Turn Your Attention to Retention Strategies
To many people right now, job security has greater value than job satisfaction. However, with increasing optimism – largely down to the vaccine rollout – employees will become more confident about moving roles and employers must be ready.
The pandemic has sadly resulted in job losses for many and latest figures reveal that the unemployment rate has hit its highest number in four years. This economic outlook has created a culture whereby those in a job are prioritising financial safety over satisfaction with their career path.
However, based on government communication around when we can expect lockdown restrictions to begin easing, it is likely business confidence will start to pick up in the summer.
Patrick Tame, CEO
Employers must prepare themselves for the fact that demand for talent will increase rapidly in the coming months, resulting in aggressive hiring and a rise in salaries.
Employees could find themselves with a variety of attractive options come the summer, so those indiviuals that have sat tight in their roles, but are not fully content, will begin touting their CV’s and applying for other roles.
For businesses which are eager to hold onto their talent during this period it is crucial they start implementing retention strategies now instead of trying to address the issue once it has begun (or having to turn to costly strategies such as buy-back – a candidate persuaded to stay by their current employer when they resign).
With many businesses turning to digital throughout the pandemic, many organisations have found themselves with new technologies, or new ways of working that requires increased digital expertise.
As a result, increasing numbers of candidates will not only be looking for an employer that is progressing on its digital transformation journey, but also one that is highly regarded for upskilling and training its staff.
On the other side, organisations with top digital talent already in place must look to retain those they have, or risk losing them to other companies offering an attractive alternative.
In The Press
HR News - Retention strategies should be at the top of business leader’s agenda’s over the coming months
The HR Director - A guide to retention strategies for 2021
Unsplash Larm Rmah
Unsplash Fabian Blank
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