Retaining the best employees is a key ingredient to a successful corporation. It is one thing to hire the right talent but quite another to retain that talent in a competitive market. Employee attrition hits a company’s margins and reputation significantly. Too much attrition and it’s likely that hiring future top talent will become increasingly difficult.
With the upcoming economic shift, corporations will be hiring talent again, more and more people will quit their jobs for better opportunities. Many employees have been frustrated and angry with the demands they were made to endure during downsizes many companies underwent. Talent drain casts its morose shadow on the best of companies and yours won’t be any exception, unless you are ready to implement some of the following measures:
- Ask yourself some hard questions. Has your company conducted a talent audit and implemented a talent retention plan? Do you have talent retention strategies in place? What is the main motivating factor for your employees to stay with you? Is it money, perks, career advancement strategies, free training, or something else?
- Some companies focus on paying their employees more money, thinking that this factor alone will entice them to stay on. This is not entirely true. Do some homework; conduct an employee survey periodically to find out what exactly motivates them. In recent surveys, it’s been found that job fulfillment and a sense of achievement motivates employees more than money does. Keep your finger on the pulse of your people.
- Know that people do not resign from companies, they resign from bad managers. Set up confidential forums where employees can talk about their managers. Identify negative managers and train them to be more employee-friendly.
- People are considered a company’s resource; however, companies must not forget to treat them as people, and not just company property.
- Develop your managers and leaders to be progressive, self-aware and have high level interpersonal skills. Working for a great manager is more satisfying to some employees than token bonuses or pay rises. A good manager just manages, but a great manager can inspire people.
- Employees need a work-life balance, even the workaholics. If companies focus too much on organizational benefits alone while overworking employees, the residual resentment will lead to a major attrition concern when the economy picks up.
- Ethical treatment of an employee is very important. Discrimination of any sort will work against a company’s growth and cause resentment, leading to attrition.
Good, talented employees have certain expectations of their employer and clear ideas about what’s needed to achieve their goals. As the economy recovers it will be more and more challenging for companies to recruit top talent. Employers must spend time and money on innovative employee-retaining strategies in order to retain the talent and reap from it.
by: Anjela Mangrum, CPC
Anjela Mangrum is the founder of Mangrum Career Solutions Inc. MCS partners with industrial and machining manufacturing businesses to source and secure mid-to-upper level talent for operations, supply chain, and engineering positions. They work to empower individual job seekers by helping them gain a competitive edge in their job search. For hiring needs contact Anjela at 513.753.3813 x101.