The War On Talent
Jaime Escott - 4 Min read
2021 was the start of the mass exodus. Employee turnover has been at an all-time high leading to what is becoming known as the Great Resignation. The Bureau of Labor Statistics reports that the overall turnover rate in 2021 was a staggering 57.3%. Not only is turnover time-consuming and expensive, but it can have a direct impact on the productivity and profitability of the marketing team.
Turnover is Killing Your Marketing Efforts
Impactful change such as high turnover can cause a dynamic marketing team to become less efficient, less effective, and less aligned with organizational goals. The loss of an integral member of the team generally leaves gaps of knowledge that get exploited in their absence. This gap can lead to company investments such as martech programs and tools to go unused and become fruitless. In addition to the hardships that come with missing team members, introducing their replacement can be just as disruptive. Productivity is often slowed as team members are forced to spend time onboarding new staff. The challenge of inconsistent work output and delays in projects often occur as training continues and employees settle into new positions. The Bureau of Labor Statistics does not predict these numbers to trend downward anytime soon, so how do you keep your marketing engine running smoothly?
Here are a few ways to create a fire-proof marketing plan during the Great Resignation:
Improve Retention Rates
To build a resilient marketing strategy, marketers need to take a holistic view of the people and processes that support their initiatives. Investigating internal factors can stymie turnover and minimize overall risk. The record-breaking number of people resigning can be credited to a variety of circumstances such as the continuing health crisis, a greater demand to work from home, and a need for growth both financially and in their work. Employees are aware of the strong candidate’s market and will take advantage of it if they feel undervalued or unfulfilled. If you identify any issues within your team or individual employees, it's crucial to address them quickly. Once you minimize the threat of turnover, you must create a plan to mitigate the impact of their departure.
Approach it as a Team
It's tempting to rely purely on high-performing employees, but it is not sustainable. This approach leads to members of the team feeling overwhelmed and burnt out while others feel unfulfilled and inadequately challenged. Creating a team effort mentality will put your marketing team in a position to run successfully despite turnover. When team members work cross-functionally, it is inevitable that they will learn the other team members' responsibilities and processes. Take this approach a step further and cross-train employees on aspects of various positions. When the foreseeable turnover does occur, no need to panic. You now have employees who are comfortable taking over some of the tasks within the missing role. This also helps you to delegate the workload across multiple members of the team, so individuals don’t get overwhelmed. Additionally, when finding their replacement, it can be beneficial to include the team members in the process. This will ensure the company is getting employees who fit well with their culture and fully understand the expectations of the marketing efforts. Utilizing this methodology will keep your marketing machine running as you onboard your recruit.
As employees come and go, they take their knowledge with them, but leveraging automation can help negate the impact of the great Resignation. During a time of high turnover, teams can no longer depend on individuals’ institutional knowledge. It is critical to implement automated systems to capture that information to ensure that knowledge is shared amongst employees and help fill in the gaps during turnover. To decipher what platform will be most effective at allowing employees to share and capture this knowledge an audit should be done. Take a look at various data input and output processes to conclude a standardized way of communicating and storing intel. Implementing robust Client Relationship Management (CRMs) platforms and Customer Data Platforms (CDPs) solutions will allow employees to pull reports with just the click of a button rather than drowning in spreadsheets left by their former colleagues. This will provide each member of your marketing team with access to all the necessary functions and step into a role with ease.
Minimal Risk, Maximum Preparation
Over the last two years, the workforce has seen a major upheaval. While every industry has been impacted, some more so than others. In all realms, turnover has a huge impact on the organizations’ efficiency and profitability. The first step to maintain optimization is to minimize the threat while also preparing for the inevitable. Ensure employee satisfaction, drive a culture of collaboration, and automate data. By following these steps you will not only decrease your turnover but feel confident that your marketing machine will continue to perform and withstand the Great Resignation.