New Strategies for Retaining Employees
Retaining Employees May Require You to Think More Broadly About Talent
Building loyalty and commitment among employees is difficult in today’s talent landscape. After all, people don’t stay at a single company for their career anymore, so why should you invest in your people and why should they invest in you? Retaining employees often requires that you think through these questions before coming up with a plan.
You can make your employees feel valued with a competitive salary, but it may not be enough, or money may not be what makes them tick. There are a lot of ways to invest in strategies for retaining employees that are outside the paycheck:
Toss out the ladder. Encourage your team to embrace a different model than the career ladder. When there’s no promotion opportunity in the positions just above you, it doesn’t mean that your career is stalled out with your current employer. Instead, help employees find ways to develop and learn new skills in a more web-like design. They can participate in projects, shadow a colleague or network with people in different divisions of the company. Not every opportunity comes with a new title and a raise; that doesn’t mean they’re not valuable.
Recognize what’s going well. Do you have a great mentoring program, or are your tuition reimbursements better than industry benchmarks? Be sure to highlight the development opportunities you are providing to your team so that they utilize them and know the value of where they work. If they don’t know that you reimburse tuition, and they’re eyeing a graduate school application, they may be drawn to such a program at another company.
Broaden the concept of talent. You will always need to look at skill set, but don’t limit your candidate selection process to the individual’s experience and interview skills. By using a behavioral assessment, you can find out what motivates a candidate, what settings they work best in, and their tendencies are in various types of situations.
You can also conduct a cultural interview as part of your interview process. Let them meet with the team they would join, and pair them up with a seasoned employee that can give them the insider’s view of the company culture. This provides a way for the employee to ask the questions they really want to know about what it’s like to work there, without fearing that it might leave a poor impression during a formal interview.
Retaining employees can be challenging if all you focus on is the salary. Fortunately, it’s not always about the money. You have a lot of tools that can be used to build loyalty between you and your employees.
To learn more about utilizing a behavioral assessment to identify the best employees for your company, make an appointment with PI Consulting Group. We can assist you with strategies for retaining employees and help you create a successful talent management plan for your company.