Employees are the driving force of any organization. If they perform well and become your top talent, the company will grow. If they don’t, the growth of the company will stagnate.
Every successful organization is driven by the hard work of its employees.
For instance, take the example of Sundar Pichai or Satya Nadella. They were very talented employees who helped their companies grow. Now? They occupy the top position in that company.
Identifying and Retaining Top Talent
Skilled and talented employees are hard to find. Once you do find them, you have to do certain things to make them stick with the company.
Despite providing incentives, some employees still leave the company. With this, we can say that money might not be the only factor that drives the employees.
Many other factors go into sticking with any company for a longer period. To help you consider those factors, we’ve listed them below.
1. The process should start from hiring.
While interviewing a candidate for the job, ensure you are aware of his/her long-term goals align with that of the company.
Not that everyone can have complete clarity on their future! However, they must have applied for the job with some specific goal in mind. If they are just in it for the money and do not have clarity on why they want this job, they might not be the ideal candidates for your organization.
The longer someone stays with your company, the better he/she gets at their job and understands what the company wants from them. If the turnover rate is high, you have to spend lots of time and money on hiring and training new employees throughout the year.
This whole process of hiring and onboarding is a waste of money for the inattentive manager. Thus, always ensure you play long-term games with long-term people.
2. Invest in employee growth.
Every young professional, when they join any organization, considers growth first. So, promote them within the organization and invest in their skill development.
These days, you can conduct employee training on a very affordable budget with various employee training systems. However, the training should be relevant and personalized on the individual’s needs, profile and goals.
If you invest in your employees, they grow. At the same time, they help the company grow.
Additionally, it also sends out a positive message within the company that the management is willing to invest in employees’ growth which motivates the employees to strive even harder.
3. Give credit where it’s due.
Appreciation for effort is what most employees crave. Additionally, it helps them to perform even better.
If they don’t feel valued and appreciated, they may not perform to their best.
All you need to do is send them an appreciation email or send some gifts or flowers. Or, you may even appreciate them in a meeting in front of all the other team members. This will boost their morale and confidence.
Also, when your employees fail, appreciate their hard work…instead of the results. If the organization pushes its employees to think outside the box and try new things, even when they fail sometimes, that’s where the real growth happens.
4. Money matters.
It’s essential for every organization to pay competitive compensation to their employees.
As a result, employers need to evaluate the performance of their employees regularly and make adjustments more frequently. However, if your business cannot afford to offer increments, at least pay them bonuses.
Many startups these days share the profit percentage with their employees. This practice makes them build a very strong connection with their employees.
If possible, provide healthcare and other benefits which makes your employee feel secure in their job.
5. Engage your employees.
Connect with your employees. Find out if they are facing any difficulties in the workplace and always let them know that you appreciate the feedback.
In these times of increasingly remote work, engaging with employees is very important. If employees feel that their manager did a poor job in handling them or have any past issues, they are highly likely to leave the company.
Employers may even consider conducting “stay interviews” to find out the concerns of the employees if at all they have any. Finally, once you notice any loopholes in your processes, address them without any further delay.
6. Encourage work-life balance.
This is one of the major factors why most people leave their job.
If you wish that your employees be available around the clock, then you should immediately reconsider this practice. No matter how much you pay, your employees burn out after working for long hours over a period of time.
As a result, they will feel like they need some rest which will lead them to leave the company. Consequently, managers need to understand that people have a life outside work and respect their personal space.
However, if you feel that there is an important project with a looming deadline, then make your employees work for extra time. However, also compensate for that effort with extra time off.
7. Offer flexible work options.
Due to the pandemic, many employees have become accustomed to remote work. Some even want to work full-time at a remote location.
Consequently, organizations need to consider this option. They must let employees decide how they work unless and until the working mode impacts productivity or quality of work.
Some employees might prefer to work a few months in the office and a few months remotely. Consider all the factors and make a decision that satisfies everyone in the organization.
8. Provide continuous feedback.
Conduct performance reviews regularly to understand where your employees stand currently and how they can improve.
Talk with your employees about their short-term goals and let them understand how the company can help them grow. Additionally, talk transparently about the company’s future goals and lay out a realistic plan on how employees and the organization work combined to reach their goals together.
In conclusion, retaining the top talent is equally important along with hiring them. Therefore, organizations should make consistent efforts and strategies to ensure that they retain their top talent. We hope this article helps you to find ways to retain your top talent!