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With the changing of the workforce structure, the demand for high-quality talent, and the increased competitiveness that companies are using to attract talent there is an increasing trend with employees becoming less loyal.
The opportunities on offer with companies locally and globally are being communicated consistently and digitally so not only is the reach so much greater but the engagement is at a greater level.
Previously, employers were confident that employees were engaged and loyal and they had no doubt that they would retain them for the long-term. However, the growing trend is seeing once engaged talent realise the potential they could reach elsewhere and just how easy it is to achieve it.
Be cautious about assuming your employees are loyal. They may not be. The workforce has changed significantly and so has the work life integration expectations. There will be something that happens, in time, that will encourage them to be open to opportunities.
what are the potential challenges for you to be aware of?
Increased staff turnover across your leadership and majority workforce employees
Even those who have been loyal to your business for so many years may no longer be loyal to you. The attraction methods of most companies are very strong and cleverly consistent over periods of time to get the most impact and engagement. Staff turnover will happen, not just of your majority workforce employees but of your leadership team too. Talent is the number one strategy for most companies now. Competitors will work hard to attract the best talent to their business making you work harder to retain yours.
More choice for employees to choose from
There is more choice now for employees. With platforms such as LinkedIn and other social media sites, top talent is being headhunted for multiple job opportunities, especially the business-critical and emerging positions. These opportunities have highlighted what other companies are offering in terms of work environment, well-being, flexibility and fluidity, career progression, and benefits. The constant offerings communicated by employers, recruiters, and social media have given employees more choice than ever before. Your competition is proactively offering choices that are attractive and tempting.
Positive or negative change in your culture
When people leave and join your company the culture shifts. This can shift positively or negatively depending on how many people are leaving and joining, the behaviours they are demonstrating, and the behaviours the leaders are accepting. Your business culture is the driving force behind your employee engagement and productivity so be careful not to dismiss the impact of the change.
what opportunities can you benefit from?
Hiring new talent
The opportunity to employ new talent, gain fresh ideas, bring in new skills, and encourage diversity of thinking. All of which drive innovation and improve your business performance. When you focus on hiring new talent you can diversity your workforce, improve your culture, and accelerate your performance. When your hire the right person for the right job, the opportunities are endless. However, if you make the incorrect hiring decision the impact can be quite significant. It is a great time to review your attraction and recruitment strategies so you can not only improve the reach of your talent pool but also the quality of your hire.
Updating your company offering
Your company offering should be reviewed yearly. The market changes so quickly it is important to be on top of trends, especially salary packages. Being aware of how competitive your offering is compared to your competitors is important, especially in a market like today. Are you in line, below or above? Over time expectations change and so should your offerings. If you have not reviewed your company offering recently, make it your priority. To get the most out of the review do your research thoroughly, then you will guarantee a competitive company offering.
Eliminate complacency in your workforce
The realisation that your employees are not necessarily loyal anymore will eliminate complacency. How you have managed your business in the past does will not necessarily be effective for the future. Eliminating complacency futureproofs your business. Conduct regular reviews, interviews, and surveys. Get some facts about how your employees really feel and make decisions to improve your offering from these facts.
How can you better prepare for this new environment?
Listen to your employees
Employee engagement drives loyalty. Are you listening to what they want and need? Setting up project groups is a great way to understand what your employees want. Importantly, set up diverse project teams to get a realistic and broader view of your employees. Consider all levels of seniority from junior to executive, all departments, and tenure. If you choose to listen, you also need to choose to act. Listening without acting, is not actually listening.
Be competitive in your offering
Have a strong employer value proposition that equals or beats the competitors. Spend the time to research what is on offer in your market so you can offer the right type of financial and non-financial benefits to remain competitive. If you base this on assumptions, you may offer benefits that are not attractive or relevant to your employees. Salary is not everything but it is important. Short-and-long term pay for performance incentives, bonuses, flexibility, wellbeing packages, parking and travel expenses, remote working, and investment in training are all benefits to consider.
Invest in training and development
Employees want to feel invested in. Investing in professional and personal development through blended learning initiatives gives people the opportunity to upskill, progress their career, and feel valued as well as valuable. By upskilling you are not only futureproofing your business, but you are also futureproofing your talent.
Invest in your leaders
Employees leave bosses just as much as they leave companies. By investing in your leaders, you will equip them with the skills and attributes to effectively lead, coach, and develop their employees. Your leaders set the tone and standard in the business. They can create a higher level of employee engagement through their leadership capabilities. It is this engagement that helps your employees to make the decision to stay or go.
Communicate and then communicate some more
Create a communication plan that is consistent, approachable, and authentic. People want to feel connected and the way they do is through the formal and informal communication of the leaders. Do your employees understand your vision, mission, and purpose and how/what/why they are doing today is contributing to the vision, mission, and purpose? If not, you are missing an opportunity to engage and create a community within your company. People want an emotional attachment that helps them to feel like they belong.
Hunton Executive can help create effective recruitment and talent strategies so you can create a loyal and competitive workforce.
For a comprehensive guide to attracting, recruiting, and retaining your talent contact Hunton Executive.
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