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The Great Resignation is Coming (and an invitation to you)

Australian businesses, brace yourselves. According to all the data coming out of the USA (a trend very likely to be followed here in the first half of next year), almost half the workforce are gearing up for the sort of change we have never witnessed before… the ‘Great Resignation’ is coming!

Looking at the latest McKinsey Quarterly report “more than 15 million US workers have quit their jobs and counting, since April last year” and many are unlikely to return, as the pandemic brings about a new realisation of what is really important in their lives.

When this is combined with the fact that most employers don’t really understand why their people are planning to resign or leaving in the first place, it adds up to a talent shortage like we have never seen before.

The research tells us that employees are tired and many are grieving, most of them are seeking a renewed sense of purpose, and a need to feel valued by their employers. In other words, employers have to connect with the “hearts and minds” of their employees – not just treat them as expendable or transactional. Those that fail to do so, will find themselves on the wrong end of this great resignation in my view.

If companies don’t make a concerted effort to better understand why employees are leaving, and take meaningful action to retain them (and no, it’s not just about money), then I’m afraid they will be the big losers.

It doesn’t have to be this way though, and much will depend on the quality of management in most companies. Those who recognise the problem and do something about fixing it, have a unique opportunity to gain an edge in the race to attract, develop, and retain the talent they need in order to thrive.

I recently had the privilege of listening to a couple of extraordinary Australian Leadership Consultants: Michelle Rushton from People of Influence, and Anthony Sork of SORK HC, both of whom had interesting points of view,  somewhat different but overlapping, and in my opinion, provided very sound advice on life and leadership post pandemic.

Michelle talked about how all of us have the opportunity to lift ourselves into a leadership role within our organisations, whether that is formally recognised or not, and how that adds enjoyment and interest to the job you do, as well as to the company.

Anthony focussed on how employers need to create an attachment to their staff – by building trust, value, acceptance, and a feeling of belonging – and how these perceptions are influenced by their direct managers.

We at Slade Group and TRANSEARCH Australia have invited both Michelle Rushton and Anthony Sork to speak to our own staff, and our clients, as part of our Breakfast Zoom series of HR webinars. If you are interested in attending, please call Fiona Lewis-Gray on 03 9235 5116 to register your interest. 

Event dates:

Michelle Rushton
Thursday, 28 October 2021
8.00am – 9.30am
Online via Zoom

Anthony Sork
Thursday, 25 November 2021
8.00am – 9.30am
Online via Zoom

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Posted in Slade Executive, The world @work

Preparing for a Post-Covid Turnover Boom

For most of last year, many employees were in survival mode, afraid to leave their current employer in fear of not finding work due to the pandemic. But now that vaccinations are underway and things are looking up, employers must be mindful of turnover as employees are more confidently feeling they can make moves.

One in four employees plans to leave their employer after the COVID-19 pandemic subsides, according to a new study from the IBM Institute for Business Value (IBV).

Findings of the January study of more than 14,000 people globally included:

  • 1 in 5 employees voluntarily changed employers in 2020 – Gen Z and Millennials make up the largest portion of this group.
  • Of the 28% of surveyed employees who plan to switch employers in 2021, the need for a more flexible work schedule or location, and increased benefits and support for their well-being were cited as top reasons why.
  • 1 in 4 surveyed employees indicated they plan to switch occupations in 2021 – more than 60% of this group had already changed employers in January.

The COVID-19 pandemic has changed employees’ expectations of their employers, and to retain top talent, employers need to understand employees’ motivations and needs. More than a third of respondents said they and their colleagues have asked their employer for more flexible work arrangements, improved compensation and benefits, and more physical and financial safety and security in the past year, but only about half of employees gave employers high marks on their ability to deliver this.

According to the survey, employees want:

  • work-life balance (51%)
  • career advancement opportunities (43%)
  • compensation and benefits (41%) *note: only 29% of Gen Z said this was key to their engagement
  • employer ethics and values (41%)
  • continuous learning opportunities (36%)
  • organizational stability (34%)

Some companies have rolled out Covid programs to boost employee satisfaction, offering things like free virtual healthcare, quarantine/confirmed illness pay, and a backup family care benefit. But there remains a gap – IBV found that “while 80% of executives said their companies were supporting the physical and emotional health of employees, only 46% of employees agreed.”

IBV’s Tips for employers:

  1. Proactively engage with employees to better understand what is really important to them and their careers. Employees are more likely to be their authentic selves and open up when employers have created a culture of belonging. Employees have options. They will gravitate towards employers who are listening and taking action.
  2. Foster a culture of perpetual learning that rewards continual skills growth. Most employees want to succeed and grow. Employers can either create learning cultures to nurture the skills and talents of their people, or wait for the exit interview to find out which of their competitors are.
  3. Don’t take people for granted. The pandemic has reminded us how fragile life is. Everyone has been through a lot in the past year. Employers must demonstrate empathy and care for their employees holistically—by considering their physical, mental, and financial well-being.

Priorities have shifted for employees due to the pandemic, and that means that leadership and executives must shift their thinking as well. To prepare for and hopefully stave off possible turnover, employers must create a supportive work environment, encourage open communication, embrace flexible work options, and provide learning and advancement opportunities. Employers must be mindful of how their employees are doing – burnout is running rampant as workers are attending more meetings, working after hours, and having to juggle balancing home/work life (including having children at home in remote learning situations).

This article was originally published by Liz Carey on the NPAworldwide blog.

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Posted in The world @work

Without top talent, the potential for recovery may be prolonged and painful

Around the world, employees have had nearly 9 months to assess how their employer is responding and reacting to this pandemic. Many employers have realized that human capital is the most precious asset of the organization and are working hard to retain talent. Other employers may be on belt tightening, headcount reduction and reorganizations of varying types. Top performers are watching how organizations react and recruiters are watching top performers.

Without top talent or with the loss of top performers, the potential for recovery may be prolonged and painful. The best of the best are being sought out by other companies via direct hire or with the help of an independent recruiter.

Each passing week brings new challenges. This new environment for work has brought on unexpected challenges with work from home, virtual meetings and conferences, new cybersecurity demands, and the loss of traditional revenue streams. Project work in a dispersed environment has extended timelines and made deliverables more difficult to achieve. The future rests with your top talent, yet they are facing motivation and availability issues like never before. Childcare and elder care are consuming many top producers. Motivation and morale are on wild tides rolling in and out with each new stay-at-home order or closure of daycare centers.

Retention strategies are critical in addressing and retaining top talent now, more than ever. The pandemic has employees reassessing the cities and locales where they live, friends, health, their careers and certainly their employers. If your leadership team is not growing loyalty with their actions, then they are eroding the bond to your most critical asset. Recruiters are watching and hearing how employers are responding to the challenges they face. The actions of some employers, or their failure to act, is creating targets for recruitment of top talent. Now is the time to double down on your best and brightest because if you do not, someone else surely will. Retain talent or become a source of top talent. That is the simple choice you face.

This article was originally published as “Retain Talent” by Dave Nerz on the NPAworldwide blog.

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Posted in The world @work

6 savvy Employee Retention strategies

The world of construction and engineering in Melbourne is booming, which means skilled professionals are in high demand. And in turn, they’re always being tapped on the shoulder by people like me telling them there’s a better opportunity elsewhere. The truth is, there usually is. 

With companies desperate to employ good people, they often over pay and price out the person’s current employer. Other factors play into why people move, but if you were offered a 25%+ pay increase, I’m sure you would find it hard (as I would) not to take it.

I think people entering the workforce now look at employment as a lifestyle rather than a job. It’s not enough to be financially rewarded for their work, they want to learn new skills, make new friends, have fun and experience fulfillment whilst being environmentally sustainable! So that’s what employers have to give them, if they want the person to stay at the company for many years.

So how can employers retain talent?

  1. Obviously remunerating the employee in line with the current market, which usually means a pay increase. Ask yourself what you’d be prepared to pay to replace your best employees and then give that amount to them before they look elsewhere. 
  2. Develop a years of service/rewards program that motivates your workforce to stay on with the company. 
  3. Provide your employees with challenges and make sure they experience different opportunities at work to prevent them seeing their work as ‘just a job’. 
  4. Offer flexible working arrangements. Numerous studies have shown employees are more productive and engaged when able to balance work with other aspects of their lives.
  5. The best thing you could do for the person and your company is to train them. Give them access to different learning courses. Reward them for achieving a new certificate or qualification. Not only will it benefit them personally, but your business will gain from the added knowledge. 
  6. Talk to your employees. Ask them what they want to do, what they want to achieve. Ask them if they’re happy in their current role. And if they’re not, discuss the possibility of a change in role and see if your business can provide a new career pathway.

Your people are your biggest asset (not your clients or your projects), they’ll spend more time working for you than doing anything else.

What’s working for you in your world @work?

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Posted in Technical & Operations, The world @work