The WAR for Talent is Not NEW
What’s Your TALENT RETENTION PLAN?
Most have none… even though 95% of workers are now considering changing jobs! Those that didn’t have one, now have lost revenue and lost customers.
Over 75% of organizations are understaffed. That’s just in terms of “butts in seats” and says nothing about quality talent. CNBC recently reported in what’s been dubbed the “Great Resignation,” a whopping 95% of workers are now considering changing jobs, and 92% are even willing to switch industries to find the right position.
Did you know this labor shortage is not caused by the pandemic? It was predicted in 1993 and has been repeatedly predicted. How did our Chicago Culture Coach Nicole Martin write her book The Talent Emergency in 2017 if this wasn’t predicted long before the pandemic? How would we have written our book Build the Culture Advantage in 2010 if this was something that we didn’t know about well over a decade ago?
Yes, the pandemic amplified the predicted labor shortage of 2020, but it’s not the root cause BY FAR. We just had 5 clients that rejected strategic HR Retainers in 2015-2018 call us in a panic, “We cannot find people, MUCH LESS GOOD PEOPLE, for our positions, HELP!” and now are signing retainers left and right. Well, it takes time to build a recruiting pipeline, especially one with TALENT in it. They should have started when we first told them they needed to do it. They’d have an advantage now, instead of panic and lost revenue and lost customers.
Here are 4 things you can do NOW to start winning the war on talent:
1) Read last month’s Culture Matters Monthly about the GM from Sarasota Hyatt: He does not have the same labor shortage everybody else in the hotel industry has…interesting!
2) Create a Differentiating Culture Road Map so you have something besides a job description and a salary to retain/attract talent: If you think just throwing money at people will keep, or attract talent, good luck.
3) Measure and Listen to the Voice of your People: We have a tool, called GAPM for this, but if you have your own validated and reliability tested tool, use that! But this is no time to make up some untested approach and throw it out there with survey monkey. That’s just evidence your greatest asset isn’t worth investing in.
4) Create a Talent Pipeline Plan that has short-term, mid-term, and long-term objectives that will retain talent and channel them to elevated career enrichment and attract talent outside your walls and create a waiting list to become employed by your awesome, differentiated organization!
Author: Ted Garnett, PS Culture Matters
Contact HRBOOST® to learn about how we can partner with you to build Accountable Culture Management™ because…Culture Matters! We can help!
