Alarming. I think that is the best word to use for the attrition companies are seeing. As someone who looks at resumes and LinkedIn profiles all day long, I am baffled every day at the amount of people who are making job changes. I knew it would be a crazy year, but I don’t think anyone anticipated what we are seeing in the marketplace.
This is a good news & bad news scenario. Companies are opening up their checkbooks and are opening requisitions. As predicted, we are all fighting over the same talent. What happens when everyone feels good about hiring? Companies are making hires and there are new requisitions BUT, PEOPLE ARE LEAVING as quick as you hire them. A recent Indeed study said that after 29 days of starting a new job, people are passively looking for a new job. Wow.
Just because you hooked them, doesn’t mean you can keep them. It is kind of like someone who isn’t in a relationship and keeps getting told things they want to hear. It is flattering. It feels GOOD! It makes you feel wanted. It makes you feel needed!
At first, it is easy to say “No”. If people keep saying “hey, you are good looking” and “you deserve more” and “you are the best thing we have ever seen”, you WILL begin to believe them. It is tempting. It is hard NOT to listen to other opportunities.
So as your headcount numbers increase, you forget about the people you have in place today. You forget about the promises that you made to your new hires. As the “newness” wears off, the loyalty wears off also.
Wait, here is where it gets scary. As soon as people start thinking about other opportunities, as a manager, you are now stuck with a really horrific situation. You are now forced to backfill roles that you spent so much time filling AND you also have the responsibility of hiring for the NEW roles.
Ouch! Instead of hiring 10 people, you now have to hire 15. Your whole day as a manager is now focused on interviewing and your day job is taking a secondary seat. Imagine putting your hands on a wall and there are water leaks and not enough hands to keep the water from coming out.
So, what is the solution? Well, the first thing you need to think about as a manager and a company is how you are going to retain your current employees. Ping pong tables aren’t going to do it. Beer Fridays aren’t going to do it.
You are really going to have to find out what is most important to your new hires. With every new hire, each person has something that is important to them. Is it a flexible workplace? Is it recognition for good work? Is it promotion opportunities? Is it building a good product? Is it being at the right place at the right time?
The only way you are going to know that is by asking them those questions REGUARLY. If other companies are going to escort your key hires, then YOU AS AN EMPLOYER need to make sure you make them feel good about their decision to join the company.
It is a candidates market! Candidates are now considering 3-4 offers before making a decision. It is frightening that we have come to that, but it is important to know. If you land the right hire- hold on tight. You need them. The shark around the corner wants them if you don’t!