The Art and Science of Developing and Retaining Talent
Developing and retaining talent is essential for any company to stay competitive. There are multiple ways to create and retain talent; however, the successful execution of talent retention depends on hiring managers.
This post will explore the most effective ways of developing and maintaining top talent in your company. So, here are nine methods for becoming an exceptional talent developer and training manager.
The induction process
According to a study published in the Society of Human Resource Management, employees are more likely to remain with a firm for three years if they have a positive onboarding experience. Careerbuilder and Silkroad Technology survey showed that 9% of employees had left their employers due to poor onboarding experience. In comparison, 37% of employees say their manager did not play a crucial role in supporting their onboarding experience. It is safe to say that retaining talent is dependent (to a large extent) on the induction and onboarding process.
Every new employee should be allowed to succeed right away. New hires should learn about the company’s culture and how they can contribute to it throughout the onboarding process. This is the most critical phase, so don’t scrimp on it. When an employee joins a company, the training, and assistance they receive from day one positively influence the overall development and retention of talent. Consequently, they affect productivity and success.
Employers profit from microlearning because workers pick when and where they get their training, enabling them to do so when it has the least negligible impact on their productivity. However, to keep your finest talent on board, employers must offer a range of training and development opportunities that allow their workers to keep up with the pace and the changing dynamics of the business world. This may include areas such as technological literacy, adaptability and change management, people management, and so on and so forth.
A LinkedIn survey reveals that 94% of the respondents prefer working with employers that offer career development opportunities. If you have role-specific skills development training programs lined up for all levels of employees across departments, it shows that you are invested in your people and believe that the company can only grow when the employees grow.
According to a 2021 Gallup study performed on behalf of Amazon, one of the top rewards younger people want in a new job is skill training. Roughly 66% of employees ranked learning new skills as the third most crucial advantage in retaining new employees and employment opportunities, trailing only health insurance and disability benefits.
Businesses must give their workers competitive compensation for retaining talent, implying that employers must continually analyze and change wages to remain competitive. Let’s suppose that your company cannot increase salaries at this challenging time. In that case, the talent managers should investigate the possibility of providing other types of compensation, such as bonuses. It’s important not to forget that giving workers better health care benefits and retirement plans retains talent and makes the organization productive.
Physical, emotional, and mental well-being
An excellent business practice to retain talent is to ensure the emotional, physical, and financial well-being of one’s workforce. During the pandemic, several businesses extended their wellness programs to make their workforces feel supported and encouraged them to put their health first. Employee retention may be improved by providing benefits like stress management programs, retirement planning assistance, and financial incentives for taking fitness courses.
An inaccessible supervisor is a demotivator because it chokes the communication process. Workplace communication has become even more critical in the post-pandemic hybrid workplace and for remote workers. Employers benefit from open lines of communication in retaining excellent employees. Your direct reports should feel free to contact you with any suggestions, questions, or concerns, regardless of where they work. Ensure you are doing your thing as a leader to foster timely, productive, and good communication among your team members. Try to meet with each team member regularly to get a feel of their workload and satisfaction with their work.
Recognition and rewards
Everyone craves appreciation that their efforts are recognized and valued. In today’s globally mobile workforce, timely and general preference can significantly affect. It facilitates retaining talent. Be considerate and generous when you thank your direct reports because they are the ones to come up with unique ideas and innovations.
What kind of impression is this hectic work-life imbalance leaving on your teams? What message are you sending employees about how the company manages its assets and talent? Do you expect employees to be available at all hours of the day and night? Keeping good employees depends significantly on how happy they are with their jobs and how well they balance their work and personal lives.
The company must appreciate that workers have lives outside of work and that maintaining an excellent work-life balance may be more challenging while working from home. Encouraging workers to keep their limits when completing their projects is an effective way of retaining employees. Also, if finishing a job requires staying up late, you may want to reward your employees by providing them with additional vacation time.
Notwithstanding the current epidemic, every company must cope with the inevitable changes that globalization and technology are implementing. As a result, workers rely on their bosses for guidance and comfort. Anxieties may be eased, and turnover can be controlled if your company keeps its employees well-informed during significant changes. When making big announcements, either by yourself or in a group, leave time for questions and comments. This will help you keep good people.
Team bonding activities
Being a team player is a good idea because it helps all achieve collective and individual goals regardless of the company’s size. Co-workers from different teams might benefit from participating in team-building activities. Team bonding exercises allow the talent managers to retain top talent and to meet and connect with those in other groups, boosting morale and productivity. As a supervisor, you can facilitate the development of a healthy professional bond among co-workers. For example:
-A gift exchange during the holiday season
-Dressing up for Halloween
-Volunteering at convalescent homes
-Sponsoring or participating in a marathon
To sum it up, these nine talent retention strategies will boost employee work satisfaction. This involves maintaining market standards for wages and benefits, building a talented workforce, and effective manager-employee interactions. Some employees may quit sooner than you would like. You can make their choice harder. If workers leave your company feeling respected and supported, they may return one day.
Also Read: Prioritizing People Over Processes: A Useful Guide