What can companies do to retain talent instead?
As the frantic search for talent continues in the UK, new research has shown that 95% of UK employers are focusing their recruitment efforts on bringing back former employees to fill vacant roles.
Organisations can reduce recruitment and training costs and increase productivity by bringing back “boomerang employees” to fill job vacancies. But this raises a question of what organisations could have done to retain these employees in the first place.
In a recent survey of over 2,000 leaders around the world by HCM vendor Ceridian, the indication is that succession planning provides just such an opportunity for employers, but they might be missing the gap:
- 88% of respondents report that their company uses succession planning
- 74% of respondents say that they often or always hire external candidates for leadership roles instead of promoting from within.
Even though 53% of employers provide learning and development opportunities to retain talent in the UK and Ireland, only 38% give flexibility in job roles and responsibilities. A further 42% are pursuing DEI strategies to ensure that they gather different perspectives.
The key to retaining talent and attracting the “boomerang employees” will be to identify key workplace issues and use the tools and technology available to align talent decisions with employee ambitions and company goals.
Steve Knox, VP of Global Talent Acquisition at Ceridian, comments: “Staff retention has become a pain point for businesses with employers looking at increasingly innovative ways beyond pay and benefits to retain employees. With 95% of employers seeking ‘boomerang’ employees to fill their recruitment gaps, one proactive solution is to encourage retention strategies which would see fewer employees leaving organisations to begin with.”
“When key people do leave it’s vital to provide remaining employees with clear career development and ensuring plans are in place for succession when key people do leave are both vital. Ceridian’s 2022 Executive Survey highlights some common succession planning pitfalls, for example where firms might fail to put in place impactful succession planning strategies that put their people and their career development first. With over one third of employees saying career advancement opportunities would convince them to leave their current role, there is much at stake for businesses which don’t give key people a clear career development plan.
“In turn, a data-driven, holistic talent strategy that develops an organisation’s current workforce and positions key people as future leaders, as well as hiring new talent simultaneously to fill the talent pipeline, helps the business’ overall resilience and longevity, as well as bringing a variety of wider benefits to the organisation.”