With the talent shortage gathering steam, employers are moving fast to stem attrition by investing heavily in retention strategies. Failing to do so will risk eye-watering recruitment costs, negative business impact and potentially, brand damage linked to vacant positions.
In the context of this hyper-competitive environment where high attrition threatens to become the norm, it’s clear that companies need a new way to not only convince, but to partner with their top talent to stay.
High attrition is wreaking havoc with workforce planning
New data from LinkedIn1 has revealed a 26% jump in workers moving from one company to another in October 2021 compared with October 2019. Of 333,700 vacancies in August 2021, almost half (153,300) were concentrated in four industries: Retail, Professional Services, Administration, and Health.
Similarly, survey results reported in Business Insider2 in September 2021 found 40% of Australian workers planned to look for a new job within 6 months, with 15% “actively looking to split from their current employer”.
These figures are alarming. If you have a team of 30 employees, 12 may be gone within six months, and nearly five of them may already be speaking to recruiters. If there’s ever a time to double down on your workforce planning and retention strategy, that time is now.
Convincing top talent to stay
What retention strategies will be effective against the current talent shortage? Companies are moving to ramp up employees’ work-life balance by moving to 100% remote work, predominantly remote work, or hybrid working arrangements. Salaries are being renegotiated, bonuses are being offered, and employees are being empowered, appreciated, valued and trusted like never before.
But what about career prospects? Employers should seize this opportunity for talent realignment by showing top talent new opportunities and reasons to stay.
According to AbilityMap co-founder Mike Erlin, “organisations are still failing to walk the talk when it comes to educating their top talent that they have positive “personal” runways in the company.
“The reality is that the best way for a high performer to advance their career is to look for another job rather than wait for a promotion”, says Mike. “What companies need to do is sit down with the talent they can’t afford to lose to attrition and show them they have the potential to go a long way in your organisation because of who they actually are – if they choose to stay.”
Mike warns against vague promises and unsubstantiated claims. “Show them the data. With evidence-based human workforce planning powered by AbilityMap, you can show top performers evidence supporting internal mobility and their high-potential fit for management, leadership roles, or a range of opportunities they’ve never considered.”
How AbilityMap’s human workforce planning works:
- Define “what good looks like”: understand the capabilities that drive success in a particular role in the unique context of your organisation to create a Job Profile.
- Compare your team against this Profile to spot capability gaps, areas of strength, high-potential employees, and employees who might be a better fit in a different role.
- Act: Use the results to boost employee engagement, create evidence-based career paths, address capability gaps, and develop leadership potential.
Develop, promote, and retain your top performers
With AbilityMap, talent development becomes efficient and high-impact for both individuals and the business. Armed with data evidence, managers can now understand the underlying “whys” when building training and development plans for success in a current, or future role. Employees are presented with real evidence that will help convince them to realign to a future with your organisation.
Sources: 1. LinkedIn 2. Business Insider
Discover how AbilityMap can show you effective talent realignment solutions, contact us to start the conversation today.