With the economy growing at a steady pace, companies are facing newer challenges. In particular, the Human Resources Department has to change its approach to managing Human Capital.
Gone are the days when the employer called the shots. Today with more people-centric business models it has become ever more crucial to be able to retain talent. The loss of talent in a firm can adversely affect the firm’s ability to succeed.
Many companies have yet to be more innovative in talent retention. Improving talent retention should be the primary aim of every manager.
We list some tips to improve talent retention below:
• Select the right people in the first place through behavior-based testing and competency screening.
• Offer an attractive, competitive, benefits package with components such as life insurance, disability insurance and flexible hours.
• Provide opportunities for people to share their knowledge via training sessions, presentations, mentoring others and team assignments.
• Demonstrate respect for all employees at all times. Listen to them; use their ideas; never ridicule or shame them.
• Offer performance feedback and praise good efforts and results.
• People want to enjoy their work. Make work fun. Engage and employ the special talents of each individual.
• Enable employees to balance work and life. Allow flexible starting times, core business hours and flexible ending times.
• Involve employees in decisions that affect their jobs and the overall
direction of the company whenever possible.• Recognize excellent performance, and especially, link pay to performance.
• Base the upside of bonus potential on the success of both the employee and the company and make it limitless within company parameters.
• Recognize and celebrate success.
• Staff adequately so overtime is minimized for those who don't want it and people don't wear themselves out.
• Nurture and celebrate organization traditions. Run a food collection drive every Christmas. Pick a monthly charity to help. Have an annual company dinner at a fancy hotel.
• Provide opportunities within the company for cross-training and career progression. People like to know that they have room for career movement.
• Provide the opportunity for career and personal growth through training and education, challenging assignments and more.
• Communicate goals, roles and responsibilities so people know what is expected and feel like part of the in-crowd.
•Encourage employees to have good, even best, friends, at work.
These tips will go a long way to make your organizations that truly appreciate and treasure employees. The returns are immeasurable. If you treat your employees really well, you will not lose them and will not lose your competitiveness.
