How to Retain Top Talent
Depending on which surveys you read, between 10% – 60% of team members are disengaged, with around 33% actively looking to change jobs. Around 20% of employees will leave a role for personal and lifestyle reasons, such as their partner landing a better job further away, or deciding that their own commute is too long and/or expensive. Usually there is little that can be done to retain these individuals, other than offer options for remote working. Around the same number of employees, in particular the Millennials, will decide to move after about 3 years – no matter what the role or perks.
So, if you’ve reviewed your recruitment and selection processes, benchmarked your salaries and comp & bens packages, and secured top talent how can you prevent the rest of your team members and top talent from leaving?
You can invest in as many foosball tables and indoor games machines as you like, but the old adage that workers leave their managers, not their jobs or employers, still holds true for around 18% of employees today. Poor managers and leaders can contribute to driving away quality talent, as well as causing disengagement and damaging the brand and customer perception. So in order to retain talent, ensure your line managers are skilled and effective in these key areas:
- Communicating regularly, and being open and honest regarding the vision, strategy, objectives and financials. Actively Listening to understand key staff issues and motivators to ensure team members feel valued
- Emotional Intelligence is the key to successful leadership and management. Line managers need to be self-aware in order to be able to identify moods and feelings in themselves and understand how these affect their team members. Gone are the days when it was acceptable for a leader to lose their temper and scream at a staff member in public. Sadly bullying and harassment are still rife across many industry and sports sectors. Managers need to be able to alter unhelpful behaviours in order to motivate and retain top talent
- Leading by example to gain respect, being respectful to others, and demonstrating integrity at all times
- Another 22% of employees leave their jobs because they didn’t find the work challenging enough. Using a Coaching style of management to empower and develop team members will keep them engaged, by delegating challenging tasks and projects, but offering the right level of trust and support at the same time
- One of the key demotivators for any employee is when poor performance is not dealt with swiftly, or equally, discretionary performance is not encouraged with timely positive reinforcement when relevant
- Being organised and avoiding last minute changes and meetings is important for authentic and consistent leadership; poor organisation and bad meeting management will disengage individuals
- Making quick and sensible decisions and standing by them
- Managing your teams workload, looking after their health and well-being to avoid stress and burn out
- Holding regular career conversations resulting in a regularly updated PDP, receiving open and honest Feedback from 360 Reviews
- Creating time and space for innovation, reward, and development with away days, a platform for team members to provide anonymous feedback and novel ideas, and providing Mentoring and Coaching
- Engaging in Talent Management Programmes with robust Talent Measurement and Assessment Solutions for Leadership Succession Planning and the means to identify and develop the Talent Pool and high performers
According to Gallup, with the right management hires organisations can achieve 27% higher revenue per employee than the average; these companies also tend to see 70% higher engagement of their employees, as they are able to align their teams and performance with the strategy, in order to improve overall effectiveness, staff retention and business performance.