When the pandemic first began, few people quit their jobs immediately, but many lost them as companies navigated the unchartered territory that they found themselves in. Fear drove decisions while public health experts tried to figure out and predict how long it would last. Many industries were thrust into pure chaos as they fought for their lives and people held their collective breath. On top of this, the Covid-19 pandemic confirmed that the idea of a work/life balance has been nothing more than an illusion. The past year and a half was for many an intense blur of juggling work commitments, remote learning for their kids, anxiety about aging parents, and suddenly “crowded” households.
And even as some industries struggled, failed, and continue to struggle, others began to regain their bearings, and even thrive — which created a groundswell of new opportunities. It was a perfect storm because many people were desperate for something different after the enormous burdens forced upon them the previous year. In some ways, companies didn’t show up the way their people needed them to. In other ways, people were wooed by companies with deep pockets and promises of different and better.
With attrition rates through the roof, companies are reeling from the impact. And while some are wondering what they can do to stop the outflow of talent and passively hoping that this “fad” will pass, others are being intentional and creating strategies to address it.
The message is clear, people want to work for a purpose-driven company that prioritizes them, recognizes them, invests in their growth, trusts them, and pays them competitively. Truth be told, it’s a lot to think about but certainly reasonable. If our customers are most important to our businesses’ success, it’s high time we start investing in the people we hire to build the products and provide the services that support them. Now more than ever, people have choices. Since COVID tore down the proverbial office walls, people are no longer restricted to working for a company that’s geographically desirable. With that comes an enormous number of options. Gone are the days where people feel stuck slogging through a day at a company they don’t feel connected to, doing work they aren’t passionate about.
If you want to compete for the best talent in this “new,” mostly distributed environment, you’ve got to be flexible, and you’ve got to invest in your foundation. So, ask yourself, what people programs do you have in place? And importantly, which ones no longer serve you. Taking inventory is a critical first step, sunset the programs that no longer make sense for one reason or the other, and lean into the ones that do.
Rather than trying to boil the ocean, think about your activities and commitments in three categories. You should invest in programs that will support your mission to find, grow and keep talent that will ultimately propel your business forward. It doesn’t have to be expensive, but it does have to be clear that you realize your people are critical to the success of your business! People want to work on diverse teams, so a commitment to D&I is important. People want to work for a company committed to their growth and development. So, what are you doing to ensure that’s a high priority at your company? And people want to work for a company that rewards and recognizes their great work, and transparently communicates goals and progress towards them effectively. None of this is rocket science. But it does require commitment and focus. It won’t happen by accident.
