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Forbes Articles Talent Management-converted-compressed.pdf

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Forbes Articles Talent Management-converted-compressed.pdf

  1. 1. The Great Resignation: Microsoft Predicts 41% Attrition Luciana Paulise Contributor Recent research by Microsoft, the 2021 Work Trend Index, showed that 41% of the workforce is considering leaving their employer this year. Other statistics show similar results. According to the Labor Department, a record 4 million people quit their jobs in April 2021, starting what is called the “Great Resignation” period. People began to see their lives differently. While some realized how much time they were spending commuting and wanted to continue working remotely, others felt the exhaustion of digital overload and lack of connections. At the same time, companies like Apple are delaying its return to the office to October as the Delta variant surges. Employees are claiming more flexibility, defining hybrid work as the best alternative in the post-pandemic workplace to adapt to the VUCA context. A report by TINYpulse shows that 62.8% of HR leaders say that hybrid work optimizes employee performance in their organization. Here are seven trends that the Microsoft report highlighted leaders need to know when planning a return to the office. 1. Flexible work is here to stay. 73 percent of workers surveyed want flexible remote work options to continue, while at the same time, 67 percent are craving more in-person time with their teams. Companies should consider re-designing physical spaces to accommodate hybrid work environments better 2. Leaders are out of touch with employees. People expect their employers and leaders to empathize with their unique challenges. More one-on-one meetings and informal conversations are required, especially in remote workers. If working in hybrid work environments, face-to- face meetings can enhance the connection even more. High productivity is masking an exhausted workforce. Fifty-four percent feel overworked. Microsoft discovered that apart from an increase in time spent in meetings, the average Teams
  2. 2. meeting is 10 minutes longer (up from 35 to 45 minutes). In addition, the average Teams user sends 45 percent more chats per week and 42 percent more chats per person after hours, with 62 percent of meetings not planned. 4. Gen Z is at risk and will need to be re-energized. Gen Z’s, employees with the ages of 18 and 25 reported that they were more likely to struggle balancing work with life (+8 percentage points) and to feel exhausted after a typical day of work (+8 percentage points) when compared to older generations. For Gen Z’s, feeling a sense of purpose and connection is essential to feel satisfied at work, but remote work makes this more challenging, especially for those new to the workforce. Shrinking networks are endangering innovation. The Covid-19 crisis and the remote work have increased the connections in smaller, closer groups instead of interacting with distant networks. Respondents who reported weaker workplace relationships were less likely to report thriving at activities that lead to innovation. “When you lose connections, you stop innovating,” said Dr. Nancy Baym, Senior Principal Researcher at Microsoft. 6. Authenticity will spur productivity and wellbeing. At the same time that the networks shrank, a good trend that started last year was increasing authentic relations with those closest to us. The research shows that 39 percent of people in the study said they are more likely to be their whole selves at work compared to one year ago. These more personal interactions can increase inclusion, productivity, innovation, and psychological safety. 7. Talent is everywhere in a hybrid work world. Together with a crease in resignations, the marketplace is broader as companies are more eager to hire employees living on the other side of the planet. It is also more accessible for minorities, women with children, and talents residing in smaller cities that prefer remote work. To retain and attract new talent, companies need to continue adapting to changing needs. Leaders must look for ways to foster cross-team collaboration, continue improving authentic relationships and re-design their systems to allow for flexibility and hybrid work.
  3. 3. Article no.2 5 Strategies To Improve Employee Retention Caroline Castrillon Contributor Is your company concerned about employee retention? If not, it should be. We’ve all heard of "The Great Resignation.” It’s a real phenomenon that can be seen across virtually all industries. The U.S. Bureau of Labor Statistics recently announced that 4.3 million Americans, or 2.9% of the entire workforce, quit their jobs in August 2021—a record-breaking month. Your employees are being recruited by competitors now more than ever. And remote work has increased competition for candidates with in-demand skills. So, the question is, are you doing enough to retain employees? If you’re struggling to improve employee retention, it’s time to act quickly and thoughtfully. Here are five strategies that will help you succeed in today’s war for top talent. Promote from within Research from Robert Half finds that nearly 4 in 10 professionals surveyed feel their career has stalled since the start of the pandemic. That number jumps to 66% for workers aged 18-24. And among those who said their career has stalled, about half reported that they’ve seen stagnation in salary growth, career advancement and skills development. Promoting from within provides a clear path to greater compensation and responsibility and helps employees feel that they are valued and a part of the company’s success. Take Target, for example. The Minneapolis-based retailer is staying on top of employee retention efforts in advance of the holidays by announcing 5 million more hours for current store associates, adding up to more than $75 million in pay. In addition, the company said its goal is to hire fewer seasonal employees than in previous years and instead focus on more flexible scheduling, training, pay, and benefits for its existing team. Invest in employee education Employees view training as an investment in their worth and a powerful incentive to stay at the company. Workers want to be part of a company that facilitates their growth, and if it doesn't,
  4. 4. they will probably leave and take their talents elsewhere. To support this theory, a survey by Better Buys found that 92% of employees think having access to professional development is important or very important. Also, employees with access to development opportunities have 34% higher retention and are 15% more engaged. Ultimately, a strong training and development program can have numerous short and long-term benefits, including increasing employee engagement and retention, encouraging innovative thinking and giving your organization a competitive edge. Provide childcare support Childcare is no longer just a family issue. The pandemic has proven that it is also a business issue. One national panel survey of 2,500 working parents found that nearly 20% of respondents had to leave work or reduce their hours due to a lack of childcare. Yet only 7% of companies offer any childcare relief to their employees, despite its being an effective recruiting, retention and productivity tool for working parents. To help retain talent, provide your team something your competitors don't. Listen to your workers to understand their pain points. For some people, it's a financial issue. So offering a caregiving subsidy or partnering with a child care provider to create a tuition discount program may be viable options. For others, flexibility around drop-off and pick-up times could make all the difference for parents juggling long commutes. Offer flexible work arrangements The last year has changed the way employees view and approach work. In short, employees want more, and they don’t want to compromise. In the EY 2021 Work Reimagined Employee Survey, more than half (54%) of employees surveyed globally would consider leaving their job post-pandemic if they are not provided some form of flexibility in where and when they work. Liz Fealy, EY Global People Advisory Services Deputy Leader, says, “Employees’ willingness to change jobs in the current economic environment is a game-changer. The Covid-19 pandemic has shown that flexibility can work for both employees and employers, and flexible working is the new currency for attracting and retaining top talent.” Implement recognition and rewards When was the last time you told an employee “thank you” or “great job”? One company, Ensono, created a program called “Ensono Shout-Outs” to enable all employees to be able to say thank you publicly to another employee or group of employees who helped them with a
  5. 5. project. According to Meredith Graham, Chief People Officer at Ensono,” We can’t focus solely on compensation and we need to focus more on engagement to compete in this market.” By recognizing your employees regularly, you foster a sense of engagement where staff members feel truly motivated to work hard and remain with the company. In fact, SurveyMonkey partnered with Bonusly to find out how recognition and retention are related. Out of 1,500 respondents, 63% of those who were "always" or "usually" recognized said they are very unlikely to job hunt in the next 3 to 6 months.

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