To combat the ‘Great Resignation’, companies should develop talent from within

With the rapid adoption of remote and hybrid work models, businesses around the world have a unique opportunity to reimagine the future of work.

Langa Dube, executive director and country head of South Africa and Botswana at Tata Consultancy Services (TCS) says to retain talent, businesses have to offer more purpose-driven employment opportunities that go beyond basic economic incentives.

“Today, smart employees are thinking about more than compensation – they are yearning for projects, work environments and benefits that contribute to a balanced, sustainable lifestyle,” says Langa.

He says the majority of HR leaders agree that employee retention has become more challenging.

“In today’s ‘anytime anywhere’ world, hiring the right talent can be difficult, but retaining it is a whole new challenge,” says Langa.

“People are looking for more value from both their personal and professional lives – so to retain talent, businesses need to offer more purpose-driven employment opportunities that go beyond basic economic incentives, or risk losing them to the competition.”

Langa says companies are rethinking traditional retention strategies so they can meet employees’ needs. He suggests business leaders should shift their mindsets to recognise that an employee’s experience goes beyond work.

“It is crucial that we focus on the ‘individual as a whole’ and not just as an employee in a system. They wear multiple hats, fulfil many roles – all while working from different locations and spaces,” adds Dube.

He says his company has also noticed that the best way to combat ‘the great resignation’ is to do training from within the organisation. “This kind of approach opens a whole new world of opportunities, thereby reducing burnout.”

“Organisations that invest in cross-skilling their employees are the most resilient to attrition as the risk posed by knowledge concentration in a few key individuals is systematically addressed.”

TCS, Langa says, has doubled down on investment in organic talent, but it is also devoting time and resources towards creating a stimulating environment that gives employees a chance to retrain themselves in skills they prefer, aiding both personal and professional development.

To make the workplace employee friendly, the multinational IT services company has several initiatives and policies that strive to make the workplace more employee-friendly. These include extended parental leave, a dedicated mentoring programme for women, virtual support groups and special leadership skill development workshops.

“The Covid-19 pandemic has brought unprecedented changes, but despite the turbulence, we are all working towards building a sustainable, diverse and thriving workplace ecosystem that suits and supports everyone’s preferences,” Langa says.