The importance of DEI & B initiatives as a means of employee retention was discussed in a previous blog. However, even with the best policies in place, organizations may still face the prospect of high employee turnover.
Many organizations are now facing the consequences of The Great Resignation (also known as The Great Reshuffle) brought on by the resurgence in the labor market. For example, in 2021, 38 million workers left their jobs for employment opportunities elsewhere. According to new polls, 40% of employees state they are likely to leave their current position in the next three to six months.
The probability that employees are seeking employment elsewhere should concern both CEOs and HR Managers. It is essential for organizational leaders to focus on strategies to keep current employees engaged and productive as well as create business continuity strategies to deal with the loss of key staff.
Strategic Plans to Prepare for Overwhelming Turnover
To ensure employees can step into gaps created by turnover, there are three types of employee development strategies organizations can use. It is important to know the differences between the three development types to employ the most effective development plan.
Upskilling: This training type is used to strengthen existing skills or learn complementary skills, often to close an organizational talent gap.
All employees, no matter their position, should be able to handle their job duties appropriately. For a more proficient and productive staff, organizations should continuously pinpoint employees in need of help and provide upskilling opportunities for them.
Reskilling: This training type is used to help employees learn net-new skills to do a completely different job within the organization.
An organization should provide growth opportunities to their internal staff which may help prevent future employee losses. To help uncover hidden talent with growth potential, organizations need to develop open communication between departments. The development of internal talent saves organizations time, money, and effort better spent on larger issues.
Cross-training: This training type is used to develop new skills that apply across different functions and departments.
Organizations can insulate themselves from the loss of valuable staff by training employees to work multiple, crucial jobs. Cross trained staff can help temporarily fill any gaps until the organization can implement a more permanent solution.
If the above employee development strategies cannot meet internal needs, organizational leaders should consider the use of a talent acquisition firm for outsourcing/staff augmentation.
Outsourcing / Staff Augmentation
If you are experiencing a wave of open positions due to turnover, you might consider outsourcing. Partnering with a company offering talent acquisition services to fill short or long-term positions has its advantages. Typical recruiting for new hires is a long process requiring onboarding training and patience. You can more directly address skill gap areas through staff augmentation services.
There are many advantages to partnering with an outsourcing organization:
Cost Savings: An organization can realize decreased overhead with zero training costs when adding new employees.
Specialized Skill Sets: An organization can quickly onboard skilled individuals who can make an immediate difference.
Less Downtime: The use of a talent acquisition organization speeds up the search and training of new hires, freeing up the time of your HR department.
Focus: New team members will understand the needs and goals of your project before their start date, allowing them to focus on your project from day one.
Flexibility: Talent acquisition firms can help quickly supplement your existing staff when market conditions change. Organizations can quickly scale back their staff once supplemental staff is no longer needed.
Productivity: New staff members can focus solely on completing project work with little to no need for training, saving you time and money.
If you are looking for a strategic partner to help meet your staffing needs, United Learning Services can help. Check out our latest Talent Acquisition case study to learn how we assisted a major healthcare provider.
Click here to learn how you can create an adaptive workforce that will attract and retain your talent.