Listen to two executives' perspectives on ways to support and hold onto employees.
For nearly two years, talk of the Great Resignation has dominated business headlines. The US Department of Labor recently reported that a record 4.3 million workers left their current employers in May 2022. Experts have attributed the initial surge in turnover to a backlog of resignations that had been held back during the start of the pandemic, while stress, personal well-being, and work-life balance are other key contributors.
CTDO recently spoke with two talent management experts about ways employers can leverage talent development to address the Great Resignation and what they can do to prevent knowledge loss when retention isn't possible.
Andy Maus is senior vice president of HR for Compass One Healthcare.
Maus shares that increased career development opportunities and better well-being programs play an integral part in retaining workers. One strategy his organization has adopted to help understand and combat turnover is the stay interview.
He explains how managers need to pull aside employees and have discussions on their needs and personal and professional goals. Not only can talent development advise managers on how to listen better, they can also guide managers through techniques on how to glean deeper insights.
Then managers and TD can work together on building career pathways and well-being options for employees. Maus is quick to remind employers that they shouldn't wait until employees give their notice to have stay conversations; they should do so while employees are still on the job.
Melissa Ortiz is CEO of Activate Human Capital Group.
Ortiz sees turnover as less about work-life balance and more about work-life integration. She finds that employees are trying to align their talents and value systems with the contributions they make at work every day.
That means employers need to examine whether they have the right people in the right roles. If companies can align people with work that means something to them, those people become more productive, which will ultimately help them develop their skills and get promoted faster and—more importantly—want to stay.
That is critical, she says, because you cannot share information from one person to another the same way you can data from one machine to another. The extent of the knowledge loss companies feel right now from the Great Resignation is something they will likely endure for months.
Read more from CTDO magazine: Essential talent development content for C-suite leaders.