With 4.3 million quitting their jobs this January and entering a labor market with 11.3 million vacancies, it’s clear that businesses have a fight on their hands to retain and motivate their most talented employees. Recent research from Soffos revealed that two in five UK workers were ready to leave their jobs in 2022. And with the resignation rate at a 20-year high, it’s unclear when this trend will subside.
Indeed, one might imagine that money would be a key motivating factor for someone looking to quit their job. Still, a lack of opportunities for advancement was cited by the majority (63 percent) of U.S. workers who left their roles in another recent survey. Given that a further 57 percent said that feeling disrespected at work was a significant factor in their decision, it’s evident that employees are feeling increasingly undervalued, underpaid, and underappreciated for the skills they possess, as well as feeling like they’re unable to grow within their company.
To battle the so-called ‘Great Resignation,’ businesses should be doing more to support their employee’s career development, making better use of their skills and motivating them to advance within the company rather than look to new pastures. As a result, employers will be left with a happier and more driven workforce, ensuring the business’s continued success.
So, what can be done?
Remedying the ‘Great Resignation’
Data should be at the heart of a business’s approach to their employees’ skills. In many ways, skills management is vital to the success of a business, and with employees now expected to possess a range of different skills and aptitudes to succeed in a competitive workforce, it is often the case that employers fail to manage the sprawling skillset available to them effectively. As such, businesses should complete a thorough skills audit and build an extensive database of employee skills to appreciate them better and put them to good use. Consequently, employees will feel more valued and supported in their careers, while employers will also be able to unlock a new set of skills they might have been unaware of.
In short, carrying out a skills audit can help businesses gain a clearer sense of the skills available to them within their current workforce. Here, accuracy is key, and organizations should consider a multi-pronged, data-led approach to assessing their workers’ talents. Businesses can collect unique data analytics for each employee using a combination of questionnaires, one-on-one meetings, and learning management systems (LMS) powered by Artificial Intelligence (AI). As a result, firms can better identify what skills the company needs to invest in when recruiting or what skills they should be looking to cultivate within the existing workforce.
To retain the best talent, encouraging growth and internal promotion is paramount. Businesses with a clear hiring policy from within see a 50 percent reduction in staff turnover compared to businesses that look outside the business for recruits. On top of this, employees with a clear idea of how their career could progress within the company are twice as likely to try harder. This suggests that promoting existing employees, rather than recruiting for vacant roles in the business, can massively improve the chances of businesses retaining their most talented individuals and keeping them happy at work. After all, nobody will know your business better than a current employee.
Armed with the data analytics from the skills audit, promoting from within will become a much simpler task, as companies will have a clear idea of how pre-existing employees perform, as well as the aptitudes they might need to develop to succeed in a new role. Suppose a match cannot be found in the company. In that case, businesses can streamline their recruitment process by selecting only candidates who exhibit key skills and competencies, allowing firms to save time and money on interviews with unsuitable applicants.
To hold on to talent, flexible working and year-round training are key
Beyond skills audits and recruitment best practices, it’s also worth noting that the last two years have massively altered the working patterns of many employees. With workers spending more time at home, employees are increasingly keen to strike a balance between in-person and remote working. Our research has found that half the workforce (50 percent) wants their next job to allow remote working. As such, businesses that offer greater working flexibility and have online solutions in place to allow people to work at home effectively are likely to attract and retain the most talent post-pandemic.
Likewise, as I have already mentioned, a skills audit can reveal the areas in which an employee might need further training to improve their job performance, which is vital to retaining talent in the long term. In particular, the use of learning management systems (LMS) powered by artificial intelligence (AI) can uncover which online courses an employee engages with the most and the areas they may be struggling with. As such, businesses can support an employee in their career by offering them professional development days and training courses regularly. As a result, the workforce will not only increase in skill, but they will also feel supported and valued within the company.
However, one-off training schemes are unlikely to make genuine changes to an employee’s motivation or skill level; training should be available all year round to ensure that employees keep their knowledge up to scratch and are aware of the most up-to-date information in their organization.
Overall, putting data at the helm of recruitment, training, and internal promotions will streamline your business, allowing you to secure the best and brightest talent. As a result, businesses can kick back against the ‘Great Resignation’ and ensure their business continues to excel.
