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Understanding the Employee Retention Challenge

Understanding the Employee Retention Challenge

Amanda Rosewarne

CEO & Co-founder: CPD Standards Office

In this video, Amanda addresses the pressing concern of employee retention, particularly in relation to professional growth. She explores insights from a 2022 McKinsey report that highlights the surge in job resignations post-pandemic. The main driver behind this trend is the lack of career development opportunities. The report introduces five worker personas, offering strategies for organisations to adapt and retain talent effectively.

Career Management
Foundational

In this video, Amanda addresses the pressing concern of employee retention, particularly in relation to professional growth. She explores insights from a 2022 McKinsey report that highlights the surge in job resignations post-pandemic. The main driver behind this trend is the lack of career development opportunities. The report introduces five worker personas, offering strategies for organisations to adapt and retain talent effectively.

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Understanding the Employee Retention Challenge

7 mins 50 secs

Key learning objectives:

  • Understanding employee retention challenges

  • Outline the five worker personas

  • Identifying reasons for employee attrition

Overview:

In today's work landscape, retaining employees is a vital challenge linked to professional growth. The post-pandemic surge in job transitions, fueled by inadequate career development, highlights the need for fresh approaches. McKinsey identifies five worker personas, each with distinct preferences. To bridge the retention gap, organisations must refine traditional value propositions, diversify talent sourcing, enhance job stickiness through purposeful engagement, and tailor nontraditional offerings. Successful adaptation will create a productive, fulfilled workforce amidst shifting job market dynamics.

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Summary
What factors are driving the increased trend of job quitting, and how has this trend evolved?

The main drivers of increased job quitting include issues like limited resources, geographical ties, and lack of workplace flexibility. However, the leading cause is the absence of career development opportunities. This trend has evolved into the "Great Renegotiation," where workers are shifting industries, retiring early, or starting businesses due to a mismatch between job demands and personal priorities. Traditional incentives like pay and promotions no longer suffice. This has created a labor supply gap, leaving many job vacancies unfilled and contributing to higher quit rates.

What are the five worker personas identified by McKinsey, and how can employers attract and retain each group?

McKinsey's report identifies five worker personas:

  1. Traditionalists: Prioritize work-life balance and career advancement. Attract by addressing job "stickiness" and offering competitive compensation.

  2. Do-It-Yourselfers: Seek flexibility, meaningful work, and good pay. Attract by providing freedom, purpose, and competitive compensation.

  3. Caregivers and Others: Value flexibility, well-being support, and career growth. Attract with flexible options, caregiving support, and enhanced benefits.

  4. Idealists: Favor flexibility, career development, meaningful work, and community. Attract with flexibility, growth opportunities, and a purpose-driven culture.

  5. Relaxers: Seek meaningful work over money, often retirees. Attract by offering purposeful work with flexibility.

What steps should organisations take to address the challenges of attracting and retaining workers in today's competitive job market?

Organisations should implement four key actions:

  1. Sharpen Traditional Value Proposition: Focus on titles, career paths, compensation, benefits, leadership, and company reputation.

  2. Broaden talent sourcing: Tailor strategies for nontraditionalists considering a return to the workforce based on different worker personas.

  3. Create job "stickiness": Invest in meaning, belonging, and strong team ties to discourage traditionalists from leaving for slightly better pay.

  4. Develop a nontraditional value proposition: Emphasise flexibility, well-being, culture, and alternative career paths in a personalised manner.

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Amanda Rosewarne

Amanda Rosewarne

Amanda Rosewarne, CEO and co-founder of the CPD Standards Office, is a leading CPD accreditation service founded in 2012 through university research. With a background in industrial psychology, she has continued their research work over the past decade, making her an expert in CPD and lifelong learning.

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