We live in a society of consumerism, and our default state of being is to keep acquiring things. If we’re conscientious, we use something until it no longer works, and then we buy a new one. We rarely try to fix things — if things are even made to be fixed anymore. We can see the impact of this mentality not only in the way we buy things but also in the way we approach work.
When people are in a job that no longer works for them, instead of trying to fix it or see what the root of the issue is, they start to look elsewhere and eventually take a new job. After a little while, they see that company also has challenges, so they decide to look again. And the cycle continues.
We’ve seen this on the employer side as well. Companies invest millions of dollars in talent acquisition services and technology. But how much do they invest in employee retention? Do they invest in learning and development? When an employee shows a dip in productivity or a gap in skills, do they throw that employee away for a new one, or do they sharpen them back up again?
The “war for talent” is misguided. If you’re always looking for new people to replace your current people or you need to keep looking for new people to replace people who are leaving you, you’re trying to solve the wrong problem. You’re consuming your employees. Why not think about what you can do to encourage your employees to stay? How can you invest in employees to help them become fulfilled again? How can you help them learn new skills and sharpen their brains?
When you’re focused on talent acquisition, remember this: Talent isn’t talent until it’s developed. You can hire someone with a specific background into your organization, but unless you give them the tools and resources to thrive in your environment, you’re not going to realize their full potential.
The solution here is to invest in talent development. Investing in training, development and coaching for your employees yields an average of a 50% return on that investment. On the flip side, the cost to hire is astronomical, and if you’re losing people after just one year (21% of millennials said they’ve changed jobs within the last year, according to a recent Gallup poll), you are seriously throwing money out the door trying to solve the wrong issue.