Someone hands in their notice, and their company says they will match whatever they have been offered elsewhere. Sometimes the person may stay – but 80% of the time, employees that accept a counter offer leave within 6 months; 90% within a year.
If we really want to keep hold of our talent, we need to get ahead of the reasons why they are looking elsewhere. And to do that, we need to truly understand what’s going on in their hearts and minds.
The hours spent in lockdown are responsible for more than just a boom in homemade banana bread. It gave people the time and space to reflect on their career and re-evaluate how it fits into their vision for their life. Is it just a job that earns enough money to have the freedom to enjoy life outside work, or are they finding meaning, purpose, and feel a true connection to the company’s values?
In the recent research from 360Learning, they found that 20% of employees realised their job wasn’t in line with what really matters to them – they no longer felt fulfilled at work.
People have always looked for a sense of belonging, feeling valued, growth and fair pay from an employer. But there is a new question they are asking themselves: Can I create a meaningful life here?
One of the respondents in our 2021 survey into what talent want wrote: “I think what all of us wants is learning that helps us be a better version of ourselves, build great lives and as part of that do a great job. What I don’t need is more technical training!”
The good news for L&D teams is that they can play a pivotal role in talent engagement and retention. 82% of talent we surveyed who had experienced personal and professional development felt more invested in the company and an increased sense of community.
A big part of what talent want is their personal working preferences and development needs taken into consideration. Alex Salisbury, Strategic Director, People & Purpose at Deloitte, says: “Sometimes we can be quite intimidated by the thought that we need to know every individual’s needs and try to bend over backwards to meet them. We need to balance boundaries and consistency in our training with the ability and freedom to personalise.”
We see this coming up a lot for our clients, which is why a coach-led development programme that gives delegates the space to dig deeper into their learning, and what it means for them personally, in group and 1:1 coaching sessions is a great solution. It’s a brilliant way to give talent not only the tools to build meaningful relationships, navigate hybrid working, understand what work puts them in their element and how to stay well, but also practice and embed these skills in a safe environment.
These are skills that not only impact their ability to be high performers at work, but that also strengthen their personal relationships, empower them to find opportunities to do more of what they love and identify ways to move towards the life they want to live.
In summary, the way people view their job has shifted; it’s no longer just a 9-5, it’s an important aspect of their lives that needs to bring meaning and a sense of purpose. A higher salary or a more senior job title isn’t going to fix this; let’s address the needs of our talent now, so we don’t have to keep a counter offer up our sleeves later.
And if you’d like to find out more about our coach-led programmes, our latest brochure is available now.