Idea in Brief
The Problem
Employers continue to rely on the same hiring and retention strategies they’ve been using for decades, but those approaches are failing. Employees are quitting their jobs in large numbers, generating significant costs for companies.
The Root Cause
Companies aren’t providing sustainable work experiences that align with employees’ personal quests for progress. Employees often feel stagnant, undervalued, and disconnected from meaningful work, which drives them to seek positions elsewhere.
The Solution
Managers should engage with employees early—soon after they’ve started their new jobs— to find out why they left their previous positions. In addition, managers should collaborate with HR to tailor roles to each individual’s quest for progress.
The so-called war for talent is still raging. But in that fight employers continue to rely on the same hiring and retention strategies they’ve been using for decades, even though those approaches aren’t working: People may be enticed to stay a bit longer than they otherwise would have, but they still leave. So why do organizations persist with those strategies? Because they’ve been so focused on challenges such as tight labor markets, relentless cost-cutting pressures, and poaching by industry rivals that they haven’t addressed a more fundamental problem: the widespread failure to provide gratifying work experiences. To stick around and keep giving their best, people need meaningful work; managers and colleagues who value, respect, and trust them; and opportunities to grow, excel, and advance in their careers.