Hiring the right people for your company is a tough task to begin with, and once you’ve managed that, you’ve got to ensure your best talent thrives and grows. In a job market with greater options and more employees aware of industry standards in salary, keeping talent is increasingly becoming a priority, and concern, for forward-thinking business leaders. If you’re looking to retain your best employees, here are some factors to consider so that you can keep your talent pool afloat.
Cultivate a sense of community. More and more people are looking for a sense of belonging, even at the workplace. Help build bonds and strengthen ties between your employees, colleagues, and the company as a whole by instilling a sense of community. Organise team-building activities like company-sponsored events and after-hours outings so that your employees can get to know one another outside of work. Ensure that the design of the office space promotes social interaction and collaboration. If you have the means, offer social groups or clubs, like joining a sports league or a bicycling group, so that like-minded colleagues can develop deeper ties to one another through shared interests.
Offer a competitive wage. With information readily available on the internet regarding industry standards in salary, working professionals now have a better sense of what they’re worth and what other companies are willing to pay for their skills and talents. A recent poll from Vanity Fair revealed that the best motivation for employees is money, with 35% of participants claiming that it’s the first thing they consider when looking for a new job. In order to attract and hold on to your best workers, you’ve got to be able to offer a competitive wage. If your business doesn’t have the means to offer a higher price for talent, you should either look to restructure your budget for headcount or work to find other ways to supplement a lower salary with other non-monetary benefits, such as a more flexible work schedule and extra time off.
Provide learning opportunities. Another factor that keeps employees motivated is to provide them with all the tools and skills they need to thrive in their role and at the company. In fact, a whopping 46% of employees reported limited opportunities as their top reason for job dissatisfaction. Engage, challenge, and stretch your best talent by offering ways in which they can learn and develop new skills, as well as put their leadership skills to work. From massive open online courses (MOOCs) to mentorship programmes to in-house lunch and learn sessions, offer an array of options for your employees to learn then provide practical ways in which they can apply their new skills.
Support and encourage mobility. Millennials tend to look elsewhere when they feel stagnated and see no opportunity for advancement at work. Prevent them from feeling restless about their career prospects by discussing and designing a strategy to explore and develop their skills and responsibilities within the organisation. Schedule check-in meetings every three or six months to discuss progress, challenges, and other growth opportunities worth exploring. Devise a path
and plan for mobility in order to reassure skilled employees that the management has long-term goals for them and are invested in getting them to those top spots.
Celebrate accomplishments. Nothing is more defeating and demoralising than hard work that goes unnoticed or unrecognised. While it’s not necessary to bring out the champagne and balloons for day-to-day accomplishments, a simple verbal acknowledgment during a team meeting when someone helped drive results and the occasional celebration when significant milestones are reached can do wonders to boost morale and a sense of pride in one’s work. Employees who regularly feel valued and appreciated are more likely to have loyalty to their company than those who feel overlooked.
