Many companies spend endless amounts of time and money to
acquire top talent, whether through job boards or bringing on recruitment firms
but many don’t know how to retain that talent once they’ve obtained them. Companies expend countless energy on interviewing,
screening and identifying leaders in their field but what are they doing wrong
when that talent leaves and decides to move on to a competitor or better
opportunity? So how can you retain top
talent in business?
First off, be the best boss you can be. Be self-aware about the way you are engaging
and treating your employees. Make them
feel like they are part of the team.
Point out their strengths. Listen
to their needs. Find out what they need
from you in order to do their jobs better.
Ask for feedback on how they feel you are doing your job, how they are
being treated and what you can do to empower them to do their jobs better.
Empower your employees to make decisions. “Don’t just delegate responsibility; delegate
the authority people need to make decisions.”
If you don’t micromanage your employees, you’ll be surprised how much
more efficient and effective they can be without having to run everything by
you. Obviously, your employees must
prove themselves and earn your trust before you can let them run free, but once
they have allow them to. Your goal
should be to have your employees move the company forward with little
oversight.
Reduce the amount of office politics. Don’t run a micromanaged machine. Be a positive role model. Don’t tolerate gossip and water cooler
talk. If you don’t like the way an
employee is handling themselves and their responsibility, speak to them in
private and work to resolve the issue together.
If you show your employees respect, they will be loyal in kind.
Recognize and reward hard work every chance you get. Do this both formally and informally. You can do this formally by offering a bonus
or more responsibility if they hit their targets for the month. You can do this informally by inviting them
to lunch or sending them a note for the effort you’ve seen them put in on a
daily basis.
Include your top employees in decision making. Show them that you value their opinions about
where you think the company can improve.
Show them that their efforts will help move the company forward. Your top talent is your best resource for
making your business a success. Don’t
waste it by feeling like you have to make all the tough decisions on your
own. Ask for their input.
Try offering flexible work hours. Show your employees that you understand they
have a life and responsibilities outside of the office that need to be attended
to. If they are doing their jobs well
and putting in long hours, show them that they can take time off to meet
personal needs and that this won’t jeopardize their job security.
Invest in training.
Show your employees that you are behind them and that you want to
encourage them to do the best job they can possibly do. Offer to pay for courses they might want to
take to help improve their job performance.
Send them to conferences or panels where they can learn skills they can
bring back to the company and share what they’ve learned with their peers.
Be clear about goals and expectations. Be transparent at all times. Make sure you are communicating with your
employees on a consistent basis. Let
them know what you expect of them so that they can work hard to achieve those
goals and can be rewarded appropriately.
Invest in your business.
“No star athlete wants to play for a team that’s content to coast to a
mediocre record year after year.” Stars
want to play for winning teams and that’s because they want to win. Show them that you do too. Capitalize on new initiatives. Explore new opportunities. Find growth in unlikely places. If you show your employees you want to be a
leader in your field and you want them to help get you there, they’re more
likely to stay with you to help you achieve that goal.
Most importantly, provide a competitive compensation
package. Offer overtime pay or quarterly
and yearly bonuses for jobs well done.
If a stellar employee comes to you and tells you that a competitor has
offered them a higher salary for the same role, be willing to match it. Of course, you should think long and hard
about where you spend your money but you don’t want to let top talent go. Spending your money in the right place often
means spending that money on your top talent.
While building a business with top-tier talent is difficult,
it’s even more difficult to retain that talent.
If you invest in your employees, ask for their feedback, nurture them,
guide them, reward them and show them that they and their opinions are valued
and appreciated, they are more likely to stay put and be loyal to your
company. Not all top talent can be
retained but if you take the advice I’ve given here today, you have a better
shot of indeed retaining that talent.
Here are some articles you might want to check out about
retaining top talent in business:
“5 Tips for Hiring and Retaining Top Talent”: http://www.forbes.com/sites/theyec/2013/03/22/5-tips-for-hiring-and-retaining-top-talent/
“What It Takes to Retain Your Top Talent”: http://www.forbes.com/sites/jacquelynsmith/2013/01/24/what-it-takes-to-retain-your-top-talent/
“Ten Tips for Engaging and Retaining Top Talent”: http://www.cpiworld.com/knowledge-center/blog/ten-tips-for-engaging-retaining-top-talent
“5 Powerful Ways to Recruit and Retain Top Talent”: http://blog.brazencareerist.com/2013/05/14/5-powerful-ways-to-recruit-and-retain-top-talent/
Until next time…
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