Your talent is on the fly! Here is everything you need to do to keep them
The Great Resignation Wave is here!
Most companies are experiencing resignations at volumes they have never had before, especially in technology positions. Companies that haven’t suffered from this yet should prepare, as it is coming.
In addition, once the skies reopen for international flights, some team members will want to visit their families they haven’t seen for a long time due to the pandemic, and others will just need a long holiday from the last crazy 18 months.
So how are you going to deliver with an increasing movement of talent?
The great resignation wave is being seen in particular in technology positions (across industries), and there are two main reasons for it:
- The employment market is booming- there are hundreds if not thousands of new technology positions available.
- The talent pool in realty has shrunk- with no international students and skills-based immigration.
In addition, the lockdowns and new ways of working triggered new habits and resolutions. People are looking for a change. Some are no longer willing to work the standard 9-5 hours or are looking for a career change; others feel that they do not want to continue working for companies that make what they perceive as cold structural decisions.
COVID-19 and lockdowns created a situation where many people now have a large appetite for changing their personal lives and careers and zero tolerance for organisational changes.
They are also fatigued.
With so many open technology positions in Australia, they have plenty of options out there. Ask around, and you’ll find that many of your top talent receive 2-3 calls a week from recruiters offering them interviews. So why bother staying in a place that you are not happy with when you have options?
Employers must wake up now and not wait until it’s too late!
The biggest mistake employers are currently making is keeping a blind eye to this risk and a mindset of “nothing changed, except that we are now working from home”. Trying to solve this new complex problem with old HR practices will not get you the results you are after. For example, many companies invest their time and money in online social activities or Uber Eats vouchers. While this is important, this is not what will keep your talent. Suppose someone is not happy with their work, career options, team, or manager- they will not stay because there are online drinks and games. We need to have social activities, but this is not where you should focus your talent efforts.
So, where should you focus?
Working with our clients, we have helped them acknowledge that both the talent environment and their organisational culture has changed, whether they like it or not. This means diagnosing the new evolving culture, refreshing the talent strategy, and providing practical tools for leaders to deal with the challenge.
- Diagnosing the organisational culture– when everyone is working in one building, while there are sub-cultures in different business areas, there is also an overarching culture. However, when we are all online- the interaction across the business is limited, and the sub-cultures are dominant. Hence, it is essential to understand the sub-cultures that evolved and ensure they are productive and safe. Conducting an external organisational diagnosis is the best way to understand the good DNA and what needs to be changed in the corporate culture and the sub-cultures.
- Refreshing the talent strategy– whether you have already been affected by resignations or not, this is the time to conduct risk analysis per position and business area and develop a new talent strategy. Acknowledging that you will not retain everyone, how will you identify those you must keep? What do you need to do to keep them? What do you need to change in your talent planning? How are you planning to attract new talent in such a competitive environment? How are you going to manage annual leave this summer and ensure you can still deliver?
- Leadership support– we cannot assume that our people leaders have the tools to deal with these challenges. Therefore, this is the time to invest in leadership training and support.
Don’t turn a blind eye to your upcoming talent crisis and be proactive now, as the beginning of 2022 will be challenging for everyone who employs tech talent in Australia.
What does the ‘new normal’ look like for your business?
Post a comment on First 5000 – Have your Say on LinkedIn today or email editor@first5000.com.au with your story.
Dr. Zivit Inbar is the CEO and founder of DifferenThinking a consulting practice that specialises in people, culture, leadership & ethics. Dr Inbar has over 17 years of experience and expertise building high-performance teams, driving high-level strategies and processes at the board and executive levels, spanning private and listed local and global organisations (China, APAC, Europe and the US).
