09 Sep Now is the Time to Double Down on Your Talent
You may think that the Great Resignation is coming to an end, but unfortunately, you’d be wrong. Studies indicate that high turnover rates are likely to persist for years to come. Gartner predicts that “U.S. total annual employee turnover will likely jump by nearly 20% from the pre-pandemic annual average” this year and in years to come.
The reason being that employees have adapted to expect a hybrid or fully remote work environment, while employers are still trying to return to the way things were before. Employee and employer priorities are at odds with each other and so turnover continues to reflect that.
That’s why now is the time to double down on your talent. Companies that fail to do so will feel the impact as employees begin/continue to leave and new talent doesn’t come to take their place.
Taking care of your employees is the first step in doubling down on your talent. We cover some of the best ways that can be done in our recent blog, “How to Take Care of Your Employees.”
Many business leaders have used the chaos of the world as an easy out from making good on their DEI promises.
Another huge part of lowering turnover rate comes down to your efforts to create a culture of belonging that prioritizes diversity, equity and inclusion. Over the course of the pandemic, certain events took place that motivated organizations far and wide to recommit to their DEI strategy. Not surprisingly, most of these plans have fallen flat as the national and global spotlight has shifted. The economy is skittish, inflation is rising, the war in Ukraine continues on, and general political instability worsens. Many business leaders have used the chaos of the world as an easy out from making good on their DEI promises. But the truth is, there’s always chaos all around us, and life is never just sunshine and rainbows. That’s no excuse for not doing what we say we’ll do – what we should do. If anything, it’s all the more reason to take the power that we have and try to make the world a better place.
Doubling down on your talent investments means investing in the type of organizational culture that will allow the workforce to thrive. That means doing things differently than we’ve done them before and recognizing that the workforce demographics and landscape have shifted and will continue to shift. That said, DEI efforts are about so much more than ‘doing the right thing’. Having a more diverse and inclusive workforce allows innovation to flourish and progress to be made. On the individual business level, it also boosts revenue, attracts talent, appeals to investors, and reduces turnover.
DEI is not a simple check the box task – it requires ongoing attention. Unfortunately, companies have stopped paying attention as they’ve lost sight of their DEI efforts. Setting the intention to be more diverse and inclusive is not good enough, though it seems many business leaders tend to think it is. And, it’s also more than a few perfunctory activities. Executing a DEI strategy takes work, but it pays off.
A clear and active DEI plan has become a priority for job seekers of today.
A clear and active DEI plan has become a priority for job seekers of today. One study found that nearly 80% of workers say they want to work for a company that values DEI, yet still “roughly 80% of companies are just going through the motions and not holding themselves accountable.” Prioritizing your culture and DEI strategy is an easy way to set yourself apart from your competition and attract the talent that will carry your company into the future.
Setting clear goals and outlining a roadmap for how to achieve them is a good place to start.
Doing so requires you to put your money where your mouth is and have something to show for your promises. Setting clear goals and outlining a roadmap for how to achieve them is a good place to start. Being transparent about the work underway, the successes and misses are also important. So often I speak to clients who tell me all the things that they’ve been doing behind the scenes but not sharing with their teams. Long-term goals only happen when regular progress-checks are in place, so don’t forget to measure your impact along the way. For more ways to bolster your DEI efforts, check out this blog.
Don’t be like most organizations. Don’t say you care and fail to act. Prove that DEI is part of your ongoing strategy, and you might just escape the grip of the ever-worsening turnover tsunami.
Shaara Roman is founder and CEO of The Silverene Group, a culture consultancy that helps companies align their people programs with business goals.