Natasha Khaitan
After the start of the Covid-19 pandemic when the world was undergoing a deep economic slump and organizations were laying off employees who had worked for years, the steady change in the mindset of people on how they picture the work and the meaning work brings into their lives has created a huge talent crisis in the market.
According to data published by CNBC, 4.4 million Americans quit their jobs, and among them, 36% are those who quit their jobs without even having another opportunity in hand.
In the years before the pandemic, a reasonable compensation along with job security was a ‘good enough’ opportunity for candidates to get lured into the job offers. Now, a huge number of individuals feel the need to be invested by their organizations where the employee and employer are working towards one vision they value and have faith in.
Candidates need to:
- Feel Recognized
- Feel trusted
- See the scope of future growth
- Work-life balance and flexibility such as work-from-home
Recruiting a smart talent and retaining an old employee is critical for any organization’s success. It’s no secret that a company is sturdy and is able to grow with its people in it. So, the question is, where do we find such great talents and how do we retain them? According to a 2020 study of Coker University, the most common reasoning a candidate gives while leaving an organization is as similar to one of the most common reasons of why they join the organization i.e., career enhancement or due to lack of it. Therefore, in order to recruit and retain good talent, we need to provide them with continuous learning and training development opportunities.
ATTRACT – Through Continuous Learning and Development
Competition in the Nepali job market to hire the best is fierce. And every organization must upgrade its talent strategy by showing the organization’s culture and how learning programs connect employees parallel to their professional dreams. Organizations need to give employees the opportunity they are seeking, accelerate their growth and enhance their careers.
Flaunting your Competitive Advantage
- Creating a good job description not only helps the candidates in the clarity of their work but also highlights how they can grow, learn and make a difference in the organization.
- The HR department can create a portfolio of the organization on professional networking sites like LinkedIn and share current employees’ experiences and growth stories. Collecting and sharing testimonies of existing employees while they share about company culture and leadership qualities can add value and confidence among the job seekers.
Retain– Through Continuous Learning and Development
It’s a fact that people leave their jobs for better opportunities. In the 2015 Society for Human Resources (SHRM) survey of 600 employees, it was found that 83% saw career growth as ‘super important’. Nevertheless, out of the respondents, only 20% were content with their current employers.
Ways to inculcate transformative learning culture:
- Learning and re-learning activities should be organized within the departments where the range of topics could include adapting and accepting change, motivating each other, and managing teams.
- Subscribe your team members for growth and leadership training on a quarterly basis to enhance the knowledge of the employees.
One of the biggest factors to retain old employees is internal mobility. Instead of recruiting external candidates in the mid or higher position, prioritizing internal mobility makes employees feel motivated and recognized. This practice also brings a meaningful impact in reducing the retention rate.
Did you know that every time an employee leaves, or if the organization replaces them, it costs 10X times the salary of the replaced candidate? According to Deloitte data, the cost of hiring each person is about $4000 which is almost 45% of the current employee’s salary. The cost not only includes the salary but also involves the recruiter’s time along with onboarding and training costs.
The recipe to attract and retain smart talent is by delivering employee happiness through continuous learning and development programs. The organization needs to invest in order to develop a strong feeling of contentment and ownership among the employees. Losing good talent is a costly affair and companies need to focus on retaining good talent considering the number of employees switching jobs or looking for a better opportunity is growing every day.
Khaitan is Corporate HR Manager.
