There will be hiring and there will be attrition, through the numbers may be small even if the economy has slowed down. Hiring will not come to a halt and there will be attrition.
When uncertainty prevails, there will be employees who will want to move out to safer places or jobs that will be guaranteed for a longer time. This is the time rival companies come poaching to grab the best available in the industry to out do competition.
Talent retention continues to pose a challenge for many organizations. In addition to the obvious costs of recruiting and training replacements, loss of talent can have a serious impact on customer service and severely impair the capacity to develop future leadership. This alone is reason enough for businesses to treat the issue of talent retention with utmost gravity.
Though compensation is an important consideration for attracting and retaining talent, there are other factors that influence a company’s ability to hold on to people who have the biggest impact on its bottom line. Outlined here are keys to talent retention.
People are different: The idea of personalized employee motivation may appear a stretch for companies that find the ‘one size fits all approach’ to be both practical and convenient. However, a failure on the part of the employer to recognize the individual desires and needs increases the likelihood that they will seek employment elsewhere. As a person responsible for the productivity and well being of your staff, it is important you be there for them when they need your guidance or feedback. Your staff must feel valued as individuals, not as mere cogs in a big wheel. When managers recognize this ‘personal component’ by building rapport, fostering open lines of communication and providing unique development opportunities for employees , it results in better relationship building and staff morale.
Training: There is controversy regarding the relationship between training and turnover. Employers are concerned about training employees and then have them leave before the organization benefits from the skills and knowledge so developed. In times of recession especially, it is tempting to slash training budgets and stick to paying lip service. If the employee finds that he is not getting enough development opportunities, he will leave anyway, so withholding training opportunities is not the answer.
Trained people give the business a competitive edge and for employees, it enhances their sense of value and job security especially in a downturn. By including those employees who you believe are more likely to stay in specialized training and grooming them for the future through succession, management programs, you show that the organization has a personal stake in their growth and development as well.
Talented employees have expectations of what is needed to achieve their career aspirations. An organization that recognizes this fact and helps its employees integrate their personal career plans with organizational objectives through continuous feedback challenging work and growth opportunities will be able to retain the best staff without difficulty.
Work life balance: With on-job stress taking a toll on the health and psychological well being of a large section of the working population, many people are pushing work life balance to the top of their priority list. Money, prestige, even growth and development opportunities sometimes place in comparison to the need to achieve equilibrium between personal and professional life. By providing assistance to employees to help balance job stress and personal commitments through advice, counseling and proper support systems, you create an ideal environment for work satisfaction and happiness to thrive in.
Every employee expects to be fairly and adequately compensated for the value he delivers to the organization. The compensation not only covers monetary benefits, which clearly is high on the list, but it also includes other factors such as recognition, appreciation, opportunities for professional growth, development and self actualization.
An organization that recognizes this value proposition is well equipped to cope with the vagaries and challenge of talent retention.