In a McKinsey article - the stats are validating what we all seen to be feeling …… it’s harder to recruit, retain and maintain the right people and if you want to win the war on talent - you’ve gotta come to the party!
According to the US Bureau of Labor Statistics, more than 4.3 million people voluntarily quit their jobs in December 2021, slightly below a record high in November 2021.
Their departures have left a huge hole in the labor market.
The number of current job openings (10.9 million) exceeds the number of new hires (6.3 million). At a recent survey at Mckinseys recent survey of almost 600 workers who voluntarily left a job without another in hand, 44 percent said that they have little to no interest in returning to traditional jobs in the next six months.
The rules of the game have changed.
- you need to pay higher compensation,
- offer flexibility,
- community, and
- an inclusive culture
The cost of switching jobs has gone down significantly.
There is less of a stigma associated with showing a gap in your résumé.
Employees in many industries are confident that they can find work anywhere, whenever they are ready - They have seen friends and colleagues depart and survive, and they are confident that they can, too.
You need to redefine your attraction and retention strategies and build a value proposition that takes employees’ whole lives into account.
Why they left
- uncaring leaders,
- unsustainable expectations of work performance,
- lack of career advancement
- Overwork with less staff
Those that took new jobs cited
- Professional development - ability to learn
- workplace flexibility,
- adequate compensation and
- reasonable expectations about performance as top factors in taking a position
What can you do to retain your team . How do you bring them back—and keep them?
Paul Findlay of Reach shared some interesting insights at our Nexttech Transformation forum facilitated by Bill Mclellan
- life balance - maybe offer subsidised cleaning services, gym memberships, free learning or on-site childcare services that would allow employees to eat lunch with their children
- Have a reason that makes them feel they are adding value and making a difference
- providing extra days off for professional development or mental-health breaks
- Bonuses for great work
- Recognition and create a feeling that your team is being listened to
- Pay 100 percent of the tuition costs for employees seeking higher education.
The bottom line is that companies must take a different approach, focused on the following core principles.
Doing something bigger than yourself
Fostering psychological safety and a sense of community, and measuring outcomes. Rather than conducting only exit interviews, adopt “stay” interviews, asking people how they are doing and what they need to continue in those roles?
As Mark Purbrick of Peoplogica said - have a joining party instead of a leaving party!
Cultural factors can make a company more attractive to join and, ideally, provide more incentive to stay.
The power of collaboration
Stack the deck in your favour - Expand your talent pool
Think more creatively about candidates:
What about the nontraditional workers who aren’t even on their radars?
Bring in Diverse groups
As Fiona Love says - being innovative without Diversity and Inclusion is like playing sport with one hand tied behind your back!
Based on Mckinseys research , this untapped source of labor could be as many as 23 million people.
Lower the barriers to entry and rethink requirements for certain roles.
Remove bias from the recruitment process!!
Consider students , those doing part-time or contract work , people you can train .
Consider ex inmates - remove any questions about convictions or arrest records from job applications and to delay background checks until later in the hiring process.
Use Referron and encourage your team to find their friends using referral programs—for instance, launching a personalized “refer two friends” campaign, asking existing employees to recruit within their networks—and acknowledge that the best candidates may be outside the immediate radius of the company’s headquarters.
Use AI or overseas assistants to augment your team members skills Could functions be outsourced or automated ?
In one company it was found that salespeople were spending the bulk of their days processing orders and managing documents rather than pursuing actual sales.
How can you create more value for both employer and employee using AI VR and BPO (business process outsourcing )
Thanks to the team at Mckinseys
Aaron De Smet , Bonnie Dowling , Marino Mugayar-Baldocchi Bill Schaninger, Bryan Hancock, Laura Pineault, and Nicolette Rainone at Mckinseys for their article
The team at the Nexttech Transformation Forum - Cassandra Parton, Bill Mclellan, Mark Purbrick, Craig Saphin , Jane Valmadre, Paul Findlay , Ayon and Emma Sidney for their contribution at the Nexttech transformation forum
The team at the BSI Diversity Equity and Inclusion Yarning Circle - Martin Stark, Kala Philip , Bindi Kuroz, Arthur Backouche, Peter Mousaferiadis, Imy Banaken , Ivan Schwartz, Anne Marie Elias, Scott Hoskin and Ivan Kaye
women in business
Supporting disability (or coolability in the workplace )
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