Focus on growing and empowering the talent you already have, we look at how to retain top talent in your business.
The employment market in Ireland in 2016 is thriving and abundant with talented individuals, but that’s hardly an excuse for leaders to take their best talent for granted. According to the results of a survey published in Forbes magazine, 60% of respondents said they didn’t feel that their career goals were aligned with the plans that their company had for them. More astonishing is that more than 70% said that they didn’t feel valued or appreciated by their boss.
HOW TO RETAIN TOP TALENT
As an employer, rather than embarking on a lengthy and sometimes fruitless recruitment process, it’s much easier to retain your top talent. A lot of employers may be unsure as to how to retail top talent. To do so, means sparking their passions and challenging them every day to deliver more creative outputs for clients. After all, staff who feel valued, are engaged and rewarded appropriately, are unlikely to leave. For the employer, this generally translates into more satisfied employees and, in turn, customers.
CULTURE IS VITAL
One major answer to the question of how to retain top talent is working on business culture! Creating a culture of inclusiveness is critical, while some directors and senior managers theorise about the processes in place for doing so, more needs to be done in practice.
ENGAGE TALENT, DON’T PREACH
Increasing employee responsibility as well as recognising and listening to their opinions and actively acting on their suggestions (as long as they’re in the best interest of the business) will help engage top talent, rather than preaching to them about how things are supposed to be done.
GIVE LEADING TALENT A VOICE
By failing to give leading talent a voice, not only are senior management blatantly disregarding their views, they also run the risk of alienating a conduit between themselves and the market by dismissing those who are closest to it on a day-to-day basis. Furthermore, if an employer doesn’t give his or her staff a platform to put forward their opinions, it’s highly likely that someone else will.
IDENTIFY YOUR TOP TALENT
However, identifying top talent that are crucial to the future of a firm isn’t as straightforward as it sounds. Factors like punctuality, absenteeism and achieving KPI’s are quite simple metrics to measure but should act only as a starting point.
Employees that make a real difference are those that are likely to seek learning opportunities and career development outside of normal working hours, have developed close and successful working relationships, or go beyond the requirements of their role with clients but may not have fully received the credit they deserve. Finding out who these people are, especially in large organisations, can be difficult, which is why it is incumbent on senior managers to know more about their people “ ignoring them and their potential could be detrimental.
KEEP YOUR PROMISES
Individuals who crave career success should also be nurtured carefully. By arming them with the skills and training necessary to carry out their work and to help them succeed in the future, employers are demonstrating that they care on human level. It’s also important to note that any commitments made to employees should be honoured, broken promises often lead to disillusionment with leaders while promises kept enhance trust between the various ranks within a firm.
PROVIDE INCENTIVES FOR MOTIVATION
Employers should also note the actions of leading firms on Fortunes 100 Best Companies To Work Foron a yearly basis! Google, for example, in 2012, climbed three places to the top of the list as employees fully embraced the company’s mission, culture, and perks of working there.
The SAS Institute provides subsidised Montessori child care, unlimited sick time and a free health care centre for it’s employees, making it hugely attractive to potential candidates and explaining why few leave. While many business, especially SMEs, are not in a financial position to provide such enticing incentives, even small gestures such as remote working once a week or funding for further education, can have a positive effect on staff retention.
If employers create a positive working environment and openly express (through actions and words) that they understand and care about their top talent, retaining top talent becomes a relatively uncomplicated task.