The drastic changes in working methods over the past two years have given many employees reason to stop and think about what motivates them at work, important factors in the workplace and what they expect from their employer.
Globally, these trends led to what has been called the “Great Quit Era” in which many employees quit their jobs, seeking more fulfilling and meaningful work. , better pay and benefits, and work-life balance.
According to a recent McKinsey survey in the United States, 40% of employees anticipate that they will leave their job in the next 3 to 6 months. The top three factors cited by employees as reasons for quitting were that they didn’t feel valued by their organization (54%) or their managers (52%) or because they didn’t feel a sense of belonging at work (51%).
As CEOs focus on accelerating their digital transformation and reigniting business growth, they are also being challenged to deliver better opportunities to employees than their competitors. With booming telecommuting, they compete with organizations in all markets to offer the best flexible working conditions and the best development opportunities. Increasingly, today’s workforce expects business leaders to lead in an ethical and responsible manner.
In this all-digital world, with the right leadership, training and technology, companies can create a more meaningful workplace to better attract, retain and develop talent, wherever they are.
Attract talent with value-driven leadership
Value-driven leadership is essential in today’s business climate, especially when it comes to attracting and retaining talent. We all have a role to play in building a better world and a fairer society. Especially in times of crisis, companies that look beyond generating profits are more likely to enjoy the trust and support of their employees and communities.
With the potential for businesses to be a platform for positive change in society, business leaders have enormous power to make a tangible impact. That 77% of employees, according to the latest Edelman Trust Barometersay they trust their employer and look to them for leadership show the important role companies can play in the lives of their employees.
From encouraging diversity to driving sustainability, how business leaders show they act in the best interests of all stakeholders has never been more important in attracting and retaining employees, and for the success of their business.
Retain talent with flexible work arrangements
As we navigate the complexities of the changing world of work, including blurring professional and personal lives, wellbeing should be a priority for every business leader.
Having the freedom to shape their workday around their own unique needs is increasingly seen as a fundamental need for employees to increase productivity and reduce stress. This is especially true among diverse groups like women with children and where global hiring and time zone integration affect team work hours.
To boost employee retention, promoting different ways of working – flexible, fully remote or fully in-office – can help address these needs. Flexible team agreements are a great example of redefining the way teams work together, allowing employees to decide how, when and where they work, including how many days a week they come into the office and what type of work they will continue to do at home.
Teams can also decide how they communicate and what behaviors are most important to them. Arrangements can include “meet-free Fridays,” monthly wellness days, and prioritizing in-person meetings throughout the year to keep teams feeling connected.
However, flexible working also has its challenges. Employee burnout is another key factor that should be considered if companies hope to retain talent. Cutting-edge technology can be the key to customer satisfaction and support exhausted employees.
Investing in artificial intelligence (AI) and automation, for example, can relieve employees of mundane and repetitive tasks, reduce errors, help them make decisions faster, and free up their time for career development and learning. learning additional skills.
Nurture talent with growth opportunities
Every employee wants to grow and feel they have the opportunity to progress at work. Developing talent through professional development initiatives is key to giving employees the skills they need to succeed. Company-sponsored learning is a practical and cost-effective way to get the most out of teams and create a work environment where employees feel their careers can thrive.
The need for skills development in all organizations is all the more important given the proportion of the workforce who believe that they, as individuals, will be ready to meet the digital skills needs on workplace over the next five years. According to a new global digital readiness index from Salesforce that surveyed more than 23,000 workers in 19 countries, this is the perception of 57% of senior executives, compared to 37% of managers.
As the nature of jobs evolves and teams become more dispersed, successful companies of the future will provide continuous retraining opportunities and create more strategic roles. In addition to mitigating the risk of losing top talent, team retention and growth will drive greater business agility and resilience, increased productivity and higher standards of equity, diversity and inclusion. .
Ultimately, by building trust, encouraging flexibility and promoting career growth opportunities, business leaders will better position their companies to attract and retain top talent and become a better place to work in the process. .