We are at the crux of the greatest talent “famine” in history, as recruiters struggle to find relevant candidates and employers fail to retain talented workers. 73% of recruiters struggle to find relevant candidates and 42% of employers are worried they won’t be able to find the talent they need. More than half of businesses around the world admit they have trouble retaining their most talented employees. How do we change these numbers?
There is no band-aid solution for this evolving problem. As businesses look to innovate and keep up with the quickly accelerating pace of business, top talent will continue to be on every business leader’s priority list. HR practitioners, functional leaders, people managers and organizational leaders must come together to give employees what they need to perform at the top of their game and maintain motivation.
Here are four reasons your company could be falling short and practical solutions you can implement today:
#1 Job Clarity and Priorities
Only 26% of employees strongly agree their manager continually helps them clarify priorities. They need to understand why their job matters, and how it aligns with the main business objectives. Providing employees with job clarity increases focus and enables employees to work with autonomy and creativity.
#2 Ongoing Feedback and Communication
Did you know that about half of employees receive feedback from their manager only a few times a year or less? And only 23% strongly agree this feedback is meaningful. Imagine if your Fitbit tracker, instead of offering a daily recap of the steps you took, reported on your progress quarterly or annually? It would be demotivating to your daily work and ineffective in encouraging you to take more steps. The more frequent and lightweight the feedback, the more effective it will be to encourage employees to make small, manageable changes.
#3 Developmental Opportunities
Only 3 in 10 employees agree there is someone at work who is interested in their development. This makes sense, considering 95% of companies have not implemented developmental opportunities at all levels. Employee development does not have to be an all-expense-paid trip to a conference. Managers should be coaching and developing employees through regular, meaningful conversations and performance feedback.
Only ½ of employees know what is expected of them at work. This type of disorientation and lack of focus heavily contributes to an organization’s ability to retain employees. Managers must create an atmosphere of accountability by involving employees in goal-setting, managing clear expectations and highlighting top priorities.
In Gallup’s “Re-Engineering Performance Management” research paper, Gallup reported that “Managers carry the utmost responsibility for inspiring employee performance.”
Managers, how can we inspire our employees to reach their full potential?
What to read the full report? Read more here.
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