If you are looking for data, here it is ; According to Gallup, 48 percent of employees are actively looking to make a change, and nearly 1:4 will do so in the next six months. Those looking for new opportunities will find ripe opportunities
How does it impact organizations? 2 Sides of the coin to be managed
- hiring to backfill people who have left
- hiring new people to support business growth.
The scarcity is real — too few people for too many jobs. The imbalance of this supply-demand highlights more than ever that productivity is about people.
In the run to hire more people, we sometimes tend to forget to attend the folks who stay — those showing up day-in and day-out shouldering the work that needs to get done. Think about what these people — the ones who are here, working for and with you — need now. The short answer is they need to be seen for who they are and what they are contributing. It’s the role of every leader & manager to make sure they’re getting the recognition they deserve.
How can organizations give the existing employees the respect and attention they deserve?
The marketplace for talent has shifted. You need to think of your employees like customers and put thoughtful attention into retaining them. This is the first step to slow attrition and regain your growth curve. And this does not happen when they feel ignored in the fever to hire new people or underappreciated for the effort, they make to keep business moving forward. You cannot take your people for granted and expect them to stay — healthy relationships do not work that way. Here are three steps:
Re-recruit existing employees into the company
Though it may sound funny, this is something that all leaders should try out. Have conversations with existing employees as if you are trying to recruit them for the 1st time into the company. Here are some of the tips to help you
- Spend time to understand their motivations and ambitions. With so much new hiring happening, identify where opportunities might exist inside the organization (even at the cost of releasing them to another team where they aspire to be) to help them fulfill unrealized dreams and ambitions.
- Help them see and claim the positive impact they are making in the organization. Acknowledge not just what they are doing, but why it matters. Help them to see the big picture and how it is getting connected to the larger organizational goals. Let them know what you appreciate about how they are showing up during difficult times. People want to know they are making a difference.
- Don’t stop. These are not one-time conversations. You can’t just wade in, have a talk, and think all is good. This should be the primary focus of each manager and leader in your company.
Reward them in a proper way
There could be a need to relook at the existing rewards and recognition systems in your company. Now may be the time to challenge the status quo if what you are seeing from your people and hearing from the talent marketplace is misaligned to your company’s current reality. This is not just about paying people more — research tells us the motivational effect of pay raises is short-lived.
- Think about the core DNA of your organization. If the traditional ways of doing things no longer serve the organization and its people, figure out what does
- Be willing to let go of the past … it’s gone.
- Make sure accountability is in place so that those current employees are not shorted when new people are hired.
Businesses are hurting and at the root of that pain for many today is a shortage of people to do the work. Your existing people feel that they are burned out. So, it’s very important that leaders be bold and engage their people in helping to solve problems.
- Don’t be hesitant to ask for their help. This requires courage because admitting that you do not know all the answers is vulnerable work. It takes strength and confidence to appreciate that outcomes are better when more ideas are included, when fuller representation is present and diverse perspectives are heard.
- Create space for the employees to step up & participate. This sends the crucial message that they are trusted and valued.
- Focus on the desired outcome. Actively seek the insights of diverse voices and points of view into what will help achieve it, especially insights and ideas different than your own. Always remain open to be surprised.
It’s a tough time for all but let’s lead the way by opening the door for changes to sweep in
Author: Rojes Coalbe, Workforce Planning Leader, ANZ
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