11 Jan Retain Your Best Talent in 2024: Leveraging HRD Claimable Funds
Retain Your Best Talent in 2024: Leveraging HRD Claimable Funds
“2 months notice period, 1 months notice period or even more advance 24-hours notice period”
HR or bosses, are you familiar with these terms? It’s getting harder and harder to retain your staff. If they are no longer serving the company, the heartache is lesser. Imagine your best employees decided to leave? We can imagine how painful it must feel for you. That is why we want to share with you on how to retain you BEST TALENT in 2024.
Since we are still in the beginning of the year, it is still not too late to understand what might be the challenges that our company might face in retaining the talent.
1. As we enter 2024, more than half of the employees surveyed (53%) are thinking about leaving their current jobs. This indicates a notable increase in people switching workplaces. Companies should be prepared for this expected surge in employees deciding to move on.
2. In the past year, 77% of employers found it difficult to find people to fill their job openings. More than a quarter of these individuals left their jobs to take care of their children and family. This shortage of workers is expected to continue into next year.
3. Getting people to apply for jobs is hard, but it’s even tougher to find applicants with the right skills. On average, 44% of new hires in Malaysia need to learn or improve their skills to do their jobs well. This emphasizes the importance of providing good training and opportunities for learning new skills.
With all these challenges that we are seeing in this year, there must be ways to overcome it. Let us share with you what we can do to retain talent and at the same time utilizing HRD claimable funds.
Highlighting the Importance of Employee Development:
Emphasizing the strategic nature of investing in training and development is paramount. By utilizing HRD claimable funds for employee development, companies not only enhance individual skills but also cultivate a workforce that is well-equipped to contribute to the company’s overall success and growth.
Connecting Training to Employee Satisfaction:
Utilizing HRD claimable funds to provide training opportunities is a testament to the company’s commitment to employee growth and satisfaction. When employees feel supported in their professional development journey, they are more likely to stay with the company, fostering a sense of loyalty and job satisfaction.
Positioning HRD as a Retention Strategy:
In the competitive job market of 2024, HRD claimable funds stand out as a valuable tool for retaining top talent. Companies can showcase the continuous learning opportunities made possible through HRD investments, creating an environment where employees not only feel valued but are also actively invested in the company’s success.
Linking HRD to Flexible Work Arrangements:
Connecting HRD claimable funds with flexible work arrangements acknowledges the evolving preferences of the workforce, including the desire for flexible work options and remote work. Positioning HRD investments as part of a comprehensive retention strategy signals that the company cares about both professional and personal growth, creating an appealing work environment.
Emphasizing the Dual Benefit of Training and Remote Work:
Illustrating the synergy between HRD claimable funds and remote work options becomes crucial. This combination offers employees a compelling package, providing the opportunity to enhance their skills through training while enjoying the flexibility of working in a way that suits their lifestyle. This dual benefit not only attracts but retains top talent.
Addressing Diverse Learning Needs:
Highlighting that HRD claimable funds can be tailored to address the diverse learning needs of employees is key. By showcasing a commitment to individualized learning experiences, companies contribute to a positive employee experience, catering to the varied skills and backgrounds within the workforce.
Aligning DEI Initiatives with HRD:
Connecting HRD investments with Diversity, Equity, and Inclusion (DEI) initiatives reinforces the importance of inclusive learning. By designing training programs that promote diversity, companies ensure that employees from all backgrounds have equal access to development opportunities, contributing to a more inclusive workplace.
In conclusion, as we navigate the challenges of talent retention in 2024, leveraging HRD claimable funds emerges as a strategic imperative. This is where SHRA, a leading training company, plays a pivotal role. By collaborating with SHRA, companies can effectively channel HRD funds to emphasize employee development, satisfaction, and the alignment of HRD with flexible work arrangements.
Source: Future State of Hiring & Retention
Written by Nik Nur Azizah
SHRA Corporate Trainer
Nik is a trainer from SH Retail Academy. Her working background focuses mainly on coaching and advising people to focus on team goals and identifying team strengths. Her passion in training and learning led her to join the SHRA team as Corporate Trainer for their mission in helping people learn, progress, and use knowledge that fits retail industry needs.
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