In today’s Vacancy-Rich market, retaining talent is more important than ever. Retainment starts with the recruitment process and begins with hiring the correct people.
Attracting talent is where it starts, keeping top talent is how you create a valuable workforce. In this article, we explore the benefits of retaining talent, how to retain top talent and walk you through Square Peg’s top tips to success.
What retention strategies do you have in place?
We cannot stress the importance of retaining your talent enough. Retaining talent requires strategy and effort in order to keep your business attractive and competitive enough to stay working with you, as opposed to your competitors.
The benefits of retaining talent
By retaining talent, you have a workforce of knowledge and expertise. Ensuring your employees stay loyal ensures that teams are knowledgeable of your values, the business, processes and more. This alone is invaluable for decision making, problem solving and effective operations.
Retaining talent also has multiple financial benefits. Recruitment is a great investment when executed correctly however ineffective hiring is costly. Did you know that a bad hire costs a company on average £50,000? Training new employee’s costs significantly more than upskilling and CPD. Focusing on nurturing current employees will improve your retention and allow you to minimise expenses.
By improving retention rates, teams also become more stable. A high employee turnover can disrupt dynamics and affect culture. When an employee leaves, you risk a loss in institutional memory.
Similarly, an unstable workforce can also have negative impacts on your client relationships. When clients have multiple changes to their accounts and communications within your company, they may lose trust in your service. Retaining talent maintains continuity with employees, clients and stakeholders.
Investing in your employees has significant benefits for the company itself and the employees individually. By retaining talent, you automatically brand your business as competitive and create a strong employer brand. Whilst the benefits of retaining talent speak for themselves, you may be wondering, how do I reap these rewards?
How to retain top talent
Now that we have discussed the benefits of retaining talent, let’s delve into the steps to do it.
Start by offering competitive benefits
Offering competitive benefits will ensure employees feel valued because you are an employer who cares. Competitive packages go beyond salary. Benefits and packages should be holistic. When we talk about benefits, we are discussing anything from bonuses and healthcare to flexible working and professional development.
Conduct market research to see what other employers are doing both in and out of your industry. It is also important to communicate with staff. You may think unlimited holiday is what everyone wants, when in reality, employees are taking 29 days on average. By talking to your employees, you may learn that they would prefer flexibility around school time or health and wellbeing plans. In addition to this, ensure that employees are aware of the value you are adding to their lives and career. This creates an understanding and appreciation of the investment you are making as an employer.
Invest in development.
Investing in the personal and professional development of employees is proven to be an effective retainment strategy. Begin by assessing the needs of teams and individuals. This can be done by conducting regular performance reviews. Managers can learn career gaps and aspirations which can inform your CPD strategy.
Development can look differently per organisation and even per team. Implementing training and upskilling programs will enhance the knowledge and skills of employees. Some businesses utilise external mentoring and coaching programs which allows for a fresh perspective, expert advice and knowledge transfer. Other initiatives could be educational reimbursements, higher apprenticeships and professional certifications.
By creating a culture of development and learning, businesses will see a change in morale, collaboration and results. Development also promotes internal career advancements which motivates employees to a higher goal.
Create a positive culture and environment
This is another really important factor in retaining talent. Do your employees want to be there? Businesses should strive toward creating an environment where people enjoy coming to work and feel inspired.
Creating a positive environment starts by promoting a healthy work ethos. Organisations should prioritise a work-life balance, foster open communication, promote diversity and be inclusive. Be a positive employer or manager who celebrates wins and problem solves positively.
Emphasise team building and social interactions to allow your employees to create reasonable relationships beyond their work responsibilities. Activities beyond daily tasks will help teams to enjoy each other’s company, resulting in strengthened teamwork and collaboration.
Form a strong leadership team
Creating a team of leaders and managers will have a direct impact on the retention of employees. A strong leadership team is created by investing in leadership development. This will allow managers to foster a culture of open communication, support, and mentoring. Employees should feel confident to go to line managers with any queries or problems.
Larger organisations should empower decision making and avoid micro-managing. This will inspire managers to make an impact within their teams. Encourage team leaders to make decisions within their scope of responsibility and have ownership of their teams to create engagement with employees.
Ensure managers lead by example and become ambassadors for the culture of your company. Leaders should be embodiments of your values and preferred behaviours. Effective leaders create environments where employees feel motivated, safe and valued. A strong management team will contribute to higher engagement and job satisfaction and ultimately, improved retention.
Square Peg Associates Top Tips to Retain Top Talent:
- Begin by hiring the right people – ensure hiring managers and/or your recruitment agency are effectively sourcing and placing the correct talent.
- Conduct regular check ins – performance management reviews and ‘stay’ meetings are invaluable to understanding your teams’ progress, satisfaction and aspirations
- Recognise and Reward – recognise when change needs to be implemented and celebrate every win. Celebrate milestones, achievements and performance to foster a sense of belonging and increase motivation.
- Create and promote a healthy culture – work towards creating a place where people want to be, are rewarded, and are cared for. Encouraging well-being avoids burnout.
- Promote development and internal advancement – embrace learning and development to inspire employees to work towards being better and climbing the ladder within your company.
Recognising top talent is crucial for successful operations and growth of any business. By following the tips to retain top talent above, you can implement effective strategies for retaining talent.
Square Peg Associates work with commercial businesses in Lancashire, Rossendale, Manchester and surrounding areas to create successful teams. Their work goes beyond placing candidates and helps you to refine your recruitment strategy to ensure your teams strive towards your business success.
For more information, please visit the Square Peg Associates website.
For more member news, click here.
