Posted October 15, 2021 by Mark Perna
Episode Title: Closing the Back Door
While many companies bring new talent in the front door, they often forget to close the back door. Here’s what to do, next on The Perna Syndicate.
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Welcome to The Perna Syndicate! In today’s tight labor market, there’s a lot of buzz about how to attract young talent to fill the millions of open positions. And rightly so, especially when you consider that by 2025, Millennials will make up 75% of the working population.
But as companies are focusing their efforts on bringing new talent in the front door, many are forgetting to close the back door. Retention is just as important, if not more so, than recruiting. You can bring in all the talent in the world, but if you’re not retaining them for the long term, what’s the point?
This revolving door is a growing problem, as many workers are now leaving their jobs in pursuit of more flexible positions. There has to be an ongoing, internal experience that allows younger workers to connect with the organization, understand its bigger purpose, and stay engaged in its mission.
Employment with passion is the secret to retaining skilled workers who are invested in the company for the long haul. The shared vision of where we’re going is what binds everyone and everything together.
To stop people from leaving a job, you have to give them a reason to stay, beyond just the paycheck. They can earn that anywhere, so what makes your organization unique? What do they get as a co-contributor to your company’s success, that they can’t get anywhere else? What fuels passion for their career?
These are the questions companies must address to thrive in this fast-changing world—and close the back door on employee turnover.
Thanks for being part of The Perna Syndicate this week! For more insights on the younger generations at school and work, follow me on LinkedIn, Facebook and Twitter. We’ll see you back here next week on The Perna Syndicate.