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Recruitment | 3 Min Read

Top Strategies to Retain Talent in 2020

Introduction

Are you building teams if you view building teams as a matter of recruitment? Most organizations spend a great deal of time and resources on their talent acquisition strategies, often neglecting an equally important factor in this equation, i.e., retention. This is one of the major concerns for the business leaders who claim that people, once trained, are likely to leave when they come across better prospects.

are some of the reasons which drive the employee to take up the opportunity. Moreover, top managers should refrain from downplaying the effects of poor talent retention.

Organizations have realized the importance of not only hiring and retaining top employees but keeping them inspired and focused on achieving the organization’s business objectives. Understanding the importance of employee retention could save ample time and money for any organization. Moreover, strategizing on employee engagement is essential to increase the rate of retention. The willingness and ability of staff employees must be factored into measuring employee engagement because it contributes to the success and growth of any company. A high-spirited workforce can face organizational challenges head-on and work diligently towards building a growth-oriented environment.

Good leaders never rule out the importance of employee retention practices in their organizations. They act as a catalyst in promoting the company’s culture through effective leadership practices. Understanding what drives an employer’s mindset is critical for leaders when creating their retention strategies. Being an effective leader involves not only putting an emphasis on team dynamics but also keeping employees in good spirits. The role of leaders in talent retention is pivotal to the company’s success because businesses can’t afford to lose their talented employees. That makes employee engagement activities even more important.

What Is the First Step?

An employee wants to be cheerful and happy. What brings this cheerfulness and happiness can be highly subjective. It can translate from the work culture or money or some professional development. Monotony bores him/her, and the employee leaves when you don’t have anything better to offer. Therefore, instead of a hit and trial method to know what suits the employee, companies should invest in a better way to evaluate the needs through various assessment tests, which will not only be time effective but also address critical concerns. These assessments will give a clear picture of what the employees lack and need, helping the development team to come up with the best possible action plan. Our call to action becomes much more effective once we have a clear picture in mind.

Top Strategies to Retain Talent

Instilling a Work-Life Balance

For millennials, work-life balance is very important, as 89% of them feel that this balance is the key to happiness in the workplace.

“Work-life balance”: this implies creating and maintaining a healthy work environment, thus enabling the employees to heighten their loyalty and productivity. In today’s environment, job burnout is taking a toll on people’s health, causing serious concerns. Long working hours not only impacts productivity at work but also poses several health risks. All this comes at a price in the form of lower productivity, absenteeism, and under-performance. 

It is the organization’s responsibility to promote a healthy work-life balance through various mediums such as apprenticeship, office lunches, and seminars to have an open discussion about stress, overburden, and other such factors. These discussions will help the employee to make better decisions. Adopting methods of relaxation, such as yoga and meditation, can help employees feel better about themselves.

Esop - Employee Stock Option Plan

In an ESOP, the company makes the employee an equity holder of the company by granting an ownership interest in the entity. This act instills a sense of ownership in the employees, and that is why the employee feels strongly attached to the company and attempts to align the personal objectives with the broader organizational goal. This cashless payment strategy acts as a stimulant to employee behavior, thus creating successful teams with shared goals.

Motivation

Words have the power to heal. Nothing can match a compliment such as ‘well done’ and ‘keep it up.’ When the employee receives an appreciation mail, it’s a feeling beyond words. Nothing works better than motivation, where the company values the employees’ efforts and encourages them to perform better. 

It is natural to feel low sometimes. When it feels like nothing will work out, an inspirational poster on the notice board or some photographs on the way to the bay changes the employees’ perspective. And most importantly, if they fail to perform once or twice, keep them motivated, and give them more time to prove themselves. Award them with badges or trophies and organize events where the audience applauds them. All these actions will make them want to work harder. Appraisals are another means of keeping them motivated. It is unjustified to expect the best from employees without motivation.

Professional Development and Career Advancement

 A survey of 2000 employees by Betterbuy found a 34% high retention rate with development opportunities than those without them. However, 75% of the employees with developmental opportunities said that they would stay for another five years.

Employees prey on growth opportunities. Training them through professional development programs makes them more efficient, also preparing them for future responsibilities. Through these opportunities, employers cannot only engage the employees but also find future leaders.

Before enhancing an individual’s skills, human resource managers need to do the groundwork of understanding which skills to develop. This calls for assessment tests that make the task easier and efficient. By conducting these tests, organizations can clearly understand the employees’ requirements and develop the required skill sets.

When staff members are ready to give their best, they become more confident, which leads to job satisfaction and hence, retention. Training and development help to promote an image of the company as one who cares for its employees. Your workers don’t want to stagnate. They want to gain the ability to become well-rounded. Giving them their food for thought will eventually get them onto your side.

Encouraging Employee Participation in Planning Processes

The involvement of employees in the strategic planning processes will instill a sense of accountability and belongingness among them. The participation of the team in planning, evaluating opportunities, and suggesting process improvement ideas will go a long way in keeping the team aligned with the company’s vision.

Building Effective Channels of Communication

Keeping employees abreast of the latest development in the company is the key to developing a feeling of trust and loyalty among them. There is an urgent need to streamline internal communication with such initiatives as digital employee magazine, which will likely include fun columns, featured news, shared experiences, star performers, and many other such interesting topics.  The companies that will realize the importance of employee retention will equally focus on internal brand awareness exercises.

Helping Employees Create a Personal Growth Path

The role of leaders in talent retention is not limited merely to employee engagement. It also entails identifying their key strengths and guiding them towards the right career path within the company. A mentorship model helps immensely in coaching and mentoring teams through which the manager aligns the employee’s aspirations with the company’s mission and vision, hence creating a collaborative environment for work.

Instilling a Socially Responsible Culture

Infusing philanthropy into your work culture will encourage employees to participate more often in social and charity-driven initiatives. Employees can stay positive and motivated at work. Volunteering and giving back to the community instills a sense of pride and loyalty in employees. There are several ways for managers to bring the team together, pitch a healthy cause, and choose the right volunteer program.

Introducing New Wellness Programs

Companies that emphasize the importance of employee retention have the edge over their competition.  These companies attest to the fact that happy employees love their place of work and feel engaged in the job. Conducting health camps makes employees feel valued at work, instilling a sense of security among them. It doesn’t necessarily have to be hefty bonuses or paycheques. Even such gestures to show that the company cares can have a tremendous impact and work wonders.

Are You Ready to Apply Then?

The Human Resource is vital to the success and growth of any organization. Each employee wants to feel valued, wants to grow, and have a work-life balance. To build the bridge between an employee and a valuable employee, employers need to take talent retention initiatives, which push the employees to do better and stay happy with you for a longer time. Following these best practices will translate into more revenue, and ultimately results are what we want.

You may also like to read: Harness the Power of Employee Engagement

Originally published May 1 2018, Updated June 25 2020

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Written by

Abhilash works with the Content Marketing team of Mercer|Mettl. He has been contributing his bit to the world of online business for some years now. Abhilash is experienced in content marketing, along with SEO. He’s fond of writing useful posts, helping people, traveling, and savoring delicacies.

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