PROTECT YOUR ASSETS – YOUR PEOPLE

In a tight talent market, retaining your talent should be high on your list of priorities.

If it takes an exit interview to find out why a valuable employee has decided to move on, you need to have a serious rethink  — not just to keep a productive member of your team but to identify and fix issues which might have appeared within your organization before others leave through the same door.

Finding out what motivates your employees is part of a key strategy in gaining an edge in today’s tight talent market: employee retention. The payoff for organizations that focus on employee retention is well worth the time and investment. Increased performance, better productivity, higher employee morale and improved quality of work, not to mention a reduction in turnover, are all organizational benefits. Who wouldn’t want that!

So how do you increase retention rates? By starting at the very beginning of the recruitment process. Identifying what aspects of culture and strategy you want to promote, and then seeking those out in your candidates.

Lets recruit. The job advert has gone live. You have a identified a few 10/10’s that you want to interview. But how do you know if they will stay the course? The honest answer is, of course you don’t it’s near on impossible to know. However there are a couple of key indicators which could help you choose the good ones.

1. Look for candidates with longevity at previous jobs. Usually this will mean loyalty, perseverance and engagement.
2. Look for someone who plays team sports or who has committed to volunteering. As above, it can portray a mindset that they will stick with something they really care about.

Interviews done. You’ve chosen a candidate but they aren’t 100% sure this company is the right place for them. So how can you make this employee feel valued and encouraged to choose your company? Provide clear paths of advancement and offer the right benefits.

Promoting from within not only provides a clear path to greater responsibility, it also helps employees feel that they’re valued and a crucial part of the company’s success. Promotions go hand-in-hand with employee development and education, and this should be another tool in your arsenal. It is also worth mentioning furthering your employees’ education can too help them feel valued and invested in the company. A commitment to training and education is seen by employees as an investment in their worth and a powerful incentive to stay at a company. The need for new skill sets and evolving roles are in demand at rapidly growing rate, so putting someone on a career path that doesn’t have any room to develop is not only a career-limiting move for the employee, but a business-limiting move for the company.

Benefits. Who doesn’t like a company perk. They play a huge role in keeping employees happy, engaged and healthy. But lets look beyond healthcare coverage and paid sick leave.

Money talks! Provide financial awards for employees who exceed performance goals or who stay with you for a predetermined time period. Recent research has shown that nearly nine in 10 companies (88 percent) view incentive compensation and bonuses as key to retaining employees.

Flexible work schedules. This was recently ranked fourth among the top benefits for retaining talent, behind health insurance, bonuses, and paid time off. The opportunity to work remotely in this day and age will go a long way toward helping employees feel valued.

Generous annual leave. If your employees work hard, they should be allowed to play hard outside of the office. If employees are not offered leave, or are forced to return to work because they cannot afford unpaid leave, “is the employee fully engaged at work or are they distracted and resentful?” That distraction and resentment can build, and can often drive an otherwise satisfied employee to consider other options.

Your potential new employee loves the benefits on offer, loves the career opportunities within but wants reassurance that someone is there to listen if things get tough or they are struggling. Regular meetings in which employees can offer ideas and ask questions as well as “open-door policies” that encourage employees to speak frankly with their managers helps employees feel they are valued and that their input will be heard. Creating open communication between employees and management can help foster a sense of community.

SOLD! Your candidate accepts your offer!

The moral of the blog..top talent is hard to find, so if you already have it protect it.

If organisations are serious about their employee retention then the best talent will not be available to work with.  Of course nothing stays the same forever and employees move on for various reasons. That is just one of the things you have to be prepared for. Business is competitive — but it’s also healthy. You don’t want someone who doesn’t want to be there anymore.

But if you’re doing it right, that enthusiasm, that excitement, that investment, comes through in your employees work.

Protect your assets – Your People, because those valuable people will take a long time to replace.