5 Tips for Retaining Top Talent in Your Company
A company is often said to only be as good as its people. However, this doesn’t refer to just any people – according to McKinsey & Company, studies have shown that superior talent is up to 8 times more productive. Amidst the aggressive “war for talent” that companies find themselves inevitably embroiled in, it’s exceedingly imperative for companies to find people that will help propel the business to new heights.
However, finding the person with the skills for the job is only the beginning. Thereafter, how does a company attract and retain the right talent? Here are five nifty tips that can help companies hold on and nurture employees that will be in it for the long haul.
1. Develop an excellent onboarding process
Starting a new job is always an intimidating process. What companies can do, however, is to help ease this as much as possible. As Forbes outlines, making the effort to do so demonstrates to employees that the company cares about them even before they even officially start. First impressions do (and will always) count!
2. Check-in with employees regularly
One common complaint is the feeling of detachment between an employee and management; companies can circumvent this by having management schedule regular check-ins with their employees. Harvard Business Review cites the example of Shell: appointed career stewards will meet with new employees to help them set realistic career expectations and outline development opportunities – this allows employees to clarify any questions that they have and raise any difficulties. Managers are then able to assess the general outlook of their employees and identify any red flags if necessary.
3. Listen to feedback and take necessary action
As emphasised by Forbes, establishing and maintaining open avenues of communication are key to retaining top employees. However, simply listening isn’t enough. Management should make a concerted effort to take all feedback – whether positive or negative – into account, and act on it wherever possible. Such a move will be met with due appreciation from employees, who will feel as if their voice matters. More often than not, this will, in turn, translate to them reciprocating in the form of them putting more effort into their work, a win-win situation for all!
4. Create growth and/or leadership opportunities
All employees want to see some level of growth in their career advancement process. The last thing an employee wants is to stagnate at whatever they’re doing – it’s important to constantly keep employees motivated and engaged. In order to help employees reach their potential, The Balance Careers urges companies to offer employees a variety of new opportunities, different challenges, and development training. Should the chance arise, employees should also be encouraged to take on leadership roles to further develop their abilities.
5. Trust your employees
In the end, everything management can do boils down to the level of trust they have with their employees. Harvard Business Review laments how senior management often tends to make “misguided assumptions” about their employees, which in turn impedes their career development. Make employees feel like a valued asset and the company will undoubtedly benefit in return.
Establishing a relationship of trust and appreciation takes two hands to clap. There’s so much a company can do to make their employees feel as if they matter – the key is to set the tone right from the start.
A welcoming and engaging environment built on understanding and trust is key to retaining top talent in your company. Without this, even the most enticing monetary incentives and benefits won’t make them stay in the long haul. Treat your workers well, and they will, in turn, work hard for you too.
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