A talent retention solution is critical to the long term success of any business. Benefits of a talent retention solution include; product sales, customer satisfaction and high levels of organisational knowledge. Ultimately, retaining the best employees saves money from the bottom line on recruitment, selection and training.
How to develop your own talent retention solution
- Provide a specific framework in which employees know exactly what is expected from them. Changing standards continually will create feelings of uncertainty within the workplace and make people want to leave. Employees will feel secure if there is a framework outlining expectations.
- Managers and Supervisors play a critical role in employee retention. More often than not people leave managers or supervisors rather than the job itself. Ensuring all your managers/supervisors have the skills and capabilities to effectively manage their team will help an organisation to retain their talented employees.
- Providing an environment where employees are encouraged to bring forward their ideas and whereby improving each other’s ideas is encouraged will increase the chances of an employee staying longer with the organisation as they feel they are contributing effectively to the success of the organisation and feel their worth.
- Utilise employees’ skills and abilities. Many employees want to contribute their knowledge and skills in areas that may not be specific to their job role. Know what skills each of your employees possess and take advantage of them for certain projects. Employees will feel valued and motivated to stay and work.
- Equality and fairness are important to employees. Ensure you treat all employees equally and fairly and retention rates will improve.
- Offer new opportunities. Most employees strive to grow in their roles, give them opportunities to try new challenges and enhance their skills.
- Ensure your staff feel rewarded. Tangible and intangible benefits have their advantages and disadvantages so find out what your employees want and if this is feasible for your organisation then implement it. Rewards related to accomplishments and achievements will improve retention rates. However, a ‘Thank-you’ can go a long way to making an employee feel valued and is worth a lot, especially in SME’s.
If we can help you with this or any other HR issue, please do not hesitate to contact a member of our HR Team at HR Services Scotland Ltd on 0800 652 2610.
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