With 10.4 million job openings in the US alone, the unemployed are proving it’s worth waiting for the ideal mix of a positive work environment and great compensation. Top talent desires growth opportunities at their organizations — 45% of employees left their previous employers due to a lack of advancement opportunities, according to LinkedIn research. The ambition for career growth is there, but organizations are struggling to find ways to help their employees.
In order to retain your top talent in 2022, there are a few key factors your organization should not only be aware of but should excel in.
Tips to Retain Your Most Promising Talent
Coach for mindset and behavior development. At any given time, 55% of employees are disinterested and dissatisfied at work and in life. Coaching offers a scalable, personalized solution that is an ongoing support to help employees conquer obstacles and meet new demands at work. This is essential for high-performers to help them build skills they need in their roles today as well as those necessary for future career advancement opportunities.
- Provide one-on-one coaching to employees as a workplace benefit
- Use coaches who have proper credentials — those certified by the International Coaching Federation use evidence-based practice rooted in science and academic research
Cultivate organizational mental fitness. According to a 2020 Deloitte study, 48% of Gen Z and 44% of Millennials feel anxious or stressed all or most of the time. Employees who are mentally fit — or who can maintain a state of wellbeing throughout a variety of situations — are more likely to manage stress and stay engaged. Employees who feel cared for are 3.4x more likely to have high job satisfaction and 2.7x more likely to have high organizational commitment.
- Encourage the process of journaling to help employees reflect on their thoughts and problem-solving journeys at work
- Show the value of healthy work-life boundaries by discussing how you’ve established and implemented them for yourself
Prioritize internal advancement. Key drivers of employee retention are talent development and internal growth opportunities. Employees stay nearly 2x longer at companies with high internal mobility versus those with low internal mobility. Employees who see themselves acquiring new skills and advancing into better roles typically desire to stay at their company. Those who don’t see a clear path to achieve their career goals with their organization are 12x more likely to consider leaving.
- Collaborate with employees on their goals and expectations to provide a distinct path for promotions
- Create or promote a platform that lists current company job openings that employees can access and apply for
Create a culture that values and encourages learning. Attracting and retaining talent has more to do with culture than training. People look for organizations with superb reputations in their fields as well as innovations and see if they align with the organization’s values.
- Give employees access to on-demand microlearning resources they can digest on their own time
- Create a safe environment for employees to make mistakes or fail and encourage them to try new things
Make learning experiences social. Social learning proposes people can acquire new behaviors by observing and imitating their peers. It helps promote a sense of belonging among teams in the workplace, something 1 in 4 employees report not feeling at work. In addition, it is one of the top five key factors in an employee’s decision to stay with an employer. Community-based learning connects employees to their colleagues, peers, and experts who inspire them to learn.
- Encourage employees to go through a course together and converse about what they’ve learned through chat apps
- Utilize closed groups on platforms like WhatsApp and Facebook for collaborative training activities
Retaining your talent, especially today, is crucial for organizational success. It not only saves your company multitudes of money in lost productivity and recruiting costs, but long-term employees also add incredible value to their companies. They have an intimate understanding of the organization’s mission and goals, are familiar with company processes and tools, and have built relationships that support collaboration. Your organization’s job is to cultivate each employee’s potential through a culture of learning, growth opportunities, and an effective learning management platform.
Interested in learning about retaining talent? Curious about how leadership development can help your organization reach its full potential? Get in touch now.
Vayability is a leadership development platform built from the ground up to accelerate the development and business impact of emerging talent. Combining more than 20 years of executive learning, Vayability focuses on impactful leadership skills, personalized learning, live coaching, and measurable growth. Find out how top companies embrace success at vayability.net.
Written by Rachel Strysik