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5 Proven Strategies to Retain Your Best Talent in 2022
08th March 2022
Having your best team members unexpectedly hand in their resignation is a dreaded reality in today’s corporate world. Your company spends time and good money in hiring, training and grooming these individuals. Having them just up and leave is a direct hit at your bottomline. Moreover, a high turnover rate can harm other employees' morale and set the stage for disturbing culture issues.
Focusing on retaining long-term employees is critical because:
It saves you money
We all can agree on the fact that hiring is expensive, time-consuming and tiring for HRs. Right from shortlisting, and interviewing to training and adjustment, the organisation has to invest a lot of energy and resources in the new workforce. Given this, if we frequently hire, it can put unwanted financial pressure on the organisation.
Boosts team morale
When an employee leaves the organisation, other employees start questioning their reasons to be in the organisation. Whereas retention can not only help boost morale it can also improve stability, better corporate-life culture and higher efficiency in the workforce.
Long term employees have developed expertise in their field. They tend to be more loyal to the company. They have spent a considerable amount of time working, hence, the knowledge and satisfaction not only helped in tough times and also set an example for new trainees.
Older employees have developed their skills over time and can accomplish a task faster than new employees. They are efficient, effective and know what and why they are doing their job.
Corporate culture improves
The more the engagement of the employees with the organisation, the more they try to work for the overall business and not just for their benefit. They tend to show less absenteeism, leading to better customer service and overall satisfaction from both sides.
But how do you identify the people you would want to retain?
They are usually easy to spot by their behaviour. Good employees know the what, why and how of their action/inaction. Being professionals they are honest while talking about their work, work-life balance and stress associated with it. They carry a positive persona and a willingness to learn. Most times you'll find them solving problems rather than just complaining about them.
There are also some hidden gems in most teams. These are people who, with the right grooming, have the potential to reach high standards of performance and expertise in their field. However, they are not always easy to identify. Personality assessment is a widely used means to identify such High Potential (HiPo) employees. These assessments help in not just hiring right, but also successive endeavours followed by them i.e succession planning, team balance and productivity.
Once you have identified your best employees, you must do your best to retain them for as long as you can. Here are 5 proven ways you can do that.
Strategies for talent retention
Communication and feedback
Communication is a solution to almost every HR problem. The pandemic has taught us the importance of one-on-one workplace communication. As a manager make sure you provide constructive feedback to each team member. Let them know where they can improve and appreciate when they work effectively and push themselves harder. Be their mentor, not just a leader.
Getting feedback is as important as giving it. Have an open door and an open mind when it comes to your employees. Listen to what they have to say about their experience of working at your company, in your team and with the other team members. And where possible, act on the feedback. This shows your investment in improving the employee experience at your organization.
Frequent informal meetups and simply taking the time to talk to each employee about the problems, job satisfaction and future plans, can go a long way in building trust and longevity.
Today employees understand the need for upskilling and give due importance to keeping up with the competition. Management must grasp this need and start organising mentorship programs. Additional education with first-hand experience in a real setting is always a draw.
By investing in your employees’ careers, managers can ensure greater loyalty from them. These skill development techniques can not only help employees' portfolios shine but also help raise productivity, morale and, thereby, overall organisational growth.
Rewards and recognition
Appreciation is always welcome. We all have witnessed how remote working culture has impacted employees’ morale. In trying and uncertain times like these, it becomes difficult for employees to give their 100% to the organisation. A manager’s words of encouragement can leave a deep impression on teams and their members. So they must try and be generous with praise where it is due.
Having a proper recognition system for monthly/quarterly/annually great performers as a gesture to thank employees for how their hard work will encourage them to go the extra mile.
Flexibility in work schedules
As more employees are returning to offices some many organizations are opting for alternative “hybrid” schedules where the employee works remotely for some days of the work week and in office for the rest of the weekdays. Working from home or working at your discretion has made maintaining work-life balance easier. Even if you want them to attend the office physically, try to work on flexible work schedules, this can lead to higher satisfaction without impacting the output.
By doing this you can not only protect their creative space but also make office hours less synonymous with a "monotonous work culture".
Too much or too little “supervision” can both have negative consequences. But in every team there are a bunch of tasks that can most definitely be carried out by the team independently. Giving them the autonomy to carry these out can fill the team members with a sense of ownership and pride.
A manager would do well to identify the strengths of their team members and then use their expertise accordingly. They feel empowered and you lessen your burden. It’s a win-win!
Sometimes, employees are on the fence between engagement and apathy. They are neither dissatisfied nor satisfied. Honestly implementing these strategies will make your employees feel valued and by that token, more engaged.
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