The Talent War is Personal

In a March 9, 2022 article, McKinsey surveyed 600 people who left their jobs without having another job lined up. 44% said they have little to no interest in returning to traditional jobs in the next 6 months.

The rules have changed for hiring employees to your workplace. If you want to successfully hire and keep top employees, it’s important to know what they are.

Why Aren’t People Coming Back?

In their survey, McKinsey found:

  • Adequate compensation and benefits were only the initial means to get the attention of prospective employees.

  • The rules of the game have changed: Many want flexibility, community, and an inclusive culture. The personal and relational side of business has become much more important to workers who are considering full-time employment at a traditional employer. 

Reasons Why People Left Their Job

  • Being at home during the pandemic helped many realize their priorities, while at the same time produced a lot of anxiety and stress with managing homeschooling and family illness.

  • The cost of switching jobs is cheaper.

  • There’s a lot less stigma to having gaps in their resume.

  • Because of labor shortages, they have more opportunities than ever before.

  • They are upset from having uncaring leaders, unsustainable expectations to meet, constantly changing work expectations, a lack of career advancements, and are exhausted from the effects of COVID.

But there were higher, more critical reasons why people left. According to the McKinsey survey, the top five reasons why people left, from highest to lowest, were:

  • Uncaring leaders

  • Unsustainable work performance expectations

  • Lack of career development and advancement potential

  • Lack of meaningful work

  • Lack of support for employee health and well being

Knowing what employees are looking for is critical if you want to attract and keep them, especially in light of the fact that, in the survey, 25% of those who voluntarily left and then returned are somewhat likely to leave current employers in the next six months because they’re getting their needs met elsewhere.

How Do You Bring Them Back To The Workplace?

McKinsey suggests making the workplace “sticky”.

What does this look like?

  • Interview employees that have been there for longer than a  year, then make it easy and simple for them to achieve the things they’re desiring.

  • Foster psychological safety, or a sense of community, and outcomes by holding “stay interviews” and asking employees what they need in order to continue to stay in their roles.

  • Expand your mindset of what your talent pool looks like outside the traditional role. Consider non-traditional talent, such as having employees who left, return part time; approach retirees to see if they would be willing to return on a part time basis; hire those who have a side gig or start up.

  • Focus on getting data and input from employees that answers this question: What is important and valuable to them outside the traditional compensation? Then use that feedback to create a workplace that people want.

If Nothing Else, Remember This

The labor shortage has taught us this critical thing:

Employees want leaders who: 

  • Are more connected and communicative

  • that build trust and sustainable work performance

  • and that offer career paths and career development programs.

It’s not business, it’s personal.

Based on an excerpt from IT’S PERSONAL, NOT BUSINESS podcast, Episode 10.

Rico Penaleadership, leadership in business, team development and management