While the pandemic may now seem like a distant memory, its effects remain ever-present in today’s work landscape. Employee feelings of disengagement, unfulfillment, and lack of growth had been brewing long before the pandemic, but it all came to a head during this period, sparking a significant change in power dynamics within the workplace.
We have seen the pendulum swing dramatically from a world where employers had the balance of power to a power dynamic that favors employees. Employees have realized their worth, value, and desire to grow, and they are willing to leave if their employers aren’t offering their full support.
To retain employees, leaders must embrace this power shift and listen to their people to ensure they are creating a positive work environment that fulfills employee needs.
Give Employees Control Over Their Future
This shift in power disrupts traditional talent practices that have been in place for decades. It’s time to move forward and democratize the talent marketplace to give employees more control and autonomy over their career paths and future opportunities. Just as Uber enables people to get from point A to point B, and Airbnb connects people to the places they want to go, a talent marketplace connects employees to a future.
A talent marketplace will change the power dynamic for employees and the organizations they work for. It will be an adjustment as employees have more power to make their own choices, as they become more connected to all the opportunities before them. But this shift will ultimately benefit not just the employees but the organization, because it taps into an overlooked and underused source of talent – the employees already within an organization.
Employees want the power to control their future, but they also want the freedom to do it on their own terms. Putting that control back into the hands of the employee gives them a sense of purpose that fuels their engagement, development, and growth within an organization.
Leaders Must Charge the Change in Power Dynamics
Unfortunately, many leaders are still stuck in the old ways, holding on to their power and unable to see the true potential of the change in power dynamics. Organizations that still breed a culture of dominant leadership will likely see employees leave and look for opportunities elsewhere.
According to research by Fuel50, organizations looking to improve their retention rates must shift from traditional, fear-based work models to a more inclusive, and humanized work culture that prioritizes employee wellbeing, growth, and fulfilment.
A human-centric culture coupled with a democratized talent marketplace fosters a positive work environment where employees are valued, supported, and engaged to grow their careers and drive organizational success.
The Employee Voice Remains a Priority
The change in power dynamics within the workplace has brought light to the employee voice and it has never been stronger than it is today. It’s now up to organizational leaders to listen to their voices and create exceptional employee experiences that support the happiness and retention of their people. Only then will organizations begin to reap the benefits of a democratic, employee-first workforce.