Posted-on August 2021 By Amy Bates
Are retention methods the new "CEO battle"? New evidence suggests that leaders are paying more attention to managing their employees.
According to Biz Journals, the Vistage CEO Confidence Index poll indicated that nearly four out of five (79%) executives said maintaining existing talent was their largest concern. Additionally, finding new, top talent was the main concern for 67 percent of employers.
Despite the fact that the poll showed issues about talent management in the United States, the issue is affecting UK leaders as well.
Plus, an outsourced financial solution for SMEs and start-ups, recently released a new nationwide poll revealing small business owners' top concerns for the coming year. According to the survey, over a quarter (24%) of business owners believe attracting and recruiting the right talent will be a major difficulty.
So, with post-pandemic recruiting demand already exceeding supply, how can leaders effectively manage their current staff while still attracting fresh talent?
What could motivate employees to stay?
A number of things can impact an employee's decision to stay with their current employer. According to LinkedIn research, communication and appreciation were huge factors in employee happiness, especially after the previous year. Only 35% of employees believe they would be happier if they were given a raise, but 65 percent say they would be happier if they were given more recognition at work.
Development and clear professional paths were also important considerations in the decision to stay. According to Monster, 87 percent of employees believe their career has ‘stalled' in the last year, making a new job the logical choice for advancement. If that advancement could come from within their existing firm, they could reconsider.
Finally, work-life balance is undeniably one of the hottest topics of today. During lockdown periods, employees earned the ability to manage their home and work life simultaneously, which is something few will want to give up. Businesses that embrace flexibility will be more successful in attracting and retaining important employees.