Retaining Talent

If you find yourself sitting down for a deep and meaningful conversation with your star performer to ask them why they are resigning, it is probably time to examine your staff retention strategy.

Retaining top talent is crucial to any organisation’s long-term success, but it is seldom achieved effectively. Below are some of the biggest complaints that get people thinking that the grass may be greener elsewhere.

• Engagement
  People don’t leave companies, people leave people. If employees feel they are not being engaged and there is poor leadership in the company they will look elsewhere.
• Personal development
  Lack of opportunity for continuous improvement, training and career advancement are among the top reasons people leave their jobs. .
• Too busy
  With more companies running lean operations, and baby boomers approaching retirement, employees are feeling the strain of heavier workloads. .
• Too many chiefs, not enough Indians
  Employees need to feel empowered in their work, not micro-managed. Micro-management blocks people’s progression and leaves them feeling undervalued. .
• Benefits Programs
  Whether it’s life insurance, health plans or super contributions, the cost of living mounts up. If your company doesn’t contribute towards some of these costs your employees will feel the pinch.
• Money
  Pay is always a significant factor when employees leave.

There are many strategies to help retain your best and brightest, however, they almost all boil down to one thing – engagement. Below are some tips on where organisations can connect with employees to help tackle retention issues.

Engaging Employees

• Have a comprehensive induction program. An employee’s perception and long-term opinion of a company will be set in the first 3-6 months.
• Conduct ‘stay interviews’. Have impromptu meetings with your top performers. Ask them what they love about their work, and what makes them successful. Similarly, ask what would tempt them away.
• Be clear about expectations. A happy employee is one who knows what’s expected of them every day.
• Involve employees in decisions that affect their jobs and the overall direction of the company whenever possible. They will never feel a part of the company strategy if they simply read it in an email.
• Give regular performance feedback. Praise good efforts and celebrate success.

Training & Development

• Up-skilling your workforce and having them participate in continuous improvement programs will ease workloads, and helps employees avoid the possibility of professional obsolescence.
• Provide opportunities for cross-training and career progression. People like to know that they have room for career movement.
• Provide for career and personal growth through training and education programs.
• Have employees share their knowledge by coaching others and collaborating in team projects. People like to share what they know, and this engenders team spirit. If people feel part of a team it results in longevity.

Compensation & Benefits

• Offering a competitive salary with a competitive holiday leave component is essential.
• An extra day off, such as birthday leave, puts a smile on anyone’s face.
• Offer a benefits package with components such as life and/or disability insurance, flexible hours and annual bonus.
• Make annual increases merit based rather than standardised. Linking increases to employee performance pushes the right buttons for motivating people.
• Instead of cash bonuses get employees to submit wish lists for achieving performance goals. Receiving a new plasma tv, or tropical holiday you wanted for your hard efforts helps focus the mind by giving performance goals tangible rewards.
• Enable employees to balance work and life. Allow flexible starting times, core business hours and flexible ending times.