According to Gartner, the pace of employee turnover is forecast to be 50–75% higher than companies have experienced previously. The issue is compounded by it taking 18% longer to fill roles than pre-pandemic. Increasingly squeezed managers are spending time they don’t have searching for new recruits in an expensive and competitive market.
After the recession of 2008 – 2009, there were 8+ candidates for every job opening. Today there are .85 candidates for each job opening. The key is do not lose valuable employees and have to face the brutal hiring market of today.
All of the conversations are about Hiring. Hiring is generally the result of either Growth or Replacing a vacancy. Among the two, most are filling a vacancy. Before we prioritize Hiring, we need to prioritize Retaining.
Today’s workplace will be forever changed with Covid. The traditional workday of 9 – 5 is not necessarily the norm. The place that work get’s done has also forever changed. To be an employer of choice, a company must understand that this change is permanent, so the sooner you adapt as a leader, the sooner you will create a company environment that could make you an Employer of Choice.
This is all well and good, however, what employees want these days to have a career with you. The good news is that what they want does not cost a penny and is very simple. The key is to ensure that your first line Supervisors and Managers understand these simple wants.
I Want to be Empowered
You hired me for a reason, and I want to live up to your expectations and beyond. Let me challenge the work that I do knowing that I am empowered to stretch. People leave jobs because they feel they are boxed in and have no way to achieve more. Switch conversations from Promotion to Progression.
I Want to be Trusted
I want to feel safe at my workplace. I want to be able to stretch and reach without fear of judgement and retaliation. Whether this comes from others protecting their turf and/or challenging the status quo. Trust me and I will deliver. Don’t trust me and I will morph into a coin operated employee.
I Want to have a Positive Relationship with my Boss
Companies underestimate how much leverage a next line up Supervisor/Manager has on my satisfaction, professionally and personally. Companies often think that because they have changed policies or made declarations on how “employee centric” a company is, the Supervisors/Managers can either bring this to life or kill this spirit. I want professional development and a mentor. I want a Manager who really cares about me. If they don’t, I am going to move on to someplace that does care about me.
I Want a Positive Employee Experience
Since Covid I have proven that I can work in some slightly hybrid ways. Understand this and embrace this. I spend so much of my life at work, I want it to be fun and meaningful. Turn my conversations with my Managers and others into “Moments of Meaning”. I came to this company highly motivated, please do not do things to demotivate me. I want to look forward to everyday I work for you
I Want to Work Toward Something Bigger than Myself
My work is important to me, I want it to be important to you. Help me understand how my work is contributing to the overall corporate goals. Like the old adage, “I do not want to just lay bricks, I want to be a part of building a church”.
I want to know that my personal values align with the company values and mission. This is where I look toward my Supervisor/Manager to help me see the alignment.
Special thanks for this information includes the Harvard Business Review, Forbes, and Lauren Carlson at Velocity Advisory Group.