Why It All Comes Back To Company Culture
As multinational companies work to regain their footing in what everyone hopes is becoming the wake of the COVID-19 pandemic, the competition for executive talent and the best and brightest at nearly every level of the corporate Organisation Chart is becoming intense.
While many service industry employers are struggling to attract entry-level talent, most global companies are finding that some of their top managers are leaving for the competition, or perhaps simply moving to more progressive work environments.
Recruiters are working over-time to meet the demands of companies that cut back during the global outbreak, and which now are overly reliant on too few steady performers who have been pushed very hard for too long.
As the global economy ramps up, professionals across a wide swath of industry spaces and management job functions are finding once again that they have good options to consider a career move, and more of them are again exploring what’s possible with other employers.
Yet companies planning on the same approach to employee retention may find themselves on the wrong side of the talent market pendulum shift.
This is especially true for organisations that believe they can retain talent with paltry inflation-level salary adjustments for high performers who, in some cases, have gone nearly two years without a move in compensation. This simply won’t be enough to keep top performing professionals, particularly in a jobs market that is heating up.
Wage stagnation is a real problem that demands equal measures of awareness and creativity to resolve for corporate benefit.
First, consider the market benchmarks for key roles and top performers just get a sense of how the business environment is putting a premium on in-demand roles at the management level, and for specialised skills such as digital marketing, sales force automation, corporate tax, engineering and other in-demand roles.
Then apply the filter of your best people and where they stand in terms of annual salary, bonus potential and other employment value adds with the organisation. Odds are, some of your best-performing people may be compensated significantly under market, and odds are better yet that they are already mindful of the gap.
Top management leaders must be shown not only the slippage in compensation for some key people in their organisations. Yet, they must also understand the implications of losing those individuals, both in time, money and resources required to recruit their successors, who themselves will need time to get up to speed.
Take a look around. Talk to people, and you may soon learn that there is a level of restlessness in today’s global corporations. Employees have questions about remote work, and how it may (or may not) fit into their future with your organisation. They have questions about the work they’ve been doing and when it will be recognised in some form or fashion.
They also have dreams and career aspirations, and if you can tap into those and act to retain the company’s high-impact players, the entire organisation can set its sights on what’s next, with confidence.
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