How To Retain Your Best Talent at Minimal Cost?
The core of all business success is employee talent. Without a team of a talented people, you may work hard and long but certainly not achieve much of anything.
However, the vexed question is once you have attracted the right kind of talent then how do you keep them together?
EGO, AMBITION, REAL FINANCIAL CONCERNS & THE QUEST FOR BIGGER CHALLENGES.
All these conspires to chip away at your talent base.
Employee Retention Strategies – Learn the Tricks
1. Reward The People They Want.
Once you comprehend how different we all are, the reasonable subsequent step is to treat different employees differently. For instance, if you have a shy-mastermind in your team who likes to work behind-the-scenes, let her or him work away from the glare of public presentations and meetings.
Get to learn more about your best performers personally; else you will have no idea what motivates each person in your team.
2. Nurture Differences, Rather Than Likenesses.
You need to understand that all talented employees are not the same. One desires responsiveness, and other abhors it. One is driven by purpose; another is driven by compensation.
Remember; you will retain just one kind of person if you adopt one-size-fits-all employee retention strategies. Over time, your team members will become a set of clones, who think all the same. And, when that occurs, you no longer have a talent which is diverse.
3. Reward Honesty, Never Castigate It.
You will have the tough time retaining a diverse group of talented employees if there is only one path to success in your organization (or department). Even worse, you will be unable to reward honesty. For instance, if an employee acknowledges he or she would rather have more time with his or her family than more money, you cannot decide he/she has little growth potential and assume he/she lacks ambition.
4. Give Choices To Your Employees.
Implicit or Explicit data collection – These are two stratagems for gathering insights that empowers personalized approach.
The EXPLICIT approach is where you ask people for their ideas and suggestions.
The IMPLICIT approach is where you observe what people do and draw your conclusion.
Definitely, explicit approach is beneficial as it is more accurate but typically has a lower response rate. Hence, you need to utilize both. Ask your employees whether flexibility or money is more significant to them. Ask whether an overseas project would be a negative or a plus.
5. Grow like Topsy.
If your key priorities are to retain the best talent, then you have no option but to pursue a GROWTH STRATEGY in your business.
Todays, workforce craves for both personal and professional growth. If your business is growing just 1% in a year, you cannot provide these to your team. You need to know that every year will be pretty much the same as the one before it. Identifying this, you must lean towards the growth and the decisions that influence it; expanding your product and service lines, entering new businesses and locating new customers who are similar to your best clients.
The best teams are:
MULTI-TALENTED, COLLABORATIVE & DIVERSE.
To attract and retain such talent, you need to celebrate the differences between your employees. All should be equivalent prospects, but that does not mean that all have to opt in similar career path.