It’s often researched and articulated why people leave organisations, but we don’t talk enough about why people stay. With 2021 being called the year of the great resignation and countries seeing a tidal wave of people rethinking their employment experience, the focus is now moving to employee retention. Unfortunately, when people leave organisations in high numbers, all focus and efforts can get consumed in interviewing and backfilling the leavers, but it would be a mistake to forget about those who stay.
Having a retention strategy is very important for businesses right now. Among the reasons why people stay are great managers, employers who value inclusivity, authenticity and empathy and who provide career paths and opportunities for personal and professional growth. This means training and workforce development must be at the heart of your retention strategy.
According to LinkedIn’s 2018 Workforce Learning Report, 93% of employees said they would stay longer in a company that invested in their development. Anyone with a growth mindset is always seeking new learning, whether it is on-the-job learning or formal courses. Employee development is no longer a nice-to-have or a perk of specific roles or levels. Learning and development must be for all, albeit that learning can take different forms for different people.
The nature of work is also changing with managers now managing remote teams, global teams, diverse teams. How we collaborate and innovate is changing. Work is no longer a place you go, it’s an outcome, therefore how we measure productivity is different. With people as young as 17 joining the workforce and the age of retirement pushing out, many organisations are multigenerational, with each generation having different needs and expectations of employers. Have you trained your people managers in how to effectively manage in this complex environment?
Employers without employee development plans, obvious career paths and retention strategies are nervous right now. But it’s never too late to start. Make 2021 the year to sit down with each of your employees and ask them what they need to be more productive, happier, and work-enabled. You will be surprised by the answers you receive.
When you are ready to discuss your teams training and development requirements and your organisations current and future skills needs, it@cork Skillnet are ready to support you with needs assessments, Government subsidised training, experienced trainers, industry connections and so much more.
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