How to Support Growth During The Great Resignation
New year, new normal? As we enter the new year, the past year ended with a record number of employees quitting their jobs. In November, 4.5 million US employees voluntarily left their companies, breaking the previous record in September of 4.2 million. As employees reconsider how they will spend their time on the job, there are many companies who are ramping up for growth this year. This rapid need for talent is causing HR leaders to go all in on combating the effects of The Great Resignation.
Whether you’re in a situation where employees are leaving your company or your company has big plans for the year ahead and need the talent to back it up, the common denominator is a lack of skills to meet demands. While employees rethink what job they want, or which company can support their work-life preferences, one factor that continues to top the charts for reasons why employee leave is a lack of career advancement or lack of opportunities to develop and utilize skills. Forced with the need to act quickly and plan for long-term success, Chief Human Resources Officers and management leaders are investing in upskilling and reskilling employees to provide employees with these growth opportunities. Oh, and retention strategies aside, it also supports growing companies where new resources and talent are needed!
By offering upskilling and reskilling opportunities, employees will not only fulfill their need to continuously learn new skills, but they will also know that their company supports their career and values the person behind the title. Studies show that companies who provide this support, retain critical employees longer and reduce the effects of burnout. So, it’s clear that this sounds great but where do you start?
Assess Skills to Know Your Workforce Capabilities
The skills and capabilities of your workforce set you and your competition apart. Having the right people with the right skills is critical to move forward with your growth strategy and to ensure your business objectives are met. A talent assessment can help you understand your workforce capabilities and the gaps between your employees’ current skills and the targeted skill benchmarks. When skill gaps are identified, you can better understand areas of talent needed or direct employees’ professional development based on where they are, where they’d like to be, and what your company needs.
Create Succession Plans to Know Who Can Fit In
It’s always important to be one step ahead. Succession planning can help you to predict your company’s future talent needs and choose the best candidates for the most important roles, based on a complete view of your company’s collective talent. Managers can proactively assess succession risks and role vacancies enabling internal recruiting based on multiple criteria, including verified skills, competencies, performance, career aspirations, manager recommendations, and more. With the right succession planning process, sudden change will never catch you off guard.
Develop Career Paths to Know Who Wants to Move In
While succession planning allows your company to get a view from above, enabling employees to build their own career paths can inform managers about where their employees want to be. During times with growing internal vacancies, identifying employees who can develop into a role that they want to be in is extremely valuable for employee career satisfaction and retention. When employees set their sights on a career path, they can receive a development plan based on their current capabilities, so they can acquire the skills and experience that their desired opportunities demand.
Implement a Holistic Solution
Aristotle once said, “the whole is greater than the sum of its parts”. That philosophical observation can be applied to problem solving, and specifically in this context. Each area described here has its own valuable benefit if applied but together the potential is much greater. When you are able to know the capabilities of your workforce, plan and prepare for who might be a good fit and have employees eager to step up when the opportunity arises, then you are better equipped to handle what the future holds. Thinking holistically and proactively can reduce talent risk and help get you out of the jam that you might find yourself in today. The right platform can help you realize your growth potential during The Great Resignation.
Interested in learning how TalentGuard can help you? Check out this case study webinar and written report: Driving Growth Through Continuous Skill Development
AI in Talent Management
Artificial intelligence (AI) has rapidly grown in the talent management space but still many cannot sift through all the hype. Here’s what you need to know.
The Key Takeaways from HR Tech 2020
The HR Technology Conference & Exposition was virtual this year and just like everything else that happened in 2020, it took some time to get used to the change. While we embraced this new format and appreciated the rest our feet and back were rewarded from the switch, there were some key takeaways for us at TalentGuard.
Employee Retention Strategies to Keep Your Star Employees
Keeping your employees for as long as possible is a goal that every HR team should have. Less employee turnover will help to keep your company stable. Employee retention strategies are becoming more common as companies have taken attrition more seriously as they continue to realize the impact it has on their bottom line.