🚨 Talent retention strategies are failing. Businesses need to fundamentally shift operations to continue to thrive. 🚨
In this powerful episode of the SME Strategy Podcast, we sit down with Steve Cadigan, LinkedIn's first CHRO and a global talent advisor, to uncover the harsh realities of today's talent marketplace and reveal what you need to consider for strategic implementation today.
Steve doesn't hold back. He exposes the core issues plaguing businesses and leaders and provides clear directives for immediate action.
Here's what you'll learn:
- The truth about employee tenure: (Did you know? The average tenure for 20-35 year olds is just 2.5 years, 4 years average for US)
- Why your company needs to become a "business school" to retain top talent.
- The critical "skills awareness problem" and how to solve it.
- Why trust and transparency are non-negotiable in today's workforce.
- How to turn your alumni into a strategic asset.
- The mandatory business transformation needed to adapt to the new talent reality.
Cadigan's Strategic HR Directives:
- Tenure is Transient: Recognize the reality of shorter employee retention and prioritize rapid skill acquisition.
- Learning is Core: People are loyal to learning, not positions. It’s time to invest in continuous growth.
- Skills Awareness is Paramount: Bridge the skills gap with internal development.
- Trust is Non-Negotiable: Build a culture of transparency and communication.
- Alumni are Strategic Assets: Leverage your former employees for future success.
- Skill Growth drives Career Security: Empower employees with valuable, future-proof skills.
- Business Transformation is Mandatory: Reimagine your business model for the new talent landscape.
Direct Talent Retention Strategies for Actionable Impact:
- Establish Learning as a Core Function: Implement strategic learning programs and mentorship.
- Optimize for Rapid Skill Acquisition: Design flexible career paths and project-based learning.
- Build a Culture of Unwavering Transparency: Implement consistent communication and feedback channels.
- Leverage Alumni as a Strategic Network: Create alumni networks and host strategic events.
- Prioritize Skill Development for Career Stability: Focus on skill-based training and career growth opportunities.
Strategic Implementation for Lasting Results:
- Conduct a thorough assessment of current practices. Invest strategically in learning and development.
- Establish a culture of trust and clear communication.
- Develop a structured alumni engagement program.
- Embrace adaptability as a foundational principle.
Don't let your talent retention strategies fail!
Watch this episode to gain the crucial insights and actionable strategies you need to adapt and thrive in today's talent market.
Chapters
- 00:00 Introduction to Talent Advisor Steve Cadigan
- 03:01 The Evolving Role of HR in Talent Management
- 05:52 Challenges in Attracting and Retaining Talent
- 08:52 Developing Effective Talent Strategies
- 12:02 The Importance of Learning and Development
- 14:43 Reimagining Business Models for Talent
- 18:10 Building Trust and Organizational Health
- 21:00 The Future of Talent and Employee Loyalty
- 23:51 Conclusion and Key Takeaways
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