Business leaders are facing the largest talent crisis since the 2008 recession. However the difference this time is people are no longer competing against each other, organisations are competing for people. A recent Microsoft survey found that 41% of the global workforce are considering resigning from their current roles, and other research suggests that figure is much higher.
Why are employees considering a move?
Top talent in businesses are facing burnout, dips in morale, and disconnects from their peers, friends and family. COVID-19 presented concerns regarding job security, many chose to remain where they were and are now considering a fresh start, while others during the period began to reconsider lifestyle choices and new paths to achieve a better work life balance.
At a time where businesses face such unprecedented challenges, it’s important that measures are introduced and developed further to retain people. As a priority leaders should understand the current culture of their organisation and how it impacts their people.
What motivates people to join and remain in an organisation?
Interestingly areas like support and investment in an employee’s future are moving up priority lists as candidates review where they want to work and the same considerations need to be applied when building a culture that motivates your people to remain. Leaders must remember motivated people are more likely to remain loyal, are more invested in the future of an organisation and produce higher productivity levels.
Daniel Pink, the author of Drive: The Surprising Truth About What Motivates Us, believes there are 3 key areas to consider to achieve intrinsic motivation.
- Autonomy
The need to direct your own life and work. To be fully motivated people must be able to control what they do, when they do it, and who they do it with.
An example would be flexible and hybrid working. Working from home (WFH) provides a level of autonomy desired in a working day. It allows people more creative time, a feeling of not being micro managed and an opportunity to rethink office hours and workwear, which all feed into establishing a culture of trust and improved creativity.
- Mastery
The desire to improve. Those motivated by mastery will constantly seek to improve their skills through learning and practice.
As employers we have a responsibility to nurture talent. Learning and development programmes that provide employees with an opportunity to grow within their current environment will be a powerful tool in retaining and developing individuals from within.
- Purpose
A need to invest in the ‘bigger picture’. People like to feel that their work has meaning and value, choosing to invest their time in activities they believe are worthwhile.
Those that believe that they’re working towards something larger and more important than themselves are often the most hardworking, productive and engaged. This is where a business with a genuine and demonstrated purpose will be more successful in attracting and retaining talent.
What can you do differently?
If there is a genuine interest in creating cultural changes the first step is to listen to your people. What are the concerns within your current team, what are their hopes for the future, what are their ideas in making improvements? Regular surveys and conversations will quickly help to recognise shared opinions and support planning that is aligned to your people’s voice and company wide vision.
Get in touch with the Shape Tomorrow team if you are looking at methods to define your current culture, identify retention barriers, and programmes that progress cultural changes.