The Great Recession is long gone, a distant memory. The years immediately following the recession are also gone. Those years were typified by hordes of candidates applying for even a single open position.
How times have changed. Now we’re in the throes of a candidates’ market that shows no signs of slowing down or turning around. And it may stay that way even if the economy experiences a recession. That’s how big the skills gap is right now in this country and how scarce candidates have become when attempting to fill certain positions in certain industries.
That’s why it is also absolutely imperative to retain those top employees that your organization does have. More than likely, your competitors want to hire them, and they’re going to do everything they can to make that happen.
This is also why your company must invest in its employees. If it doesn’t, then those employees are at risk for leaving. And for some, it will be exceedingly difficult to adequately replace them.
That’s the WHY of investing in your employees. So what about the HOW? How does an organization invest in employees to prevent them from “jumping ship” and going elsewhere?
Well, there are three main ways to do so:
#1—Invest in their skills.
We’re talking about both their hard (technical) skills and their soft (people) skills. This could involve company-sponsored or company-run training classes. It could mean online classes. It could mean earning additional certifications or attending workshops.
When people see that their employer is willing to spend time and money to invest in them, they will feel more loyalty to their employer and will be less likely to leave. At the very least, it will be more difficult for them to make the decision to leave.
#2—Invest in their job satisfaction.
There are many things that affect job satisfaction, one of which is company culture. However, the majority of professionals want to feel as though they’re progressing in their current job. They want to feel as though they’re moving toward something.
That something could be advancement within the organization in the form of a promotion and/or a raise. When you invest in your employees, they feel as though they are important to the organization, and that alone can increase their satisfaction level.
#3—Invest in their career.
Last but certainly not least, your organization should strive to invest in the careers of its employees. What does this mean, exactly? It means actually discussing their career with them. If managers and other company officials are not discussing such things, then the employees will believe (mistakenly or not) that their bosses simply do not care about their careers. That kind of perceived apathy will breed discontent, which will move employees one step closer to the door.
Does your organization invest in its employees, especially its top employees? If not, then those employers are a flight risk. And in the current marketplace, no organization can afford for its superstars to leave for the competition.
We invite you to connect with our team today and see what The Doepker Group can do for your organization.
We also invite you to click here to find out even more about the many services that we offer to employers.