As we are once again approaching financial year end, is key employee retention starting to register as a thought in your mind?
Here are some thoughts on how to encourage retention of top talent.
The key is understanding what drives behaviour. If we understand why people leave and when people leave we can create habits and systems to encourage them to stay.
People are more likely to leave your business because of external opportunities for promotion, poor relationships with their leader and because of timely approaches from competitors.
They are also more likely to leave following a few significant dates such as:
• Work anniversaries
• Bonus payments
Here are some simple habits which can make a world of difference to your retention.
1. Keep an open dialogue with your team about their goals
Do you know what the goals of your staff are? We’ve found that employees will look for internal opportunities before they will consider outside roles.
Have you identified potential promotional opportunities for your top talent? Are you actively developing your staff for these roles by helping them developing the necessary skills and experience, and socialising them with key stakeholders?
Sometimes, it’s just a matter of letting your team members know what you are thinking about their future with your company.
2. Encourage great relationships
Check in to test internal relationships between leaders and their teams. Regular engagement surveys are great, but also pay attention to the informal feedback you’re hearing from your team.
Are team members working well with their leaders? Do they have social relationships and friendships within the business?
Remember that the number one factor which ensures staff engagement is trust in leadership.
3. Pay attention to, and celebrate significant dates AND successes
Let your employees know they are valued by taking time to celebrate significant dates like work anniversaries, birthdays as well as big wins they have with projects and clients.
It’s the little things that make the biggest impacts to people. The “thankyous” for hard work tell them how important they are to your organisation and lets them know that you recognise the difference they make every day to your business.
4. Treat exiting employees with dignity and respect
It always surprises me when I see employers treating their exiting employees poorly after they resign. Your alumni are your future clients, and they are the people who will promote your business after they leave to potential talent and customers.
Most of all, your current employees will always take notice of how you treat their friends when they leave. If you are disrespectful and have a “don’t let the door hit you on the way out” attitude, it does not foster respect within your top talent and increases their propensity to also leave.
We can help
Profusion Group consultants, coaches and facilitators are leaders in their field. We offer both recruitment services and executive search services.
If you’d like to work with our team to help you, your team or organisation achieve your goals get in touch.
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