The Great Resignation hasn’t slowed down in 2022. According to Willis Towers Watson’s 2022 Global Benefits Attitudes Survey, 44% of employees are looking for new jobs. Almost 4.4 million Americans quit in February 2022, which is 100,000 more than in January 2022. In this environment, firms are not only working to implement better hiring tactics, but also evaluating retention and development of existing talent.
While firms in the insurance sector have one of the highest median tenures of all occupations, they can still take proactive approaches during this period of prolonged labor shortages.
Here are three keys for success in 2022 for talent development and retention.
1. Training
In “How to Thrive Amidst the Great Resignation” in February, I discussed how the shift towards remote and hybrid work is forcing companies to update their development approaches, emphasizing updated training and development programs that lead to more satisfied workers with upgraded skills and knowledge that can boost organic growth for the firm.
2. Reboarding
Reboarding, or re-onboarding, means reintroducing employees with the workplace after an extended time away. It can include re-familiarizing staff with the culture and their team at your company. This can be important, especially if employees are transitioning back to brick and mortar offices to a hybrid workplace from a previously remote situation. Reboarding can help boost motivation and focus for employees, as they adapt to a “new normal.” This can help employees feel more positive and be more productive which helps overall retention. Your staff may also benefit from a refresh on certain ways of working, which could include more asynchronous communication. To do this successfully, companies can coach and train managers to effectively communicate and motivate their distributed teams.
Drivers of organizational culture that are crucial for enabling team success in the “new normal” work environment can include:
- Leadership and Communication: These are important for growth, manager direction, and building trust among staff. Increased, effective communication from leaders to managers that addresses resource needs, customer priorities, and changes at the company helps managers focus and drive productivity.
- People-centered Employee Experience: Firms can benefit from creating an atmosphere that emphasizes purpose, culture and brand. Managers can learn to understand their team members on a holistic and individual level which leads to a more positive experience for the group.
- Performance Management Practices: These can be key in driving an organization’s success. However, the effectiveness here is often dependent upon managers’ abilities to foster high well-being, as this is linked to high performance. Organizations can invest in managers to become more effective at developing their team and improving purpose and wellbeing.
3. Creating Purpose with Perpetuation and Internal Mobility
In a recent McKinsey study, almost half of U.S. employees said that they are reconsidering the kind of work they do because of the pandemic. People who are aligned with their purpose at work tend to be more productive and more likely to remain with the organization. When more employees feel aligned with their companies’ purpose, there tends to be better engagement and loyalty.
One way insurance brokerages can improve purpose is to have an effective and clear perpetuation strategy. If there is a well-planned ownership strategy for key staff, this can help create a strong feeling of purpose and motivation for the team. When leaders have a vested interest in the success and future of the firm, this can help drive performance and focus.
Another way to help create purpose is to provide employees opportunities for internal mobility. According to a study by recruiting consultancy Lever.co, 61% surveyed would look for a new job if they didn’t have the ability to switch roles at the current job. The study also found that employees saw growth prospects, and opportunities for upskilling and career development as important.
While some analysts are predicting that the “Great Resignation” may actually drag on for longer than expected, companies can proactively implement effective strategies to retain talent and improve upon worker productivity to drive better organic growth and profits.
If you have questions about Today’s ViewPoint or would like to learn more about strategies around talent acquisition that can help drive predictable, profitable organic growth for your firm, please email or call Bryan Lake, Vice President, at 616.214.3335.
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