No organization has made it to the top without the Human Capital deployed. In recent years a lot of focus has shifted to treating Human Resource as Human Capital. We have Chief HR Officers in the companies whose prime focus is to ensure that the Human Capital is optimally utilized.
In today's competitive environment where your next job is a LinkedIn message away, all businesses must evolve. To add to the problem the Millenia workforce comes with a very different expectation from the workplace.
In my experience working with family-driven companies, MNC and modern-day startups, I have realized that the companies whose leadership lacks the awareness of changing times and the willingness to change with time are the ones which are struggling with high employee
Changing times require companies to evolve and adapt. Let's look at the ways through which your business can win the Talent Wars.
Candidate Experience- Marketers focus deeply on customer touchpoints and work toward improving customer experience.
Similarly, Talent Acquisition leaders should focus on candidate touchpoints and align the recruitment team to provide the best candidate experience.
Irrespective of the candidate calibre/capabilities, every individual who has applied to your organization for a job should be treated with respect.
Even though ghosting and lack of commitment is a challenge at the candidate level, the Recruitment team should remember to preserve its values and ensure to provide a great candidate experience.
A periodical survey should be carried out amongst the candidates at each touchpoint to identify the gaps in candidate experience.
Onboarding- As per data from the US Bureau of Labor Statistics, one of the reasons for employee turnover is poor onboarding experiences, a lack of clarity surrounding job duties and expectations, or a less than a stellar boss.
The companies must plan new joiners first week at work. Providing mentors to navigate new employees through the first few weeks is a great way to onboard them.
Secondly How often do you find yourself hiring for a position without a clear Job Description? If you are in one of those companies understand that your company still does not value Human Capital. There will always be a gap in what is expected from an employee and what is delivered by an employee without clearly defined KRA's. Get your company to realise this and act quickly.
Lastly, train your managers. One of the reasons for a high turnover could be your supervisory workforce. According to"
40% of employees that don’t rate their supervisor’s performance highly have interviewed for a new job in the last three months.
"People don’t leave companies, they leave managers"
If you find your company struggling with high turnover, get some expert onboard to identify and suggest improvements.
Learning and Development- According to LinkedIn’s 2018 Workforce Learning Report, 93% of employees would stay at a company longer if the company invested in their careers.
Development is no longer a benefit, it is an important strategy in the modern talent wars. Companies should focus on the growth of each employee. With digital penetration, it has become easier for companies to invest in online courses for their employees.
Do not get discouraged by the cost of training, you will be surprised with the cost of replacement you are incurring if you do not invest in the training of the employees.
Click here to calculate the cost of employee turnover -
Work Culture - Work Culture impacts the overall retention of employees. Work culture is built on values and principals. These values are exhibited by the leadership each day. An organization which are built on great values, not only treat their employee fairly but also the external stakeholders. Be it investors, vendors or external customers.
If you are a part of the organization which has not written down their values yet, I suggest you approach your CEO and explain the importance and the impact of values.
Let's assess the cost of employee turnover now.
As per Josh Bersin of Deloitte, the cost of employee turnover can range from 1.5–2.0x the employee’s annual salary.
These costs include hiring, onboarding, training, Impact on others due to high turnover, and general impact on culture.
Formula to calculate the cost of employee turnover is.
(Hiring + Onboarding + Development + Unfilled time) * (Number of employees * Annual turnover percentage) = Annual cost of turnover
https://risepeople.com/blog/employee-retention-factors/ https://www.forbes.com/sites/meghanbiro/2018/07/23/developing-your-employees-is- the-key-to-retention-here-are-4-smart-ways-to-start/#5b2681dc3734 https://www.tinypulse.com/blog/13-surprising-statistics-about-employee-retention