Talent Retention Strategies
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 as the reputation of your organization spreads.
Many employees have been frustrated and angry with the demands they were made from previous employers. Companies learned during the Great Resignation, that people are no longer willing to put up with a negative work environment. Below are some ways to ensure you are positioned to better retain those people you work so hard to hire.
- Ask yourself some hard questions. Does your company conduct talent audits and implement 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 culture, 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 motivate 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 or bad situations. Set up confidential forums where employees can talk about their experiences honestly and openly. Identify negative managers and train them to become better leaders.
- People are considered a company’s #1 most important resource. So companies must not forget to treat them as people and work to foster an environment that makes them feel satisfied and challenged.
- Develop your management team 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 truly inspire people.
- Employees need a work-life balance, even 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. Use flexibility and remote work whenever possible to help them avoid burnout.
- The 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. Make sure everyone is trained to be aware of problems and stop them immediately.
Good, talented employees have certain expectations of their employer and clear ideas about what’s needed to achieve their goals. As the economy evolves it will be more and more challenging for companies to recruit top talent. Employers must spend time and money on innovative employee-retaining strategies if they want to grow and succeed.
Request our free Guide to Employee Retention for tons of more detailed information to help you better hire and retain top performers.