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Retaining talent in an accelerating multi-career world

18-Nov-2019 12:30 | Tracy Dawson (Administrator)

By Michael Page

The workplace continues to undergo fast change. And with millennials now making up a significant portion of the workforce, they’re the cohort driving workplace evolution.

McCrindle revealed that based on current trends, the average Australian millennial will have 17 jobs across 5 careers in their lifetime. This is because gen Y employees don’t seek stability from their employers but rather opportunity: they want new pathways or prospects to pursue their passion.

As an employer, this changes the game when it comes to attracting and retaining highly talented employees. Here’s how to keep the best talent in your team.

Be clear on company values and mission

Championing your company’s values and mission has a big impact when it comes to talent management and retention. Share your company values as early as possible in the recruitment process. And importantly, demonstrate these values throughout your organisational structure, training and development programs, compensation packages, product development, and corporate sustainability programs.

RELATED: What compensation and benefits can you offer to retain talent?

Hire for growth mindset and cultural fit, not just skills

You can train for skills but it’s a lot harder to train or change mindset. Rather than questioning, “Does this employee have the skills I need?” think, “Will this employee fit into our team? Do they have a great attitude, and are they willing and able to learn and progress with us?”

One of the best ways to hire for a growth mindset is to focus on things like:

  • Critical and analytical thinking
  • Creative thinking and problem solving
  • Communication skills
  • Resourcefulness and adaptability to different scenarios
  • Self-awareness
  • Dedication to self-development
  • Time management and organisation

Provide a varied role and pathway

Rather than having a rigid linear progression plan, advertise opportunities across all departments and encourage team members and managers to adopt an open mindset to cross-departmental recruitment. For those employees who express interest in other career pathways, try to build bridges to encourage them to apply. Also, work with respective department heads or stakeholders to see how you can create a training and development program to help them make the switch.

Focus on workplace environment and culture

Talented people are looking for an environment where they can be productive but are also encouraged to enjoy a bit of down time. While you don’t have to run out and spend big on ping-pong tables, video game consoles and nap pods, there are a few things you can do to tweak your office environment to create a positive workplace atmosphere:

  • Launch programs dedicated to cultivating employee wellness
  • Offer time off for employees to focus on charity events
  • Train managers to be coaches rather than top-down managers
  • Have open spaces for relaxation or breaks

Think beyond salary

51% of professionals in today’s workforce are proud to work for a company offering flexibility and balance. If you’re not sure where to start, send out an anonymous survey on the additional benefits your employees would most value – you might be surprised at the results. And implementing little changes can make a significant impact.

If you require assistance with staffing or hiring new talent, contact a Michael Page specialist today.

RELATED: Why CSR and corporate volunteering helps retain staff

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