Not so long ago, a 9 to 5 job, with an annual 2 weeks off, and a separate corner cabin were considered to be the perks of a job. Just enough to buy an employee’s loyalty, commitment and engagement.
Today as we talk about millennials/Generation Z, and the transforming workplaces, the meaning of work is changing. The Talent war is ON! Bigger and fiercer this time! Not very long ago, McKinsey and company first came out with a groundbreaking study about War of talent, claiming that talent build up and retaining talent would be a considerable competitive gain much into the future
Only two weeks ago, Apple Inc. shared hefty bonuses with its software engineers and tech Gurus. They were apprehensive of their most promising talent switching over to Meta – formerly Facebook – who were actively pursuing recruitments for thousands of new employees to build the metaverse.
Meta had already successfully won over 100 engineers from Apple over the past few months. In response to which, Apple couldn’t think of better ways than luring away key Meta employees too. Clearly, The war for talent is already heating up in the Silicon Valley and beyond.
If your business’s idea of coping with a situation like this is not similar to Apple’s i.e directing money and perks at the problem. You may have to take the bull from the horns. And here’s how we get started:
While many organizations are busy maintaining this façade of solidarity, only genuinely purposeful organizations are working towards instilling this behavior right in the top tiers of their management. Managers should be taught to engage in meaningful conversations with employee about his/her personal aspirations routinely. For e.g., how they are progressing on their professional and personal front
Let the employees bring in ideas for creative HR policies to enhance solidarity. Many business now have built flexible HR policies but would they mean anything if they aren’t tied to its people and the business? For e.g, many organizations fancy free lunches, dinners but what if your employees rule in the favor of celebratory leaves as a better company policy to appreciate their achievement of personal milestones? By letting an employee participate in policy making, People will feel a greater sense of ownership and it will also strengthen adherence across the organization.
Employees are tired, fearful and at the verge of burnout. More so, post Covid and the resultant soaring inflation. Showing compassion and empathy has become central to the leadership. The same must be cascaded to the lower levels of management. Honest gestures of kindness go a long way in molding that transactional contract into a relational one. Managers might step up their game by not acting infallible anymore, but being more vulnerable. For e.g., Asking for their teams’ help and acknowledging their own difficulties to make it ok for anyone to feel helpless with challenges at work.
Personalize an experience for your employees, which would be hard to find anywhere else.