Employers in today’s job market are struggling—not only to find top candidates in the hiring process, but to keep their best employees around. As companies continue to lose employees, they’re asking, “What have we done wrong?” To get to the bottom of this challenge, you might want to ask a slightly different question: What haven’t we done?
If you have a record of giving out standard benefits and raises, you may be a little stumped. But, before you think about offering flashier perks like office parties or free snacks, think about why an employee might leave your organization. Keep in mind that your top employee likely didn’t leave just because they wanted snacks at work—they were missing something much bigger than that: a meaningful career.
According to The Execu|Search Group’s Career Development eBook, “lack of advancement opportunities” was the #1 reason professionals left their last job. Employees today are not satisfied with job security and standard benefits, and they are not likely to offer their loyalty in return. Retaining talent—especially in this competitive job market—requires consistent effort and an individualized approach.
The Old Model: Work for the company
The traditional way employment worked was that employers offered competitive pay, standard benefits, and economic stability. In exchange, they received loyalty from their employees. This idea requires trust from both the employer and the employee in order to succeed. However, this “old model” has been chipped away over the years.
Today, employees do not trust that their employer will pay them market value or give them training opportunities to keep their skillset competitive. Meanwhile, employers are worried that if they did offer valuable professional development, employees would take that knowledge to another company instead. As a result, employees have started simply looking out for themselves instead of relying on their employer, ensuring that their career trajectory stays on track. As this trend continues, organizations must understand that employee loyalty is hard-won.
Additionally, it is critical to note the individual personalities of your employees. As you look to retain your top performers, remember that they are ambitious people who likely care a great deal about their career development. These are the employees who can apply their learning opportunities to further advance your organization. When you fail to retain them, your company can quickly fall behind.
The New Model: Work for career development
Back to that original question: What haven’t you done? Or rather, what should you do now? Offering career development opportunities to top employees is not as simple as purchasing a course they can take, and it is not a one-size-fits-all approach. Employees today are in search of purpose, personalization, and development to improve their professional marketability. Providing these things to your employees requires a multi-pronged strategy, where leadership and managers all work together to provide a positive employee experience.
- Purpose: Every company must strive to show their employees why their work matters. Regardless of their position, each staff member has a role to play in the success of an organization, and it is critical that everyone understands how their contribution makes an impact. Taking the time to explain this to each employee is far more valuable than you may think.
- Personalization: Efforts to improve professional development opportunities, create new career paths, and improve employee satisfaction must be tailored to the individual. Each employee has their own interests and their own unique circumstances. When you encounter a top performer, you must take the time to understand what they need from you to continue being successful and provide a personalized solution for them.
- Professional marketability: Keep in mind that as soon as a top employee feels stagnant in their work, they will start looking for their next position to continue their career development. Professionals today have plenty of access to information to understand the job market and skills that are in high demand—and they will not let themselves fall behind. As a result, it’s your job to understand the market as well and help bridge those skills gaps. If you continue to provide those growth opportunities, you may very well win your employee’s loyalty after all.
Job vs Career
All of this boils down to one simple concept: in the job vs career battle, a rewarding career will always win. If you’re only interested in providing employees with a job, prepare for higher turnover, lower productivity, and even lower morale in return. On the other hand, when professionals can join a company that fosters growth, encourages learning, and offers a career path for them, they’ll think more about how they can stay rather than how they can leave.