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The retention mistake companies continue to make in the COVID-19 era

With quit rates near record levels and surveys showing decreased employee engagement, CEO Scott Gutz said companies should be making retention a top priority.
Credit: Andrii Yalanskyi - stock.adobe.com

ST. LOUIS — As companies continue to put a premium on attracting talent in a highly competitive labor climate, many are neglecting the talent already in their business.

Scott Gutz, CEO of Monster Worldwide Inc., said that's a mistake.

With quit rates near record levels and surveys showing decreased employee engagement, Gutz said companies should be making retention a top priority — particularly a focus on upskilling talent to open new career pathways.

Monster’s recent Future of Work Global Survey revealed companies have big hiring plans in 2022 that will create significant opportunities for job candidates, but lingering disconnects are negatively affecting the employer-employee dynamic. That often includes a disconnect between worker and company about career path.

“There’s an expectation that, if you are starting a job, there is upward mobility,” Gutz said. “There is skills training, and there is a pathway with respect to a first job and future jobs.”

But research has shown many employers aren't taking that approach. As we previously reported, a survey by Quantum Workplace found the percentage of employees who see professional growth and career development opportunities for themselves in their organizations has slipped to 73% in July from 78% at the start of 2021.

Experts say many businesses haven't been proactive on the issue because they've been short-staffed or devoting more time to the hiring process, which creates a problematic cycle. Sometimes, companies don't even realize employees are frustrated about the issue because they haven't created an opportunity to have the conversation.

Gutz believes upskilling a company’s talent, investing in their future and demonstrating a clear career path may prove equally as valuable as attracting new talent.

Click here for the full story from the St. Louis Business Journal.

   

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