As we are close to the new year 2022, organizational leaders must prepare for what lies ahead for their employees, businesses, and the people around them. One of the major concerns across all the industry segments (and specifically in the tech industry segment), the attrition rates have gone up unimaginably. Such a situation has put all the business leaders at risk, when their organization’s growth has come to a sudden stop due to the shortage of talent.
As per a recent survey, over 19 million US workers have quit their jobs and the average attrition rate is growing exponentially. APAC and European markets are also facing the heat-wave of attrition with shortage of talent and skills to fulfill the demand-supply curve, specifically in the tech-industry. While there is quite uncertainties around pandemic, to control the immediate situation – companies are jumping to well-intentioned quick fixes such as increased salaries, perks and benefits.
Being a true leader, do you think this will help your organization to sustain and reduce the attrition in long term? Such quick fixes are not solving the real problems of your employees, rather it is just temporarily distracting them towards dispensable benefits. As a true leader, you need to understand that your employees need that recognition back and the sensation of being valued at workplace, which had been lost or subdued due to pandemic.
1 in every 4 companies believe that they are now holding on to the more low-performing talent compared to what they had in last year. While this sounds quite demotivating towards a company’s survival, but as a true leader you need to really understand how to leverage this period as an opportunity to take aggressive measures to retain the right talent, develop skills within your existing pool of resources to fill critical gaps and attract new fresh talents.
On top of this, being a compassionate leader – you really need to connect with your employees and address the core challenges which they might have faced due to direct or indirect losses in personal lives. It is the sign of a compassionate leader to understand the current mental state of its people and be empathetic, and take rightful steps to ensure the organizational health is nurtured well.
Difficult times teach us the greatest lessons of our lives – a true leader always understands the importance of this phrase. Though pandemic has put an adverse impact on the survival and growth of your business, but this pandemic has brought back that enthusiasm to realign your business wheel. While earlier you were focusing on traditional talent pool strategy, but now you are focusing on how to be more flexible and open towards new pool of high-performing talents irrespective of age, gender or education.