Five things companies can do to retain great talent
Companies in Ireland are constantly being faced with the challenge of retaining talented staff, more specifically high performers who are the most likely to leave after a short period if they are unhappy or feel disengaged.
A survey carried out by Performance Reward Consulting in 2017 found that 36 per cent of participants agree that employee turnover had increased in 2017 along with 27 percent of respondents anticipating their employee turnover to increase in 2018.
The survey results clearly show us that employee retention is one of the most critical issues Irish businesses are facing right now. Employers must stay current and ensure best practices in developing a positive workplace culture and focus on employee retention. Our Glandore team have put together a list of five things companies can do to help retain good talent.
Retaining top talent means companies must spend a little more time onboarding them during their initial few weeks of employment. A strong onboarding program ensures that you make a great first impression and get the chance to show them what your company is all about. Inform new hires of the company’s culture along with your main goals and values. You can also ask what they can expect to achieve while working there along with what is expected from them. When people feel welcomed and supported from day one, then they will settle in quickly. Ensure they have all the materials they need and provide them with an in depth tour of the building and facilities on their first day while also providing them with local information such as where there is a great lunch or coffee spot, how to access the onsite gym or even just where they can park their car or bike each day.
You must make sure that all your employees know that you and your management team are always there to listen and keep the lines of communication open. Provide honest, helpful feedback and check in as often as possible with them to see if they are happy in their roles or if they feel like they might need a change. This type of open working environment will allow companies to retain their top talent as it will allow them to make the necessary changes before a problem manifests. Companies must be transparent and open in order to create a happy, healthy, productive workplace.
A study carried out by the Work Institute in 2017 found that career progression was the top reason why people decided to leave or remain at a company. Companies who provide the opportunity for career advancement are more likely to retain the best talent. Great employees are ambitious so you must provide them with great opportunities in order to allow them to build their career at your company. Employees must be able to excel at what they are good at and grow with the company. If you do not harness their skills and create great career development opportunities for your team they will ultimately find a new company that will support their future goals.
Recognize and reward good work
Employee recognition for a job well done is a positive step towards to creating a loyal workforce.
Successful companies are driven by engaged employees, who are inspired, happy, and have a sense of purpose in their roles. When employees feel that their work is making a difference within a company they tend to be more productive. Companies will often reward a deserving team with a half day for their hard work or send them a small token of appreciation, while others present employees with awards and complimentary lunch for a job well done. Simple gestures like these can boost morale and ultimately help to retain great talent.
If you expect employees to remain committed to your company in the long term you must realize that it will require effort in both directions in order to be successful. Hard working employees must be given sufficient time off to rest and enjoy downtime with their families. This helps them return feeling refreshed, rested and ready to take on new projects. Be as generous as you can with time off, it will show that you care about your teams wellbeing and want them to have a positive work life balance. This will also prevent employee burnout which is all too common among the modern workforce. Overworked, employees are unhappy ones and will be difficult to retain.