Newsletter Article
Member Benefit
Published Mon May 24 2021
As we emerge from the pandemic, there are certain truths that companies must reckon with. Perhaps the most important is that the business landscape is forever changed, and that traditional talent retention tactics likely aren’t going to work anymore. The labor market is about to experience an upheaval, and smart organizations are getting ahead of the curve. First, it’s important to understand that employees will soon be on the move. According to recent studies, nearly a third of millennial employees say they will be looking for a new position once the pandemic ends. Hiring alone isn’t going to win the talent war. Employers need to concern themselves with becoming a desirable place to work, and more importantly, to continue to work. To do so, it’s important to first get a grip on what employees want. Flexibility, autonomy, and managerial support are all important factors, but one of the most critical is professional development and career advancement. In this regard, it’s important to take a multipronged approach. Include in-house, formal training, cross-training, job-shadowing, and tuition assistance. Acquiring new skills should be highlighted, but this training should also include the opportunity to apply these new skills in the workplace to advance to higher-paying positions.
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