There are many terms for it — The Great Resignation, The Big Quit, The Great Reframing, The Great Realignment, The Great Renegotiation.
Whatever you want to call “it,” the fact is: People are on the move! And companies are scrambling (and competing) to find the right formula to attract new talent to replace the talent they’ve lost. Sign-on bonuses, pay bumps, and a plethora of perks to persuade candidates to fill the gaps that disgruntled or enlightened employees have left behind.
Let’s just stop for a second and THINK. Those new shiny objects may help you attract new talent, but if you want to retain them, you need to consider the fundamental issues that got us here in the first place. And, no, it’s not just about compensation!
I think it’s time for organizations to take a step back and do a self-assessment that goes beyond the typical financial performance, customer satisfaction, employee satisfaction, etc. It’s time to assess – and improve – those areas that have a direct relationship to employee retention.
How are you doing in these areas?
Leadership. Sixty-three percent of people with a bad manager are thinking about leaving their jobs in the next 12 months, according to a 2021 report by The Predictive Index. Do you provide leadership development for new leaders to support their transition to a people-care role? Do your leaders at all levels have a consistent understanding of their roles, responsibilities, and expectations as a leader in your organization? Do your leaders help employees feel valued, connected, challenged and recognized? Do you proactively address leadership issues?
Culture. How do you describe your company culture? How would your employees describe it? Do you have clearly defined values that you have communicated to employees and that leaders at all levels in the organization consistently demonstrate? Have you defined what you want to be known for as a place to work? It should be more than gourmet lunches and dry cleaning services. Employees today want flexibility, work/life balance, and the opportunity to learn and grow.
Career opportunities. Are career discussions part of your performance conversations? Do employees know how their individual and team goals contribute to the organizational goals and overall success? Do you have clearly defined career paths and development tools to assist employees on their career journey? Do you give employees the opportunity to move to other roles within the company rather than lose them?
Communication. Does your culture include open, honest communication? Do leaders routinely communicate with their direct reports to recognize performance, discuss issues, capture ideas, and simply “check in?” More than half of employees surveyed in a recent Gallup study said that no one — including their manager — had talked to them about how they were feeling in their role in their last three months before they quit. Want to keep ‘em? Ask, listen, and then do something with what you learn.
And last, but certainly not least, remember that it’s about the PEOPLE, PEOPLE, PEOPLE. Hiring the brightest and the best does you no good if you don’t take care of them. Be clear about their roles and responsibilities. Help them understand the values and the culture. Keep developing them, provide them with new challenges, and develop a work environment where every level of the organization is valued, connected, challenged, and recognized.
Till next time, keep it real.
Karen
