It’s Not Just About Retaining Employees
Are You Thinking About the Big Picture When it Comes to Retaining Employees?
If you make retaining employees your total comprehensive goal for keeping employees long-term, you may be setting yourself up for failure. Why? Focusing only on reducing turnover and eliminating steep hiring costs isn’t focusing on the bigger picture. It may not even help you keep your top performers.
In order to attract the best talent and keep your high-performing stars excited and engaged in their jobs, your talent management approach must be bigger. Shift the focus on developing a dynamic team atmosphere and a healthy, exciting company culture. Here are a few ideas for retaining employees that are really about a bigger perspective:
Identify managers that are good at managing people, instead of promoting someone simply because they are good at their own job. Many managers never receive any training on how to manage people, so despite a history of stellar performance, they fail when they are tasked with managing a team. Retention is closely tied to how satisfied an employee is with their supervisor, so be sure to get the right people in supervisory roles and then equip them with the training they need to do it well.
This is an ideal situation for the use of a behavioral assessment, which gives objective information about a person’s tendencies and motivations. You can receive accurate predictions about how a particular candidate will perform in a management position.
Give your employees career opportunities. If your employees have been given empty promises about education reimbursement and professional development, why would you expect them to have a strong loyalty to your company? If you discuss advancement or education with your employee, don’t always leave it them to bring it up again. Be their advocate and cheerleader, and follow through on your promises.
Implement the stay interview. The exit interview is a standard practice for human resources departments and managers, but consider adding a stay interview into your objectives. Create a template for sitting down with high-performing employees and find out what’s keeping them at your company. Conducting regular stay interviews is also a great way to provide your employees with the opportunity to tell you what tempts them to walk away from their current position. You may learn that a pay raise, for example, is not nearly as critical for your star performer as flexible hours.
Invest in company culture initiatives. There are a variety of ways to improve your company culture, and many of them require little in the way of resources. Encourage managers to create small group lunches where employees are invited to share their impressions on a particular project or on a topic like communication in the office. You could also hold a town hall-style meeting or send out a survey to find out what your employees like about your culture and what they wish was different.
The talent management experts at PI Consulting Group understand that retaining employees is about more than a quick fix. It’s about creating the kind of company where people feel excited to be a part of something important. For more information about how to create a talent management strategy that includes objectives related to employee engagement and retention, make an appointment with PI Consulting Group.