Talent Retention: Is There a Magic Formula?
Top 6 Tips for Talent Retention
Most industry-specific companies have similarities that result in a competition for talent. Whether it’s finding talent or talent retention, there are ways to present your company in a light that can accomplish both.
Reward and praise are important. It’s not always about money and reward for top talent, but to keep your best people working for you, you need to compensate them fairly. You need to establish an intrinsic and extrinsic reward system. For example, your employees are going to be much happier if they are consistently given bonuses and praise for their good work. However, it’s the intrinsic motivation that can be the real clincher in talent retention. Do your employees feel like they’re empowered? Do you give them the autonomy to develop and grow.
Strong leadership is imperative. Senior executives and managers can also be a big part of how an employee relates to the company and performs. Your leaders have to be solid examples of what your company is and what it represents.
Avoid turnover by assuring career growth. You need to work on a strategy that will allow for career pathing that will be inspirational to your employees. This should include proving to them that you have trajectory for them while also providing them the tools to get where they want to go.
Encourage out-of-the-box thinking. Today’s workforce wants to be involved on a creative level. They tend to feel more involved and connected with the process when they have the chance to be creative. In fact, it’s estimated that up to 50 percent of the workforce is not feeling this type of engagement, which shows in their productivity and the amount of time they’ll stay at a job.
Give back to the community. For most of your employees it is important to give back through philanthropy and outreach. It’s vital to establish yourselves as a giving, caring organization that actively involves workers in programs designed around this goal.
Utilize technology to discover behavioral attributes about your employees. Your employees are going to have a list of items they require from you, and you’ll need to know how to fit them into your company so they’ll succeed and be happy. The best way to do this is to by giving them a behavioral assessment to determine their behavioral pattern.
At PI Consulting Group, we’ve developed industry-leading software that unlocks the keys to getting the most out of your employees while also giving you the information you need to make them happy and productive. Our solutions will help you build more productive teams that can overcome conflict and problem solve at a higher level. We can also help you find your future leaders. Contact us today and let’s get started.