Finding the right talent is a challenge, however once employed retaining that talent is something which organizations have to consider on an ongoing basis.
Organizations such as those in the Technology space, for instance, put a lot of resources into finding gifted and motivated employees. The process to find these individuals can be lengthy with resume screening, psychometric assessments, narrowing the field, negotiating packages and finally hiring the new talent.
When an organization has a talent that is an asset and continually delivers positively to the organization’s objectives and culture, it is imperative that they consider the individuals value and how putting measures in place to retain the talent can keep them engaged and committed with no reason to consider outside alternatives.
Below are some things that could be put in place to aid retention of those valuable assets!
1. Proper Mentors
Consider employee engagement programs where you appoint mentors for individuals. You could for instance pair up a high potential with a successful Sales Manager or link up a VP to mentor a Senior Leader. Encouraging employee engagement through mentorship programs enhances their overall output and is a good way of building skills especially when paired with mentors in different departments or fields that can add new insights to an individual.
Help prepare your Leadership teams to become valuable mentors by providing training for them so that they can naturally use a coaching manner when they buddy up. LHH Gulf’s Coaching Conversations is an interactive program where leaders are equipped to establish a coaching and mentoring culture into the organization.
2. Culture of Open Communication
Following on from establishing a coaching culture in the workplace comes the focus on creating a culture of open communication. Establishing both of these elements into the culture will be supportive of your employee engagement strategy. Create avenues and ways for open communication to be facilitated via technology, informal meetups, one on one time’s with different leaders that can tie into the coaching conversations culture and allow for transparent and open communication.
Minor issues can be resolved quickly by the management and the rumour mill can be stopped in its tracks when identified. Open communication helps to settle disputes, bring clarity and realign team members while giving the workers a sense of belonging and purpose.
Quarterly Progress Reviews
Many companies only undertake yearly performance reviews. In a year there can be so much change, not only in a specific job role but also when considering the organization’s direction, focus and performance. It makes sense therefore to consider conducting quarterly or half yearly progress reviews.
Favorable quarterly reports encourage employees to continually focus on their personal growth and also allows for early guidance and intervention where they may need additional support. It is also a brilliant way to get feedback from employees on how the organization is doing in the employees eyes and allow for that open communication and feedback we mentioned earlier.
3. Budget for Personal Development and Education
Organizations that encourage employees to grow in their personal as well as professional life, are known to have more satisfied and loyal staff. Not only courses, training or education relevant to their particular job role, but consider divergent skill building such as networking, supervisory training, mindfulness or personal assessments such as Hogans or Emotional Intelligence.LHH Gulf works with organizations with some of these aspects to aid an individual’s personal development and can be used to support an individual development plan professionally as well as have an effect on their personal growth.
Hogan Personality Inventory is a popular assessment whereby individuals discover the strengths and weaknesses bringing a sense of self awareness and self understanding. LHH Gulf delivers many different assessment programs depending on the need and outcome intended. Whether it be the popular 360-degree feedback technique, skill-based assessments or personality preferences. The development of each individual staff member is the focus of these assessments which enable employers to create plans to develop employee’s professional and personal life. When assessments are done on all team members it can highlight and develop an understanding between teammates and encourage great collaboration and support between team members.
4. Learn All Elements of the Business
Linking back to the cultures of coaching, mentoring and open communication, is another element that can strengthen the retaining of talent percentage in the organization. Facilitating the ability for individuals to experience different job roles even if for a very short period can provide insights that propel them to reach further and provide a deeper understanding of the business as a whole. A good example of this is a well known software company who allocates time for individuals to train with the best employees in different parts of the company. A software developer may spend time in a customer call centre for instance to see first hand the issues end users face and gain a deeper understanding of their own contributions. Allowing employees the opportunity to learn more about different departments and parts of the business can also build and reinforce the sense of belonging and ‘ownership’ of company goals. It will also support strong employee relationships which is crucial in employee retention.
5. Finally, the Compensation
It goes without saying that ensuring you are providing competitive packages to employees for their loyalty and hard work will be important. Ensure gross salaries are at least on par with competitors, ideally, higher. Consider the performance and holiday bonuses you can offer which can save you money in the long term preventing talent leaving and the need to spend even more money on rehiring and retaining new employees. Create a culture where an individual feels valued and well compensated in your organization.
At LHH Gulf we are passionate about building strong and effective teams and cultures within organizations. Feel free to reach out to us on how we can work with you to retain that talent you have at firstname.lastname@example.org