Strategies for Retaining Top Talent
We’ve heard a lot of talk about stagnant or faltering economies in the past few years. The digital revolution has brought with it a mismatch of skill sets and job openings, making it hard for people to find a job and for companies to keep top talent.
Employers around the world are still struggling to fill necessary roles. According to the Talent Shortage Survey, 40 percent of global employers are not able to find the right talent for jobs that need to be done.
Salary, retirement plans and vacation benefits are high on the list of why great employees take the job, but they are not reasons enough to keep them in your company for the long haul. Job satisfaction will increase your employee retention rate. They need to feel that their contributions to the business are important. But the feedback and praise must be sincere. Top talent is smart enough to know the difference between sincere appreciation and platitudes.
The “lifetime employment” model is obsolete
In today’s climate, companies that want to attract and retain the best talent will look for the best ways to develop employees along the way. If that describes your company, you have to invest in people with the understanding that you’re going to help them grow professionally (even if you don’t retain their services).
With lifelong employee/employer relationships disappearing, the challenge today is to present your teams with a roadmap of exciting new things to take on and directions to explore, which can foster a longer-term outlook.
How large companies lose their top talent
- Big company bureaucracy is a common complaint of really talented employees. They don’t like rules that make no sense.
- Companies lack projects that will ignite the passion of talented people. Top talent isn’t driven by money and power, but by the opportunity to be a part of something huge, that will change the world.
- Companies do an ineffective job at annual performance reviews. If you’re talented enough, why stay?
- Bosses fail to engage with their employees about where they want to go in their careers. If your best people know that you think there’s a path for them going forward, they’ll be more likely to hang around.
- Company execs fail to impart insights/observations/suggestions. Top talent demands accountability from others and doesn’t mind being held accountable for their projects.
- Your company is not open-minded. The best people want to share their ideas and have them listened to. Many companies find opposing voices to their strategy an annoyance and a sign that someone’s not a “team player.”
8 Strategies to Retain Talent
- Offer new employees training before their start dates. IBM is brilliant in this regard. Its Succeeding@IBM is a two-year course taken online that lets new hires in on what it takes to be successful at the company.
- Spell out for new hires a clear vision of what their next two to four years at your company will look like. Clarify exactly how you expect the employee will grow in that time.
- Look out for the welfare of your people by letting them leave earlier in the day! This will keep them productive, creative and loyal because they know you aren’t expecting them to sell their souls for a paycheck.
- Create an environment that makes your employees feel like an asset to your company. Let them feel secure in their job. Greet them by name, letting them know that you know who they are and what their contributions are to the company. Encourage goal-setting and let them make their own choices as often as possible.
- Be sure you have job descriptions so your employees know what is required of them.
- Create an open and honest work environment. Give feedback on work performed and be willing to listen, really listen, to the concerns of your employees.
- Provide opportunities to grow and learn, and let your employees know there is room for advancement in your company. Provide tuition for continuing education classes. Give challenging and stimulating work. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
- Recognize and reward good work. Monetary bonuses are always nice, but recognition of a job well done goes a long way to creating goodwill and loyalty.
The companies that have a hard time attracting top talent are those that can’t differentiate themselves in the market. If your company does something meaningful or novel, you will become a magnet for those truly talented people you seek.
If you can hire people whose passion intersects with the job, they won’t require any supervision at all. They will manage themselves better than anyone could ever manage them. Their fire comes from within, not from without. Their motivation is internal, not external.” – Stephen Covey
