Author: Caroline Moore, Managing Director
Publication: HR News
The 2021 Work Trend Index, published by Microsoft, shows that a staggering 41% of the global workforce is likely to consider leaving their current employer within the next year. Reasons vary – from overwork and burnout, to shrinking networks and siloed teams. With the exodus to remote or hybrid working models resulting in more flexibility and opportunities for job seekers than ever before, attrition rates look set to sky rocket.
After the toughest of years, it’s understandable that many people are re-evaluating various areas of their lives – including their careers. As we become accustomed to our new version of normality, businesses are starting to prepare for new opportunities, evaluate skill gaps and look to the future, meaning that, contrary to the anticipated post-furlough redundancies and slump in recruiting, vacancies are plentiful – it is very much a job seekers market.
Ensuring existing employees are engaged and satisfied at work is critical to avoid unwanted attrition.
Talent is your most valuable asset. Understanding what drives and motivates your people is the only sustainable way to retain them. Recent research from Gartner highlighted that 82% of employees feel it is important that their organisation sees them as a person, not just an employee. Your team members want to know that you care about them as individuals with a life outside of work, not just as headcount. One of the most critical elements to the workplace experience is an individual’s relationship with their line manager and how they feel they are valued and supported by them. Regular constructive conversations are required to cement this relationship– and a coaching-based approach is the best way to make these conversations feel personal.
Many Line Managers struggle with this level of communication – particularly when it involves discussing topics of a sensitive or challenging nature. Upskilling managers at all levels to improve their coaching skills encourages open and honest dialogue that not only nips potential issues in the bud but can really help to identify what motivates employees in today’s challenging and ever-evolving environment.
For many organisations, a widening skills gap and lack of talent pipeline is the biggest challenge they need to address. In about 75% of cases, it pays for an organisation to upskill, reskill or coach existing team members rather than look to hire in. With many people feeling that their careers have been on hold for the last 18 months, offering learning and development opportunities can be a simple and effective way to address retention, engagement and skills gaps within the business.
The most forward-thinking organisations know that the best way to retain the talent so critical to business success is by embedding coaching across all levels of an organisation. This action allows you to create an environment of personal development and enhanced performance, giving employees the ability to overcome barriers and accelerate skills development resulting in a workplace that people won’t want to leave.