(IN) Culture is a key differentiator for retaining and re-attracting talent
Despite mounting economic headwinds over the past two years, the big quit trend shows no signs of abating. According to a global study by McKinsey, the share of workers planning to leave their jobs this year remains unchanged from 2021, at 40%.
The offer of a higher position, better pay and more useful work are among the top reasons employees move. The attractiveness of the corporate culture also encourages higher retention rates. Or a new request, as is increasingly the case.
Recruitment of so-called boomerangs – employees returning to a former employer – is on the rise. Of all new hires among companies on LinkedIn, 4.5% were so-called boomerang workers in 2021, up from 3.9% in 2019, according to LinkedIn data.
In an environment of rising inflation and rising costs of running a business, including hiring, rethinking how employers interact with relocating employees has benefits for both parties. By examining their values, the growth opportunities they provide, and how they cultivate a culture of connection, top talent will never be far away.
Culture as a key differentiator
In today’s business climate, the power of empathetic, value-driven leadership to drive better business results cannot be underestimated.
In a recent PwC survey of 3,200 leaders and employees worldwide, 69% of respondents who said their organization had been able to adapt over the past year also said their culture had been a source of competitive advantage. For those who view their leaders as “role models of values, purpose, and culture,” 85% say their organization’s culture provides a competitive advantage.
From encouraging diversity to driving sustainability, how business leaders show they act in the best interests of all stakeholders has never been more important to employees.
Since our founding in 1999, Salesforce has been rooted in our core values of Trust, Equality, Customer Success, and Innovation. These values are brought to life through our 1-1-1 philanthropic model and equality initiatives. (Insert region/country specific examples).]
In addition to wanting to feel a sense of shared usefulness, people are looking for a sense of belonging and a more rewarding employee experience. Employers’ inability to meet new demands for autonomy and flexibility at work is a major reason why many employees have quit their jobs or retired from full-time employment altogether.
As employee needs continue to evolve, employers who listen and adapt their culture accordingly will be in the best position to attract and re-attract talent.
Reward ambition with skills
Each employee wishes to feel valued by their manager and to plan a clear career development path.
Giving employees the right opportunities and the right resources to develop their skills benefits everyone, especially for the jobs of tomorrow. This can include using internal learning platforms to develop new soft and hard skills, helping find ways to promote employees into new or expanded roles, or helping employees make career changes. inspiring careers.
Company-sponsored learning is a practical, cost-effective way to get the most out of teams and create a work environment where employees feel their careers can thrive. Through internal career programs, employers can meet the advancement ambition of employees and also stimulate talent diversity in the company.
Stay logged in
As employees reevaluate their relationship with work and seek a better work-life balance, employers can still maintain a sense of connection with those who wish to return.
Investing in an alumni network is a great way to keep former employees up to date with the latest company news, events, and positions. And giving alumni the opportunity to expand their network, providing access to helpful learning tools can be an important resource to help future boomerangs get started on day one.
Leveraging these networking initiatives is a smart strategy to ensure past and present employees stay engaged, the company can respond quickly to changing workforce trends, better retain and re-attract best talent.
(The author is Ms. Michele Nyrop, Senior Vice President, Employee Success for India, Asia-Pacific and Latin America, Salesforce India and the opinions expressed in this article are her own)