During the last 20 years, we have experienced major changes in terms of the skills in demand and the age structure of the workforce. Talent has become a very important asset for companies, and high performers have become scarce resources.
The term “war for talent” was coined in 2001, by Steven Hankin in a book of the same name, and in 2022 is still the reality for many companies which struggle to find qualified employees. It refers to the competition for attracting and retaining the best employees in a market that is demanding more sophisticated skills and with limited alternatives to cover the gap that baby boomers have been leaving.
One of the main issues is the shortage of qualified workers to fulfill complex and more technical positions, it is estimated that by 2030 the global shortage will go up to 85 million jobs unfilled because of the lack of skilled workers.
So, there is a difficult scenario where the lack of qualified resources and the complexity of the demand make talent attraction a real issue for business growth. In addition, companies are making a big effort to attract top performers, making the competition even harder.
But why is so important for companies to attract top employees? According to McKinsey, top-performing employees are up to eight times more productive. The difference in productivity with regular employees, depends on the complexity of the job, being 800% more productive in complex occupations.
The last issue to consider in terms of attracting and retaining talent is the mindset of new-generation employees, which are more difficult to retain, and more sensible to workplace culture. So, instead of getting deep into the consequences of losing your more valuable employees, let’s review a few ideas to attract and retain top employees in your company.
Build a Great Workplace Culture To Attract And Retain Top Performers
The company culture is like your DNA and guides your employees in what to expect and how to behave in the workplace. Having a positive workplace culture includes having a purpose or a positive impact on the world as an organization, making your employees understand, and being part of your long-term goals. Some other elements such as having supportive leadership, respectful interactions, personal and professional development opportunities, and other benefits and perks to increase your employees’ satisfaction.
Building your own culture with these elements is going to impact the way in which candidates and employees see your company. In a recent survey of job seekers, 23 percent responded that company values and culture was the top reason to accept a job, and 34 percent of respondents accepted to leave previous jobs within the first three months because of company culture.
Training And Career Development Opportunities
This is the top one reason for leaving a job; a survey by Work Institute found in 2020, that the lack of career development opportunities has been the main reason for leaving a job during the last 10 years. In general terms, employees want to learn, be challenged in their positions and have the opportunity to grow intellectually. Some ideas to improve in this area include, identifying their career goals and creating a development plan, offering training courses, giving them the opportunity to be promoted, or applying to other positions in the company.
A People-First Mindset Attracts Young And Talented People
The workspace paradigm has changed dramatically during the last few years, and now employees look for an alignment with their lifestyles, values, and personalities. This idea is closely related to building a positive culture and finding ways to balance work and personal life, and the rationale is that healthy and happy people perform better. This level of satisfaction is reflected in daily interactions and will help you to build a brand with positive ethics, and focused on building authentic relationships.
Clear Management And Flawless Communication
Not only your culture and values are important, but also the way in which you manage day-to-day operations. Having clear assignments and follow-up, assertive communication, providing all the resources they need to do their jobs and positive leadership are very important to keep your employees motivated. Not establishing proper objectives and indicators for their performance, and having unclear or unrealistic expectations are common mistakes, but can be easily overcome by preparing yourself for onboarding your employees.
Follow Up On Your Employees’ Engagement And Burnout
Having motivated employees is great, but you should be careful not to overload your employees with responsibilities or paid overtime that is not sustainable in the long term. So, start exploring and considering their preferences and triggers, identify their priorities, in terms of financial or welfare benefits and take them into account to assess the workload each employee could take. You should also include in the follow-up indicators to measure the level of engagement and if there are any improvements you can make to increase their motivation.
The war for talent is a real issue and companies must adapt their strategies to keep on with the changes in the workspace paradigm. Companies must implement real measures to attract and retain talent if they want to avoid the cost of not growing their teams or having high turnover rates. Building a strong workspace culture is the main key to attracting and retaining talent, and the ideas we just reviewed can help you to take the first steps. You can also consider hiring a nearshore partner like Shark Helpers, with the expertise and capabilities to help you attract and retain talented professionals in Colombia. We can offer you talented candidates for front and back-office support, marketing, and IT roles, and we provide local support to increase motivation and engagement with your remote teams.
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