The painful two years of the Great Recession were followed by two more years of sluggish economic recovery. Finally, and with a slight sigh of relief, The U.S. Department of Labor shares that the unemployment rate is the lowest it has been in four years.
But this is what the DOL doesn’t know…or share: 75 percent of Americans that are employed are actually looking to find a new job. Why?
- Better comp…they’ve been beaten down without (measurable) raises in four years now
- Burnout…they’ve worked in places with inadequate staffing, and they’re working with the wrong people
- Advancement…they’re stuck and want to move on and up
- Purpose…they aren’t feeling it any more
So with 3/4 of your current workforce poking around for new opportunities, what are you doing about it? I thought it might be a nice time for a refresher.
Bolster those Paychecks…for those who matter
Employers have had to make tough decisions to keep their doors open…we get that. But does everyone have to suffer? Really? Make sure you’re truly differentiating in pay. Don’t spread what little you have like peanut butter. Give most of it – even disproportionately - to those that really really really matter. Don’t even bother with the others. Seriously. Be methodical about this, though. Halogen Software, an international talent management software company, says you have to do this on a consistent basis. Rewards need to be meaningful to have full impact and employees need to feel it’s commensurate with their contribution…not that you’re just throwing some more money at them. Give it some umph!
Soothe the Burn and Promote Your Performers
After all the cuts you’ve made, you better make sure you’re not over-burdening your keepers. Yes, everyone needs to pick up the slack. But we often make the mistake of giving our highest performers the most work. That’s backwards. High performers burnout too. Make sure they have the resources and support they need.
Your top performers will reach a breaking point sooner than most. I’d say it’s about three years before most movers and shakers start to get really antsy. Avoid the breaking point by providing promotion and advancement opportunities…and if they don’t really “exist,” make them exist. Find something new and different and challenging and engaging to do. And let them have fun with it.
Bad Hires Mess with Mojo…Get Recruiting Right!
Above all, a talent management strategy must focus on finding the right person for the right job. And not just for they job that’s being filled, but every job that exists in the organization. Bad hires mess with everyone’s mojo. Get it right. Consider multiple on-site interviews – giving prospective candidates a first-hand experience of what your joint is like. Be transparent. Nothing you hide today won’t be found out tomorrow. And if you pull a bait and switch on your candidates, they are as good as gone. Share the good, the bad, and the ugly.
Give them Purpose
Your employees and your recruits want to be a part of something that matters. Whether it matters to an industry, profession, your community, or world peace…help them understand why what they do (really) matters. We don’t remind ourselves enough of this…and we certainly don’t help our employees do it.
None of this is rocket science. It never is. But I’m thinking if we don’t double down on this stuff, we’re fixing to witness an exodus.
Image Credit: Leo Reynolds
Special thanks to Halogen Software for prompting the post
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