3 Ways to Boost Talent Retention in Digital Marketing
By Arijit Banerjee
The Indian digital marketing industry is growing at a compound annual growth rate of 33.5%. It is expected to surpass the 255 billion INR mark by 2020, as per a combined study by CII and KPMG. So, organisations are under relentless pressure to hire top digital marketing talent to seamlessly adopt new digital tools and technologies.
With digital technologies evolving at a rapid pace, upskilling employees will be critical for staying ahead of the curve. However, the reality on the ground is quite different. A Capgemini study revealed that close to 50% of the organisations worldwide do not take digital talent seriously.
With more than 8 lakh digital marketing jobs open currently, attracting and retaining the right talent will not only require adopting differentiated talent management strategies, but also require providing a desirable work environment that promotes growth.
Organisations need to focus on building a robust talent retention strategy in today’s competitive digital marketing environment. Here are some tips to attain this goal:
- Accelerate digital maturity
Digitally mature organisations that base their digital marketing strategies on innovation, superior decision-making and talent skills, are more successful in attracting and retaining talent.
A 2017 Digital Business Global Executive Study by MIT Sloan Management Review found that businesses that fail to develop their workforce’s digital skills are fifteen times more likely to lose executive level talent within their first year.
The bottom line: Companies that leverage sophisticated digital tools and focus on internal talent development are more likely to retain top talent, and are better equipped to compete in the emerging digital environment.
- Pay attention to the widening skill gap
Businesses need to recognise that digital talent today contains a small pool of professionals who have a lot of good offers vying for their attention. For instance, 62% of Indian companies feel the need of professionals with advanced data science skills and only 45% of their employees are proficient in this area.
So, it makes sense to invest in reskilling employees to meet the demands of the present as well as the future. This will not only help enhance the careers of employees, but also enable organisations to drive competitive advantage.
For instance, Vodafone invested in a customised digital marketing program to enhance the productivity and morale of its workforce. This helped the company close the skills gap within the organisation and standardise the level of expertise and knowledge within the firm. Upskilling employees is a sure-fire way for organisations to cultivate talent and enhance employee retention.
- Chart a clear career development path
Employees who are keen to excel are constantly on the lookout for opportunities that can help them prioritise learning and advance their career. 58% of today’s digital talent is likely to gravitate to organisations that offer better digital skill development.
So, as a business leader, you should ensure that your employees are continuously challenged, incentivised, and provided with opportunities to develop industry skills and grow their career. Making upskilling a priority and creating new digital opportunities is a sure-fire way to ensure happy employees who are willing to stay and grow with the company.
The Lego Group, for instance, makes a deliberate effort to hire people and expose them to different assignments, in different work areas. This has helped them build new critical capabilities based on deep business understanding. By making a dedicated effort to enhance the capabilities of employees, organisations can build and nurture a modern and progressive work environment.
According to a recent research by Online Marketing Institute, large organisations face a digital marketing talent gap of 25% while the number ranges from 30% to 43% for smaller agencies.
With digital marketing becoming a priority for businesses, it is critical to collaborate with training institutions that can help organisations build their internal talent and take data-driven decisions. Upskilling your talent in the digital space will not only help your organisation in engaging with multiple audiences effectively, but also in optimising costs and yielding a better RoI.