06 Sep 2023
This is the period of “great attrition”—a phenomenon in which people are quitting their jobs to set up their own businesses, either traditional or online, go freelance, or relocate to other companies or industries where they believe they would thrive better.
When the pandemic struck in March 2020, the extended global travel bans cost millions of jobs, particularly in the aviation industry, and airlines were forced to ground their planes amid safety concerns.
With less commercial activity worldwide, other industries suffered as well, prompting people to be laid off or quit on their own. A lengthy lockdown followed. Thankfully, most people survived and developed methods to navigate one of the most difficult periods in human history.
According to McKinsey & Company, more than 19 million workers in the US quit their jobs, causing a historic disruption to businesses everywhere in the country. Companies in the United States struggled to understand the phenomenon. The same is true in Europe, which is experiencing a severe workforce shortage.
McKinsey & Company said employers tend to rely on traditional levers to attract and retain people, but that all changed after the pandemic. “…the COVID-19 pandemic has led more and more people to re-evaluate what they want from a job—and from life—which is creating a large pool of active and potential workers who are shunning the traditionalist path.”
SMEs, on the other hand, should take comfort in knowing that the UAE remains a top destination for many highly skilled job seekers. Under the government’s leadership, the country emerged economically stronger after the pandemic, attracting more foreign investors to create business opportunities.
That being said, let's speak about how to find and retain the right talent to support your business in the long term.
Define the skills, experience, and qualities you are looking for in potential candidates. Create detailed job descriptions and establish the core competencies required for each role. This will assist you in attracting candidates who have the necessary skill set and align with your company's culture and values.
Diversify your recruitment channels to reach a wider talent pool. Make use of social media platforms, professional networks, industry-specific forums, and attend job fairs or industry events in addition to traditional ways of finding talent. Consider partnering with recruitment agencies or using online talent marketplaces to have access to a broader talent pool.
Highlight your company's mission, values, and unique selling points. Employee testimonials, success stories, and opportunities for growth and development should all be highlighted. To create a positive and appealing image, invest in a user-friendly career page on your website and engage with potential candidates through social media.
A time-consuming and convoluted hiring process may discourage talented candidates from applying. Set clear timelines, conduct efficient interviews, and provide timely feedback. To make candidates feel appreciated, ensure that the process is transparent,
Because many jobs are difficult to fill these days, highly skilled candidates will likely accept offers that reward them best in terms of compensation and benefit packages. Keep up with the market trends to ensure that your offerings are in line with industry standards.
Offer employee development initiatives that promote growth and retention to keep your employees happy. Provide training, mentorship programmes, and professional development opportunities. Encourage employees to attend conferences, workshops, and industry events to enhance their skills and stay updated with the latest trends. By investing in their growth, you demonstrate your commitment to their success and create a motivating work environment.
Retaining employees also helps create a positive work culture. This contributes to them feeling valued, respected, and motivated. Encourage open communication, recognise achievements, and provide regular feedback. Offer work-life balance initiatives, flexible scheduling options, and employee wellness programmes to promote a healthy work environment.
Finally, create career pathways that provide your employees with opportunities for advancement as well as recognise and reward exceptional performance to show them that their hard work is valued.
Getting the right talent and retaining it determines the success of any organisation. In business, it’s crucial to keep this in mind to ensure your company’s growth.
Studies show top talent is generally more productive than average employees, thus saving you time and money, and best of all, getting you more business.