The past year has changed life and, especially, work. Right now, there are 1 million more job openings than there are workers to fill them in the U.S. More than one-quarter of Americans reported planning on looking for a new job as the pandemic eased. It’s not surprising that recruiting and retaining talent is at the top of the “keeps me up at night” list for employers.
“I’m talking with every single client about challenges around talent,” said Mark Nurdin, president and CEO of the Fort Worth region for Bank of Texas. “As companies continue to navigate the choppy waters of the pandemic, our team is working hard to share resources and make connections between clients who may be able to help one another navigate these challenging times.”
The challenging labor market
One in five U.S. workers changed their line of work in 2020 for work-life balance or higher pay, or to try something new, according to Prudential’s Pulse of the American Worker Survey.
That report revealed that 26% of U.S. workers plan to look for a new job once the threat of the pandemic has decreased, largely because they are concerned about a lack of career growth.
But another dynamic is also driving workers’ intentions: corporate culture—or lack thereof.
Improving culture comes down to targeted investments in training, health and wellbeing—and lots of empathetic communication.
“Between flexible schedules, hiring people and training them into positions, or innovative recruiting tactics, business leaders are getting creative to stay competitive,” Nurdin said.
Gig economy at work
As companies work to reopen their offices, pressing the reset button on learning is an astute move, said Chrissy Medeck, BOK Financial’s director of talent and organizational development.
“Ensure you’re developing talent by giving them experiential and social learning opportunities. These account for 90% of learning that takes place on the job and often there’s no cost attached,” Medeck said. “It involves a manager taking the time to have a development conversation with the employee and the employee seeking out learning opportunities like a mentorship.”
To make that happen, companies are beginning to leverage the gig economy—characterized by short-term, freelance projects—inside their own organizations.
When an employee is ready for their next role, empowering them to pursue other full-time roles within an organization is an effective retention tool.
“Then, if a company is going to invest in one space, it should be teaching managers to be coaches. Great leaders know how to have motivating and persuasive conversations,” said Medeck.
BOK Financial, parent company of Bank of Texas, has prepared a resource, Labor Pains: Recruiting and Retaining Talent, to help businesses consider areas of opportunity, and ways to attract and retain good employees.
Everyone has experienced the pandemic in a unique way—and all employees are bringing that experience back to the office. In addition to investing in coaching leaders, now is the time to create a culture plan that demonstrates corporate commitment to an inclusive environment.
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