Is There a New Rule Book Driving The Great Resignation?
Earlier this year I launched my NewlandRock Leadership Effectiveness Podcast. We started the first series by debating the hot topic of the Great Resignation by interviewing experts from across the leadership landscape covering topics from career coaching, reward and retention, HR strategy, top team effectiveness, organisation development and executive recruitment.
Like many experts debating the topic of the Great Resignation, the disruption caused to work patterns during the pandemic and subsequent ‘new normal’ hybrid flexible work/life balance was hotly debated as a top driver for the unprecedented levels of resignation that followed.
But were we wrong?
According to a recent McKinsey study (July 2022) what employees really want and what employers think they want is not what we expected. Flexible working, hybrid work patterns and work/life balance were not the key drivers behind their motivation for change. Still topping the list were the same pre-pandemic motivators of higher pay, job growth, learning opportunities, aligned skill set and a supportive environment. The much-touted motivators of flexibility were much lower down on the priority list than expected.
So, what does this mean for the retention of talent in your organisation?
If job growth and learning opportunities are topping the list for employees, then those need to be topping the HR strategy list. From this study, most employees would rather stay with their current employer than pursue an external role providing employers can align those job profiles with the right level of career advancement.
Sharpening up the employee value proposition is still crucial when looking at the core elements of defining a clear career path, compensation, recognition strategies, and company culture.
What’s really standing out for me from this study is how important it is to get two simple yet complex pillars of your organisation talking to each other. What the organisation wants and what the employee wants. When these two pillars meet then you have alignment on your talent strategy. Then you see high levels of performance and engagement and maybe then where you work is no longer the big question.
Whilst we’ve all been so busy focusing on ensuring our new normal hybrid work patterns are up and running, we mustn’t lose sight of the foundational pillars of career advancement and reward. Whilst this study lets us know that hybrid working is beneficial and people are drawn to it, it’s more of a nice to have after the key foundations are in place.
This report highlights from a behavioural standpoint that we remain motivated by this feeling of ‘I’m doing a good job’ through reward and recognition plans. We need to feel as though we are advancing and moving forward and that there is a sense of progress through career development planning initiatives.
This study has helped to highlight where organisations at the cutting edge need to demonstrate they can deliver both an attractive way of working, as well as have solid foundational elements that will ensure key talent remain within the organisation.
HR strategies are essential but the key to implementation is making sure your leaders are delivering such strategies in a way that talks to the intent. This is where we see a key differentiator appear. It’s not in the what you’re doing it’s in the how and why you’re doing it. Therefore, understanding how your leaders approach your talent strategies becomes a critical step.
In addition to understanding how to create a targeted development focus for your leadership teams it’s worthwhile partnering with experts to support identification.
NewlandRock offers a full assessment programme of solutions that enables companies to get a clear picture of the capabilities within their leadership teams and how this aligns with the success profile and the organisation’s strategy. This type of assessment and succession planning process provides valuable evidence-based solutions based on behavioural science expertise that highlights how leaders do what they do, the impact of their actions and input on the true potential of your top talent, their fit, readiness and motivation for next step career plans. With such insight, you can confidently move forward to advance your leaders where it will matter most to them and your organisation’s success.
For more help and support with diving into this topic for your own organisation see my Great Resignation Organisational Blueprint, you can download it here or contact NewlandRock for a confidential discovery session.
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