Human resource departments in organisations are highly commercial and need-oriented. Organizations, in particular, should now emphasize on being tactical and innovative, efficiently meeting their objectives and corporate demands in order to improve long-term business productivity, and committing time to strategically anticipating what they will require in the future.
When it comes to talent retention, remuneration is essential but not a sufficient criterion. Timely appreciation & recognition, the opportunity for learning and growing and visibility of a clear career path will never go out of fashion. However, modern propositions such as flexibility to work from home, as well as care and support policies at the organization must be included in order for the organisation to remain relevant and viable alternatives to its employees.
In the aftermath of the pandemic, employees have become extremely conscious of health, fitness, work-life balance, and they value an organisation that demonstrates openness and compassion.
Another important criterion is the perception of the quality of the colleagues, both at the peer and superior levels. Most of the top performers like challenges, much like a great boxer who needs good sparring partners. One interesting aspect is that assuming the role of a team leader with the number of direct reports is not an excellent motivator for the young and restless; it is more of a hygiene factor.
A greater emphasis on career
Besides the obvious benefits of financial advancement, position and designation etc., today professionals seek for the challenges of working with newer or different technologies and processes. There is a greater emphasis on career rather than just the current job. The ‘loyalty’ measured by vintage in the organization is overvalued in their perceptions. In today’s cut-throat competition for talent, hiring managers have no qualms about accepting a candidate who has frequent changes in their resume. The new generation understands the importance of having certifications, relevant experiences and exposures, and brand names on their resumes. They never shy away from leveraging opportunities to embellish their resumes with all of these.
The organizational culture built on values, principles and ethics still continues to be an essential glue for employees to be engaged with the organisation. Employees are not actively looking out if there is openness, equality, trust and a non-hierarchical work environment. In these challenging times, a genuine concern for the health and well-being of the employees demonstrated through facilities beyond just lip service is greatly appreciated by the employees.
Every member of the organisation is responsible for attracting talent
Though the HR department may draw the roadmap to control attrition, the entire organization is responsible for engaging employees and consequently reducing attrition. In modern times, reducing attrition rate is in the goal sheet of all leaders across the organization.
When it comes to managing and leading talent, training alone is insufficient. Individuals must be assisted in developing and growing in order for them to reach their full potential. The leader can help the individual perform to their full potential by delivering constructive criticism, providing feedback, positioning employees for success and creating an environment that supports continuous learning and performance improvement.
Every member of the organisation is responsible for attracting and retaining talented employees and not just the manager with the reporting staff. A capabilities structure may help in the development of talent by assisting with retaining employees and providing performance metrics. It also clarifies employee expectations, identifies areas of growth required to advance into those roles they could be interested in, and makes the growth and screening process more objective and fair.
The human resource department is a strategic partner to the business. In particular, HR must focus on the long-term strategic vision, mission and values and achieve the immediate tactical imperatives to remain relevant. HR needs to understand that people, the proper kind, fuel growth and sustenance; the importance of attracting, developing and retaining talent has become business-critical like never before.
The most important aspect of this process is never losing sight of your employees' potential and talent. No other factor is likely to make such a big difference when building a high performing team and lowering the attrition rate in the organization.