In the current market, there is definitely a war for talent!
Hiring the best employees in the market doesn’t happen just like that! It takes a lot of time, effort and investment. That is exactly why you might want to retain the talent that you or your company acquired.
Employers are constantly looking for the secret to keeping their good employees satisfied.
Benefits, such as vacation time, retirement plans, health insurance and salary are high on the list of why those great people took the job you offered them. The question is: are they enough reasons for them to stay in that position in the long run?
Below are a few strategies to use to retain your talent:
- Measure your people in your company to map out which are the out-performers, the performers and the low to non-performers. There are several tools you can use for that, but one of the most common tools used is the gauss-curve. It’s a bell curve where you can put your 70 percent of average employees, followed by 15% out-performers and 15% non-performers. The account manager at Absolute Solutions can help you with that! We have specific tools to help you retain your talent. The 15% out-performers need to be pampered and challenged. That is your human capital, your talent. Then we have your 15% non performers for which you need to have an exit strategy. With the remaining 70%, we have to try to get as many people as possible in the out-performing category.
- Be transparent and clear about the company goals and expectations. Don’t just throw your people in the pool and expect them to know how to swim. Have a clear job description and let your people know what is required of them. Communicate clearly and directly and if changes need to be made, show them how.
- Recognize the fact that your people are your greatest asset. You don’t leave your money, your capital laying around, unguarded, unguided… Your employees are your human capital, the most important asset to your company. And what’s more, they are 100% unique. There is only one of them, once they are gone, you can not get the same person somewhere else. Good entrepreneurs these days work according to this principle every day. First who, then what. If you have the right people, you can put them in the position required. Not the other way around. Set challenging but reasonable goals, reward your people when those goals are achieved. Let them know what their contributions are to the company.
- Evolution vs. evaluation. Lately, more entrepreneurs, more business owners are conducting evaluation interviews with their employees. Visionary people are conducting evolution interviews. Evolution is the future, you talk about the things you want to see changed in the future, the things people need to do differently. Evaluation is focussed on mistakes of the past. Evolution interviews are very motivating if they are conducted right. They can or cannot involve a bonus, reward, etc. Communicate with your employees from the date of hiring when and how frequent you will conduct these interviews.
- Recognize and reward good work. Bonuses are always nice to get, but keep in mind that money is never a motivator. The joy extra money is brining when it is given is so fast forgotten a couple of weeks or months down the road. Recognition of a job well done is a great way to create goodwill and loyalty amongst your people. Personalize, make sure you know every employee by name. Good job is acceptable, but “Hey Justin, good job on the Patterson project” goes long ways further. Next to cash money, there are several extras you can give an employee, which they are going to remember longer than just a check.
- Training is everything, knowledge is power. Employees want to be challenged, they want to learn. In the millennial generation, so much information is coming to people through all kinds of different channels. Provide your out-performers with training or courses as a reward. In the long run, your company will benefit from it again, because people with the right attitude that you make smarter and more skilled are then going to use those skills in the benefit of your company. WIN WIN.
- Work-life balance is important. Every person has a motivation button. The difference between a manager and a great manager is that the great manager will find or keep trying to find the motivation button with his people. What motivates them, what drives them, etc. People nowadays are very much into work-life balance. But again… what is that? It will probably be different from person to person. Work life balance is such a heavy theme but experienced differently. Try detecting what people want and play into that. Make it tailor made when you set certain goals.
- The answer is always “yes”. How great would it be if the answer to everything would be yes all the time? Unfortunately a lot of companies have walls around certain topics, which are off limits for most employees in the company. Visionary entrepreneurs have set the bar high for their companies and out-performing employees. The answer is always yes… Every employee can ask whatever they want, how crazy it might seem. Then the target to achieve that is set mutually. Reward in function of effort. Tailor made. Nothing is more unequal than the equal treatment of unequals.
- Recognize contribution to your company. The first thing you need to realize is that without your people, your company would not be where it is today. People who don’t realize that are going to eventually lose their key people. Call your people “contributors” (because they are contributing) instead of employees. By keeping things positive and showing your people in the smallest details how valuable they are to you and your company, you are on track to achieve the next goal, and the next, and the next, and the…