The War For Talent - How To Retain Your Top Employees
Mind the Gap
With an ageing population and a growing workforce close to retirement, there is a gap to fill until the millennials take over. As mentioned by J.T. O’Donnell, on inc.com many companies and their executive leadership are unaware of how the mass retirement of Baby Boomers is causing a brain drain of epic proportions. With this generation of more than 70 million retirees, there are fewer than 50 million Gen-Xers to replace them.
According to a Jobsite Delphi report, the war for talent will vary across markets and target skill sets – talent shortages, in terms of both hard technical skills and softer knowledge-based skills, will become increasingly apparent and recruiters will be pressured to raise their game across the board to reach out to the best candidates. As we approach a shift in power from recruiters to candidates, retaining your top talent should be one of your main priorities.
War for Talent
For the first time in 4 years, the percentage of people open to changing jobs has increased and the main reason for leaving their job is a lack of career opportunity (LinkedIn study).
In light of this talent shortage and employees open to move jobs, your business will need to have a strategy in place to retain your top employees.
Consider enhancing employee engagement by creating documented career paths for them, along with supporting development plans designed to fill gaps or grow an employee. As you plan for your organisation’s future, recognise both strengths and areas that need attention. Nurture the high performing employees you have identified as potential successors, and ensure they are aware of the plans and working in unison with you in achieving the goals laid out in the development plans.
Linked to the shift in power towards candidates, employees are now looking for ‘a lifestyle employer’. Offering a good work environment with flexible working hours and a place where employees feel valued and see themselves contributing to the success of your company will put you in a good position as an employer of choice.
By being proactive and looking after your top talent you will have more chance to win the war for talent.
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