How do you retain talent during ‘The Great Reassessment’ era? 

Over the last few years, businesses have had to deal with the impact of ‘The Great Resignation’ and ‘The Great Return’, with employees leaving for new jobs to seek better pay and greater job satisfaction – then returning because of the work culture and more attractive perks. 

‘The Great Reassessment’ is a new trend that HR experts are observing, where people are reevaluating their personal needs, career progression and where they want to be in the future.

It is now more important than ever for businesses to prioritise their employees’ growth if they want to restore trust, nurture and retain existing talent. 

Why is this happening now? 

Many workers feel that their career progression was put to a halt during COVID-19, as companies were more focused on day-to-day operations and making hybrid working run smoothly.

According to our recent research with YouGov, 47% of workers don’t see a clear path to progression and 68% are facing delayed career growth due to a lack of support from their line managers and HR teams. 

As life begins to return to normal, many want to make up for lost opportunities and bring professional development up to speed. There has also been a mindset change, with people less committed to taking things one step at a time but looking at their careers in a more holistic way. 

Mervyn Dinnen, HR Analyst, Researcher and Writer, explains that employees are adopting more project-based thinking: “What skills can I gain next? What industry do I want to explore now?”, rather than worrying about the next promotion or task.  

This change in perspective has been influenced by the digital narrative. Workers today have an ongoing, immediate need to learn more throughout their careers because of the availability of data and online learning resources. 

Moving from job-based to skill-based HR 

HR has transformed from talent management to talent acquisition, hence, people are finding greater opportunities to progress with other companies. Instead of rushing to fill a vacancy, managers should look at the skills of existing employees and how they can be molded into the new role. 

Supporting existing employee’s goals and actively showing them opportunities could give organisations the competitive edge they need in this fierce employment market. 

How do you put employee development at the core of your business? 

Here are three steps you can take to elevate employee development:  

1. Create a culture of trial and error

Failure, errors, mishaps all play a vital role in helping employees learn and grow. Unfortunately, many organisations penalise mistakes and create employees who are risk-averse and too shy or nervous to try anything new.

Creating a safe space where employees can get involved in projects out of their comfort zone generates new skills, boosts confidence, and encourages out-of-the-box thinking.  

2. Encourage 360-degree feedback

Encouraging employees to collect feedback from peers enables them to gain a better understanding of their own capabilities. Regular feedback also gives individuals the opportunity to reassess their learning needs.  

3. Embrace talent technology

Talent technology can hold invaluable data which can help get a better understanding of employees’ skillsets, growth, and development. For example, you can track and measure KPI’s and learning progress.

Before hiring from the outside, this data could prove a match for the position you’re trying to fill. Technology is manifold and can also support with the learning itself.

Giving your employees access to learning platforms from anywhere at any time fosters a flexible learning culture and lets them them take their development into their own hands. 

Conclusion

In this era of ‘The Great Reassessment’, it’s imperative you develop your workforce by promoting a culture of learning and implementing talent technology – or you run the danger of losing talent. 

For more tips on how to prioritise your people’s growth, you can watch my recent webinar with Mervyn Dinnen, HR Analyst, Researcher and Writer which is available on demand here. 

If you’re interested in talent technology then take a look at our talent management software today.

Stephanie Coward

Managing Director, HCM

Stephanie Coward is Managing Director for HCM at IRIS, where she leads the strategy, innovation and growth of the organisation’s HR and payroll portfolio. She is responsible for positioning IRIS as a trusted partner to HR professionals and ensuring its solutions support the evolving needs of modern workforces.

With more than 25 years’ experience in the technology sector, Stephanie brings deep commercial and operational expertise, with a passion for improving the employee experience through technology.

Stephanie is committed to advancing IRIS’ HCM offering and helping organisations build more resilient, empowered workforces.