The economic forecast for 2023 is a mixed bag – generally positive with strong overall growth… but inflation is expected to be elevated for the foreseeable future into 2024 and beyond.
Additionally, the national labor shortage for most sectors will continue… there are not enough workers to fill available jobs. On average, there are almost two available jobs for every unemployed person looking for work – a record high.*
And one last trend that deserves our laser-focused attention: the career development strategy for most of your younger managers (Gen Z) will be to hop from job to job as needed – continually looking for the perfect fit…
This means that you need to batten down the hatches in your organization! To best respond to these labor trends, you’ll need to focus on three things:
- ATTRACTING the best people
- RETAINING them once they come on board
- DEVELOPING them so you have continual ROI on your hire
Fortunately, there is a solution that hits all three things…
In a recent interview I had with a CEO – asking her what has worked for her as a leader for her organizations – she told me:
“Organizations do a disservice to their people and don’t set them up for success. It’s just, ‘Congratulations, you got the position – now go lead your team…’ I do things differently – our people receive consistent standardized training and development. We’re attracting, retaining, and growing our own.”
When you invest in training and developing your people, you are making a huge deposit into your organization’s talent savings account. You are telling your people you VALUE them, that you BELIEVE in them, that you want them to be their BEST. But you are doing so much more than that… you are PROTECTING YOUR TALENT ASSETS.
This same CEO told me that she knew when she first took her executive role, she noticed a few things that troubled her… are any of these true for your organization?
- Low retention rates
- HR challenges with too many employees’ inability to work together
- Low engagement and morale
She knew that with the right training program – delivered consistently, year over year – she could turn the ship to move in the right direction – she could seed and grow a new organizational culture.
Unleashed Consulting is proud to offer the BEST BOSS BOOTCAMP – our signature training and development package for your organization’s core people-leaders. We take your overwhelmed managers… and transform them into competent, confident leaders… leaders who STAY IN YOUR ORGANIZATION and in turn, become YOUR LEADERSHIP BENCH.
The BEST BOSS BOOTCAMP stops the churn and burn of your leadership turnover.
What are you doing to get, keep, and thank your best managers? Giving them strong consistent opportunities to becoming your organization’s BEST BOSSES is one of the highest leverage things you can do to support every aspect of your organization’s success.
Invest in your people
+ Grow your leaders
= Protect your assets
*Source: Bureau of Labor Statistics, Federal Reserve Economic Data, 2023