Opinion: How to improve workforce management & retention in a shifting talent landscape

Shikhar Singh, Sociowash speaks about the shifting landscape of talent management, explaining how to tap the untapped potential of the workforce and retention of talent, agencies must provide upskilling opportunities and fair compensation among other things.

We are in the midst of a work revolution. The outbreak of the global pandemic accelerated the future work trends with digital transformation evolving consumer expectations like never before. As a result, it compelled the companies to rethink their approach to talent management and retention. Team members who can keep pace with this velocity of change and demonstrate agility, technological know-how, and teamwork are now in steep demand. Considering this change, a war for talent is raging across the globe as organizations struggle to battle the wave of great resignation.

In the present era of the work revolution, generous perks and pay are not enough to win or retain the top talent. Organisations must supplement compensation and benefits with job satisfaction and security, respect and recognition, along with opportunities to demonstrate skills and creativity at work. To tap the untapped potential of their workforce and retain their best talent, organizations must provide them with learning and skill development opportunities and fair compensation with a precise focus on creating a happy work culture. Therefore, imperative for the organizations is to understand that talent retention begins right from recruiting, not when the attrition rate begins to rise.

Seamless Talent Acquisition & Onboarding

According to a talent recognition and retention company, O.C. Tanner, around 20% of staff turnover takes place in the first 45 days. Since retention starts with recruiting, organizations must adopt a long-term view and provide candidates with seamless talent acquisition and onboarding experience. A streamlined, accelerated, and engaging talent acquisition process can positively impact the candidates. Furthermore, while onboarding, an organization must familiarise new hires with the company culture and embed them in the company.

Fair Compensation & Benefits

To win this war for talent, companies must offer competitive pay scales, benefits, and rewards to their workforce. For instance, a fair salary and benefits contribute a lot to job satisfaction and can help in raising the self-esteem of the team members. Leaders should regularly review the performance of their team members using OKRs and ensure that each individual is being paid fairly.

Strong Leadership & Guidance

Several studies suggest that fair and just treatment by supervisors can be instrumental in retaining talent. Constant motivation and encouragement along with valuable feedback and guidance can drive individual and team performance and instill confidence in team members. Leaders can harness the resources provided by platforms like Superbeings and alike to manage their teams, organizational culture, and job satisfaction, thereby improving talent retention.

Also Read: Opinion: The Indian Premier League – Howzzat for a startup?

Continuous Learning & Development

Team members view career and personal development opportunities as an investment in their worth and help them feel valued. According to a LinkedIn survey, 94% of personnel would stay longer in a company that invested in their learning and development. Investing in the growth and development of the workforce acts as a powerful retention incentive and adds to the growth of the company as well.

Robust Talent Engagement Strategies

Engaged team members are satisfied with their work and workplace and believe that their employer values their contribution. Such team members take pride in their company and are likely to stay at the organization for a long time. To improve talent engagement in the workplace many organizations are using robust tools like Superbeings and Empuls for OKRs, regular surveys and feedback, team interaction, one on one conversations meetings and balancing fun and work.

Positive Employer Brand

As per recent research, a positive employer brand reduces turnover by 28% and cost-per-hire by 50%. By building a positive employer brand, organizations can organically attract and retain talent. A balanced work culture thought leadership, and strategic people management can help a company build a strong and positive employer brand that encourages people to remain within the organization

Meaningful Value Addition

Today, millennials and GenZ look for a meaningful experience rather than just working 9 to 5. The young talent wants to add value to the company and create an impact. By providing them with the right experience and opportunities at the right time, organizations can enable value addition, thereby convincing them to stay within the organization and continue doing what they love the most.

Policies That Facilitate, Not Regulate

Today’s workforce does not want to be controlled or delimited instead; they should be allowed the freedom to perform their best. Workplace policies should be formed and revised constantly to facilitate people to explore their capabilities, hone their skills and unlock their full potential. Policies should be less about management and more about enablement.

Final Thoughts

In this ever-changing world of work, people-first talent management and retention strategies are the need of the hour. Organizations should invest in the experience of their workforce and empower them to achieve organizational goals, not just tasks. Retention starts from recruitment and should constantly evolve to meet the needs of the people and the time. In an increasingly competitive and global economy, talent management and retention can be the ultimate differentiator.

The article is penned by Shikhar Singh, Human Resources Director, Sociowash.