Why Business Leaders Should Opt for Building Talent Instead of Hiring It

2 months ago 3120
Image sourced from Thrive Global.

The perception of the workplace has changed drastically since 2020. The business world witnessed the rising popularity of remote work and the Great Resignation wave that came in the aftermath of the Covid-19 crisis, shaking numerous businesses globally.

The Tech industry was among those most affected by these shifts, marking this period with tight competition between businesses seeking top talent and turnover rates higher than ever. These changed circumstances have enticed leaders to reconsider and adjust their employee retention policies. 

Here you’ll find out how to prevent quality employees from leaving your company, offering them a work environment where they can thrive and grow professionally, keeping your retention rates high. But before you implement some of the fresh retention strategies be prepared to tackle high employee turnover.

Be Prepared for Higher Turnover Rates

Fluctuation of staff is a common thing in business. However, long-term high employee turnover may affect the morale of your remaining employees and your brand image alike. This said you need to accept higher turnover rates as the obvious effect of the Great Resignation phenomenon, especially in the IT and Development roles. 

According to a TalentLMS survey, a staggering 72% of IT experts intend to leave their current jobs in the next 12 months. However, these numbers may not come as a surprise, knowing that the remote work option turned the whole world into a job market for skilled IT professionals. For this reason, remote work is going to become a must for companies that want to attract top talent, accompanied by increased compensation, a shorter workweek, and equal chances for all.

Besides all these, numerous IT experts would want to stay with companies offering the opportunity for continual professional development. The Harvard Business Review discovers that 60% of them value upskilling opportunities more than pay raises. So make sure to foster life-learning culture and provide upskilling programs to your employees. Providing specific training on-demand will result in an enhanced employee experience accompanied by high-quality results offered to your customers. Furthermore, lasting learning and development of employees’ skills you’ll fill potential knowledge holes left after employees leave your company.

Focus on the Potential of Your Current Employees

The common practice of hiring managers is to look for potential when choosing candidates for specific positions. However, you should shift focus and seek potential within your existing teams.

By meeting employees’ needs to acquire and develop new skills, you may witness their full potential flourishing and gain highly skilled workers that can cover numerous positions.

By meeting their learning needs and encouraging lateral career development, you may turn a customer service agent into a skilled developer, enabling them to become a valuable addition to your DevOps team, for example.

Besides the satisfaction of watching your employees grow and succeed, this investment in learning opportunities will save you the costs of hiring and onboarding new team member.

Recognize the Need for Additional Training to Build Strong Teams

If you don’t want to lose employees because your company doesn’t provide professional growth opportunities, you need to pay attention and discover their need for upskilling before they decide to leave. Advanced digital tools, like employee tracking software that offers a detailed insight into your team’s daily activities, may be of immense help. 

By analyzing how your employees spend their time at work, you may find out what apps they use to complete their tasks. You’ll also find out whether they struggle with specific tools and practices, recognizing the need for additional training that’ll upgrade their skills and make them more efficient. 

Final Words

So if you want to retain top talent and speed up onboarding processes, creating strong professional teams, you need to foster a culture of lifelong learning and invest in employees’ professional development instead of hiring. 

If you do this, you’ll witness an increase in employees’ efficiency and satisfaction, leading to overall business growth.


By Staff Writer

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