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 1. Home
 2. Blogs
 3. How Do You Engage And Retain Your Workforce?


HOW DO YOU ENGAGE AND RETAIN YOUR WORKFORCE?

Published Date May 4, 2023 Author Beamery Team



Retaining talent is a major challenge for businesses today. Our Talent Index
reveals that 51% of employees are planning to quit their jobs in the coming year
– despite the uncertain economy.

We recently surveyed 713 business leaders and held roundtable discussions with
senior HR professionals in a study called Navigating The Changing Talent
Landscape – 71% said they are concerned about talent leakage in the next 12
months. And just 51% think leaders in their company understand why people leave
the organization “to a great extent”.

Why do our respondents think people will leave? Unsurprisingly, 56% cited better
pay elsewhere, and 47% said better work/life balance. Opportunities for
learning, development, mobility and progression were next on the list.

With that knowledge in mind, it’s likely that many of your employees are
disengaged (regardless if they plan to leave or not). Our Talent Index found
that 37% of people are concerned about being laid off, and 28% of these people
said this fear made them more likely to search for another job… while 23% said
their motivation and quality of their work had decreased.

78% of the leaders we spoke to have seen evidence of “quiet quitting” – doing
what a job requires and nothing more – in the last year. 66% of our respondents
(71% in the US) said that an increase in quiet quitting is a sign that leaders
must change their approach to talent management.



So what can business leaders do to engage and retain today’s talent?


RESKILL EMPLOYEES AND REDEPLOY TALENT

The retention and engagement challenge is a difficult one to tackle during a
tough economy, because offering pay raises probably isn’t an option for most
companies. The leaders we spoke to think they can effectively address morale and
productivity issues through other avenues (that cost much less).

38% said they could address these problems through optimizing internal mobility
and another 37% said through providing personalized career paths. Giving talent
the personalized opportunities they desire – to learn and develop – is an ideal
strategy for retention.

Mark Elliott, CFO of Mercer, spoke to Fortune, and said, “what was a war for
talent is increasingly becoming a war for skills”. For a lot of companies, 2023
has been a year of adapting and restructuring – and while budgets are tight,
demand for many businesses is changing. The skills your organization needs to
meet demand today will likely not be the same skills that are needed in the
future.

Organizations who have built successful reskilling programs, will be a step
ahead of the competition and will be able to adapt much more quickly to changing
needs. And when employees are reskilled, it positions them well to take on new
and exciting opportunities internally.


TALENT MOBILITY AS A RETENTION STRATEGY

Our survey respondents estimated that 31% of talent loss (on average) could be
prevented with internal mobility initiatives that allow talent to move more
freely within their organization.



By giving employees the freedom to try something new (even if it's just a
short-term project), they are able to strengthen their skills – and even pick up
new ones. With ‘on the job’ training, you can give your talent exposure to
different teams. This helps the company build a more agile workforce with a deep
knowledge of the business and industry. On-the-job training is a cost-effective
way to engage and retain talent, because it gives employees the confidence and
the permission to try new things and learn new skills – empowering them to take
ownership of their career progression, with support from their employer.


LOOK TO INTERNAL TALENT TO FILL SKILLS GAPS

Talent mobility isn’t just a way to motivate individuals to try something new.
It’s also a way to close skills gaps. This may mean redeploying talent to
critical roles that need to be filled today, or identifying opportunities to
upskill employees in order to meet the talent needs of tomorrow.

31% of business leaders we spoke to said they are using increased opportunities
for internal mobility as a way to close skills gaps. And 89% of respondents
agreed that the talent approaches used today must focus on getting talent to
where it’s needed most.

A skills-first approach to talent management is an essential component of
internal mobility. Without a strong foundation and understanding of skills, and
a common skills language to match employees with opportunities within the
business, it’s going to be difficult to even know what skills gaps you have, let
alone know how to fill them.

This is the first big step launching a successful talent mobility program: but
it’s easier said than done. What about the barriers to internal mobility?


THE BARRIERS TO TALENT MOBILITY AND HOW TO OVERCOME THEM

80% of our survey respondents think that as of right now, employees would say
it’s easier to land a new job outside their organization than within their
organization. So what factors make talent mobility so difficult?

47% of leaders we spoke to said that managers were a big part of the problem.
Some managers are resistant to change and others tend to “hoard” their best
talent to avoid sharing with other teams.



Visibility is another issue: 42% of respondents felt that employees may not be
able to easily find internal opportunities. Aptitude Research found that 37% of
businesses have the same application process for both internal and external
candidates, and even less personalize communications for their internal
candidates (26%).


MANAGERS MUST SHIFT THEIR MINDSET

People managers are often evaluated based on how well their team performs
(rather than their individual contributions to the business). Companies must
address this if they want their internal mobility program to be successful.

If managers are reluctant to share their talent with other teams, the hope for a
sustainable talent mobility program is squashed. It’s up to business leaders to
reframe the idea of internal mobility in managers’ minds – to position it as a
way to benefit the organization as a whole, to help employees progress in their
careers, and to keep them engaged.

Supportive managers should facilitate learning and development for their team
members. Susan Tohyama, CHRO at Ceridian, told HDR, “If employees are interested
in developing their skills, they need to feel they have the time to take those
classes. HR teams can’t do this themselves – they must have buy-in from people
leaders. We talk to senior leadership a lot about making sure we’re continuing
to give employees opportunities to build their skills, allowing them the time to
do that and ensuring that they’re still meeting deliverables and goals.”

Without the support from managers, the organization is at risk of losing more
top talent, or at the very least – disengaged talent.


EMPOWER EMPLOYEES TO TAKE CHARGE OF THEIR CAREER PATHS

When done right, talent mobility allows employees to see exactly what roles and
development opportunities are available to them, and should be able to view
personalized recommendations based on their skills and interests.

An AI-driven Talent Marketplace can enable this type of personalized internal
mobility strategy, and gives individuals full visibility of internal
opportunities at any given time – improving the overall employee experience.

With a Talent Marketplace, your employees don’t have to look outside of your
company for opportunities to progress in their careers. And at the same time,
these AI-powered tools give employers a way to unlock the full potential of
their workforce, engage talent, and fill critical skills gaps.

Ultimately, talent engagement and retention starts at the top of the
organization. Business leaders have a lot on their plate – the last thing they
need is more attrition.

To keep your talent engaged, it’s critical that you have the right tools and HR
technology in place to help you launch a sustainable, fruitful internal mobility
strategy. When employees feel as though they are free to take part in training
or mentorship opportunities, or apply for roles internally they are much more
likely to stay engaged.


READ THE REPORT, NAVIGATING THE CHANGING TALENT LANDSCAPE, TO SEE THE FULL DATA
FROM THE STUDY AND LEARN MORE ABOUT OVERCOMING TODAY’S TALENT CHALLENGES.

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