Today hiring of appropriate talent has become a big challenge. Most companies spends a large amount in hiring the right set of people. Some companies had tied up with multiple third party vendors for talent acquisition. Some offers a handsome reference amount to their employees for proving good references. But all this effort would be of no use if the company is unable to retain their critical and talented resources.
What is needed in order to retain your key talent?
Set clear goals and expectations – The primary reason for dissatisfaction of any resource is unclear expectations from his/her managers. The employee fails to understand his roles and responsibilities and how to perform up to the mark. To keep these fears from surfacing, create a clear roles and responsibilities plan with them. Regularly communicate and state your expectations out of them. Clearly convey them their KRAs (Key Responsibility Areas) and how their performance would be measured.
Share the road map of your organization, so that they can understand the big picture. Generally all the employees want to know how good their organization is doing in the market, where it is going and how that would impact their career objectives. Try your best to update them all the new changes which may affect your company and may be them as well. Try to be as transparent as possible.
Don’t micromanage your team– No employee wants to be micromanaged, especially the ones who really work hard. If you start keeping a count of their tea breaks and may be bio breaks, they might feel like a slave in the organization. On the other hand if you give them the freedom to work in their own ways, they may stay up all night to finish the work assigned to them. To respect employees’ time, consider flexible work schedules. This could include longer workdays and shorter work-weeks. Be creative about building in the flexibility. Create a good and healthy work environment by treating them fairly and not letting them down in public.
Arrange for relevant learning and training opportunities -This is required so that they can enhance their skills and grow in their career.
Regularly motivate your team and team members -Try to keep motivating your team at regular intervals. Give appropriate praise and arrange for rewards and recognition, considering company’s norms. It is not necessary that you always to spend a large amount for rewarding your team. You can praise them by calling them in a meeting room and handing a certificate with a small gift like a pen. Calling out their names loudly in the presence of all the stakeholders, is really very motivating in itself.
Other benefits– Another great way to motivate your employees is create attractive benefit plan. For example, some companies now offer Sodexo passes, discount coupons, birthday reimbursement, and attractive gifts for completing 3 years or 5 years. This way people may feel respected, they’ll be more loyal over the long term.
One approach of retaining your key employees during disruptive periods of organizational change is by offering financial incentives at senior executives, outstanding performers, or other “contributors.” This technique works most of the time, and companies manage to retain more than 50% of the employees successfully, but the rest of them have concerns that money alone cannot address. Moreover, by focusing exclusively on key performers, companies often overlook those “average or sometimes good” performers who were not very critical but have contributed for the success of the critical projects. In other sectors like retailing, financial services, health care, and pharmaceuticals, there is a better and very economical approach to employee retention—they restructure, merge, and reorganize in such a way that they can make most out of it and can easily recover later on with economy rise. Their strategies includes identifying all outstanding and result oriented resources, then they further cut down the list by targeting the most critical ones.
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