Retaining talents

I move in the world of business owners, HR directors, learning and development officers and trainers. I hear them. In the ever-evolving landscape of rapid technological advancements and shifting workplace dynamics, they face the ongoing challenge of retaining their valuable talent. As many companies continue to search for effective strategies, it becomes evident that the reasons employees quit extend beyond traditional assumptions of compensation and work-life balance.

I gave the keynote address to a company celebrating over 50 years of continuous growth and success. In their anniversary celebrations, awards and prizes were given to their people who have given 10, 20, 25, and even 30 years of faithful service. It was a sight to behold. You can see the smiles on the celebrant’s faces as they receive their awards – a sense of fulfillment and meaning permeates through the ceremony.

But here is a reality. Gone are the days when employees were content with remaining in the same job for decades. Today’s workforce seeks career advancement and the chance to explore diverse career paths. Career development encompasses more than just climbing the hierarchical ladder as employees aspire to pursue opportunities that align with their skills, interests, and aspirations, allowing them to carve their unique career paths. This is why organizations must intentionally cultivate growth opportunities for their people, or they might leave.

Many workers are seeking opportunities outside their current organizations. Workplace surveys conducted among HR practitioners revealed that approximately two-thirds of respondents (65 percent) do not perceive their current place of employment as offering the options and opportunities they seek. To address this, employers must replace traditional career ladders with dynamic lattices that enable their workforce to grow vertically and explore various departments and functions.

The second consideration is the importance of fostering strong connections within the workplace, which cannot be overstated. Numerous studies validate the critical link between employee connectedness and engagement, emphasizing the vital role of human resources leaders in addressing connection gaps. When employees feel disconnected, their happiness and overall job satisfaction suffer.

Astonishingly, while most HR leaders acknowledge the significance of connection for organizational success, only a very small percentage strongly believe they have adequately addressed the challenges associated with fostering employee connection at work.

To bridge this gap, leaders must take proactive measures to facilitate stronger connections among employees. It becomes even more crucial in remote work, as executives must implement strategies that allow employees to feel connected to their work, colleagues, and themselves.

The good news is that company clients of mine are taking proactive measures to make this happen. I have had an unusual number of requests from companies to conduct leadership training in collaboration with team-building activities to foster camaraderie among teams and members because the pandemic has robbed them of such. Company clients with a hybrid or remote work setup would organize one-day off-site events combined with learning and fun enjoyment activities to foster a greater sense of connection. This is how they try to close the connection gap.

And finally (a pet peeve of mine), one of the most significant factors contributing to employee turnover is the relationship between employees and their managers. Countless studies reaffirm this notion: when an untrained, unskilled person assumes a leadership or a managerial role, no amount of compensation or benefits can rectify the situation.

Organizations must acknowledge managers’ pivotal role in employee retention. Instead of solely focusing on monetary incentives and workplace perks, companies should prioritize developing effective managers who create positive relationships with their teams. It is an accepted fact that most people leave managers, not companies.

Among the various relationships employees cultivate within a company, their connection with their manager greatly influences their overall workplace experience.

The development of managers in their leadership skills should be a top priority for companies seeking to retain their employees and avoid the detrimental costs associated with high turnover. By investing in leadership training and creating an environment conducive to open communication, organizations can build stronger bonds between managers and their teams, fostering loyalty and commitment.

Organizations must adopt a holistic approach recognizing the importance of growth opportunities, robust connections, and effective managers. By embracing these drivers and implementing strategies to support them, companies can create an inspiring work environment that motivates employees to stay, thrive, and contribute their best. Book author and leadership speaker Patrick Lencioni says: “When leaders throughout an organization take an active, genuine interest in the people they manage when they invest real time to understand employees at a fundamental level, they create a climate for greater morale, loyalty, and, yes, growth.” He is so right.

(Francis Kong’s podcast “Inspiring Excellence” is now available on Spotify, Apple, Google, or other podcast streaming platforms.)