Acquiring talent is a difficult process, however, once you have secured the talent you are looking for, retaining it can sometimes be even more difficult. You must uphold effective retention strategies to preserve the talent you have recruited. In our years of experience working with every level of a corporation from new employees to managers through to top-ranked executives, we have seen what works and what does not. Below, we share the 5 most important strategies to employ to secure and retain your carefully curated workforce.
Transparency is an important factor in your retention strategy. Employees want to know what direction their future is headed within the company and what milestones they are working towards. A growth roadmap will help naturally guide them in the direction of internal growth as well as help with cultivating engagement.
Transparency is not only required for the employee’s pathway in the company but also what is projected for the company as a whole. Things like growth forecasts, target goals, and emerging objectives should be disseminated throughout all levels of the company to ensure everyone is associated with the mission. This will inform the employees as to where they are leading the company and it turn, where the company is leading them and their future.
Training and Development
Inspired and motivated employees should not be expected to maintain their growth organically through their own direct efforts. Training and development opportunities should be regularly offered to all levels of talent company wide. This will ensure that if an employee is feeling unsupported, unmotivated, or disengaged, they have plenty of opportunities to reposition themselves within their role and responsibilities through the application of new tactics and strategies.
When talent is given the opportunity to not only improve upon themselves professionally but also personally through their employer, naturally they will see the benefits of committing long term. 70% of employees would consider leaving their current organizations to take a job with a company that invests in its employee’s development and learning
Investing in the growth and development of your talent will empower them with the confidence to return the investment and commitment to your company.
This strategy is fairly obvious, however, is not being upheld by many companies looking to improve their retention rates. For your employees to see the potential of longevity with your corporation, they must feel as though they are being supported and protected by their benefit plans. Ensure you are offering the best possible packages to your talent. The ROI is high, and the risk is virtually non-existent.
Open Communication and Feedback
A company must support open communication and feedback from the employees themselves. You will find where your weaknesses and points of strength are more transparently if you receive feedback from all levels of your corporation. The days of managers being utilized as a middleman for executives and lower-ranking employees are over. Obtain your feedback directly from the source and support them in providing it. According to emplify.com, “companies can reduce turnover rates by 50% and increase profits by 24% after asking for and acting on employee feedback”.
Communication is a two-way street. Employees must not only feel as though they can approach the managers and executives of a corporation but also that they are also being communicated to openly through these channels. To ensure that they feel secure and supported within their role, they must be communicated to regularly. This includes general feedback, positive reinforcement, and areas of improvement. The old saying “no news is good news” is no longer relevant to the emerging workforce.
The above retention strategies all have the same goal: to keep talent engaged and motivated. This new landscape of remote work and high turnover rates gives talent much more leeway in regards to exploring different roles within various companies, unrestrained by geographical location. If you have an engaged workforce, inspiration, growth, and success will naturally materialize.
Make the effort to touch base with every team and department within your corporation. Encourage questions, suggestions, recommendations, and open conversation. An engaged workforce requires your employees to care about your company and feel as though they are being cared for in return.
If you are interested in further discussing retention strategies for your corporation, please do not hesitate to reach out to Eleanor Estes through phone or email. We’re here to help!
Eleanor Estes, CEO Tech Providers, Inc.