave their current job within two years. A meager 28% plan to stay any longer than five years. Gen Z respondents expressed an even lower level of loyalty with 61% envisioning leaving their current job within two years.
- Not listening to the individual. Poor flexibility or diversity
One of the biggest reasons for this desire to make a change is workplace culture. Respondents were seeking jobs with greater flexibility and better diversity. This is only amplified in a company where pay is not at the top of the scale.
- Lack of career development and engagement
Large firms can often mistakenly assume that a strong salary and benefits package is enough to engage their best talent. Of course, monetary reward is important, but it’s not the only type of reward sought. Most employees will want to know there’s a genuine opportunity for career progression and ongoing development in their role. Failure to provide a clear career path with the company can soon lead to disengagement.
- No quality benefits package
Well yes, employees want a quality benefits package. In fact, many employees will accept a unique benefits package in lieu of higher pay. From flexible work hours to extra vacation time to student loan repayment management, there are numerous ways you can retain quality talent with benefits that no one else is offering.
- Poor challenge-feeling
Do you provide unique challenges for your employees? When someone begins to feel stagnant in their job and they see no room for growth, they will begin to look outside your workplace for new opportunities. Those with the most talent will be the least content in a job that offers no room for improvement.
From allowing an employee the ability to take on new tasks to providing ongoing training opportunities, it is vital that you give your staff a room to grow. If you realize that numerous positions in your workplace offer no ongoing challenges, look for ways to change that. While we all enjoy the easier aspects of our jobs, we also all need to be pushed a little to feel valuable and remain interested in our jobs.
- Ineffective leadership that is driving talent away
At every level, there needs to be robust leadership in place. A lack of strong, consistent management is a prevalent reason for an employee exodus. Organizations must ensure that their employees are equipped with good leadership, inclusivity, and communication skills – which may involve additional, ongoing training.
A big struggle for many business leaders is allowing employees to handle tasks that were once their own. Are you hiring talented individuals for duties you once handled and then overturning their decisions in that role? If so, your inability to let go will cause the best employees to leave. Someone passionate and good at what they do does not want to be micromanaged.