Here in Alberta, we are consistently dealing with the highest inter-provincial migration in Canada and we are currently experiencing a shortage of skilled labour. We are in the midst of an economic slowdown, with job creation close to a standstill in many sectors. Job movement is slowing. But at VIMY HR, we don’t think you should take the slow down in job movement for granted. With a skilled labour shortage, you want to hold on to your employees with critical skill sets. It is costly to recruit and onboard replacement talent (1.5 to 3x the job’s annual salary). Moreover, the wealth of knowledge held by highly contributing employees is invaluable and not easily transmutable. Their familiarity with processes, systems, and expectations not only boosts productivity but also ensures the stability of client relationships, safeguarding your bottom line during organizational transitions.
So, how can organizations retain their top talent? Initiating discussions with your HR professionals and leadership team to explore creative strategies during the slowdown is a proactive step. These discussions should cover several crucial aspects:
Strategic Workforce Planning: Work towards aligning your workforce with organizational goals, considering current skills, identifying gaps, and planning for the future. Collaborate with team leaders to pinpoint critical roles and skills necessary for success.
Upskilling & Reskilling Programs: Explore initiatives that enhance your workforce's adaptability to changing job requirements and market conditions. Partner with educators, leverage online courses, and provide on-the-job training tailored to address specific skill gaps.
Provide opportunities for advancement and career growth: Here at VIMY HR, we love giving stretch assignments and offering opportunities for our consultants to work with one another. Giving bigger responsibilities instills trust and allows for growth an employee may not have envisioned for themselves within their current employ.
Flexible Work Arrangements: Investigate flexible work arrangements, including remote work options. Revisit these arrangements, considering their impact on your organization, and solicit feedback from employees to better understand their concerns and preferences.
Creative Compensation & Total Rewards Packages: Extend flexibility to compensation and benefits packages, tailoring them to be unique to your company or specific teams. Incorporate perks like wellness programs and flexible spending accounts if you don’t already have them, ensuring competitiveness within your industry.
Diversity, Equity, and Inclusion (DEI) Programs: Examine the impact of economic challenges on DEI initiatives. Implement mentorship programs, workshops, and unconscious bias training to foster an inclusive environment. Regularly assess and adjust these programs to stay aligned with organizational goals and values.
Positive Workplace Culture: Collaborate with your employees and HR department to maintain a positive workplace culture. Recognize and address the impacts of economic conditions on both professional and personal aspects of employees' lives. Include psychological safety analysis and schedule regular check ins. Offer resources for mental health and well-being and conduct regular check-ins to gauge morale.
Lastly, organizations must remember that how they steer the ship during challenging times significantly influences their employer branding and reputation in the years to come. Transparent communication about organizational changes, a steadfast commitment to employee well-being, and showcasing success stories are crucial components. Regularly reviewing and adapting your employer branding strategy based on market conditions and feedback completes a holistic approach.
In summary, a comprehensive strategy for talent retention involves strategic planning, continuous learning, flexibility, inclusivity, positive cultural reinforcement, and a commitment to maintaining a stellar reputation. Ongoing discussions with HR professionals and leadership ensure that these strategies remain dynamic and responsive to the evolving needs of both the organization and its workforce. These initiatives are not only aimed at retaining knowledgeable staff and enhancing productivity but also at preserving client relationships and providing financial safeguards for the future in a kind and supportive manner to your employees. Reach out to us. We can help.