The Increasing Importance of Employee Retention in the Era of the Great Resignation

 

Recruitment has proven to be a challenging process and an ordeal over the pandemic. Furthermore, it has been true in every other industry, especially in technology. The obstacles are obvious. It is not easy to gauge a candidate’s cultural fit with your team when you are working remotely. This has been amplified by the increase in demand for skills such as software development, digital and data science coupled with the blatant shortage of skills in the same pool. Studies show that 25% of the tech leaders find it harder to find suitably skilled and experienced talent, of which 90% are waiting for more university-educated candidates.

 

The shortage of labour suitable skills is nothing new. The demand has always outweighed the supply and will continue to do so in the coming years. Therefore, companies should come up with creative solutions to retain their existing talents and recruitment strategies.

 

Evaluate the Skill Gaps at your Company

A self-evaluation of the company’s talent shortage is a good place to start as any. Gauge the talents pool company has access to against the skills required to achieve organizational goals. A strategic roadmap for talent procurement has to be made instead of reacting to talent shortage situations as and when they arise. Such a strategy puts you on the defensive and does not aid in the company’s growth. The roadmap should align with the company’s organizational goals and aspirations.

 

Develop a Culture that Attracts and Retains Talent

In the struggle for talent retention, the best way forward is to openly communicate. Business leaders who can effectively articulate their vision and goals while outlining their employees’ contribution to that mission will gain more trust and loyalty among the employees and candidates. In a competitive market, businesses with a clear strategy and way forward will always stand out from the noise, even in the case of attracting the right talent.

 

Consider New Routes for Attraction

Hiring experienced talent is not the only method to bring talented people into the company. For example in the UK, there is a government scheme that supports businesses that recruit young and ambitious graduates fresh out of school. They can then be trained and nurtured their way up the organization where they can thrive and develop. Such schemes are powerful ways to create a strong bench strength of skilled people in the market and offset the talent shortage.

 

Employee Development

One of the things that distinguish successful companies, especially in the tech industry, is that they invested in talent development. This is complementary to their recruitment efforts and to reduce turnover. Numerous large companies like Spotify, Marks & Spencer, Deliveroo, etc., have in-house developer training programs. Besides ensuring that staff improve their technical skills, they can also be taught soft skills pertinent to the business, and best practices. It also means employees can learn on the job, working on real-world projects to help them translate theory into reality.

 

The pandemic has taught people to not wait anymore for what they want and think they deserve. This is what is dubbed as ‘The Great Resignation’. It is a theme that has been observed in the World, all over, over the past year. UAE based studies have shown that 56% of employees are ready to switch jobs this year. Following the outbreak, a considerable number of employees were also made redundant across multiple sectors, which encouraged them to look for alternative jobs and to upgrade their skills. This is also one of the reasons that are attributed to the rise of this theme that is rarely talked about in this economy.