September 6

Why You’re Losing Talent: 3 Critical Strategies That Crack The Code To The Talent Crisis

You can walk into any main street business, google any company online, or sit in any board room across the world these days. You will hear one challenge that every company, leader, and industry is talking about – talent.

Where to find it, how to keep it, and how to engage it. It is the biggest problem leaders are challenged with today. And let’s face it, without talent, you can’t serve customers, you can’t grow, and you certainly can’t create the innovation you need to thrive in an uncertain marketplace. 

According to Gallup, 55% of CEOS name one of their top challenges as finding and developing those next-level leaders. And only 11% of Human Resource leaders feel they have a strong bench that can take over leadership positions. 

As a leader, you are facing the tightest labor market you have experienced in years. To solve the challenge, you need first to understand why you are losing talent and what new and innovative strategies you need to solve the problem. 

So why are you losing talent? There are a few reasons. First, it’s because you are not in charge anymore. Like it or not, employees have a choice; they are driving the boat. If they do not like their job, boss, or environment, they can leave, and they know it. There are plenty of other opportunities out there.  Second, it’s because you may not be as in touch as you need to be with what today’s employees want and need to commit and engage. And lastly, it’s because the strategies you have been using to attract, retain and engage talent are outdated.

Now that we understand why you are losing talent, let’s look at what you can do to attract and retain it. How can you come out on the winning side of this challenge? 

3 Critical Strategies That Crack The Code To The Talent Crisis 

1. Build Your Bench – More than 63% of millennials believe they aren’t being tapped for opportunity or being fully developed as leaders by their managers. Now think about that, more than half of your workforce, ages 40 down to 22, don’t feel you are invested in them. McKinsey reported that 40% of workers leave their jobs because they are unhappy with their career opportunities. 

You are asking your employees to invest in you, so you need to ask yourself, are you investing in them? Career opportunity does not have to be a massive strategic plan; it can be as simple as giving them new skills, ensuring they have a mentor or allowing them to shadow other roles in the company – even yours.

2. Give Them Ownership – I believe more than anything, employees want to feel like they are a part of something, that they have some skin in the game, and have a voice. If you want employees to stay, you need to invite them to be a part of what you are doing and give them ownership. No, I am not talking about stock options or an ESOP, I am saying ask them for their ideas and opinions. Include them in projects, solving problems, and developing new ideas. When you give employees ownership, you invite them to be a part of something bigger than themselves. 

3. Cull The Herd – and last but not least, hold them accountable. It is better to have fewer committed and engaged employees than a full team with slackers. Why? Because when you allow team members to stay who are not doing their job and not pulling their weight, you push your best employees out the door. Why? Because first, by not holding everyone accountable, you ride your strong employees too hard; you indirectly ask them to do more. Second, you also tell them you are not the type of leader willing to do what it takes to ensure that your company is successful. So they’ll leave to find someone who is.

Finding talent today is not easy, and holding on to it is even harder, but the reason that 41 million people left their jobs voluntarily in 2021 is because they are looking for something. The something they are looking for is a leader and company who understands how valuable they are and is willing to invest in them. Be that leader, and you will have cracked the code on the crisis talent.

Meridith Elliott Powell

Voted one of the Top 15 Business Growth Experts to watch by Currency Fair, highly engaging corporate motivational keynote speaker Meridith Elliott Powell delivers a cutting-edge message, rooted in real-life examples and real-world knowledge. Meridith’s presentations are full of powerful content, highly interactive, and fun. She helps her clients learn the leadership development, sales and business growth strategies to turn uncertainty to competitive advantage.

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