If you’re running a business you will know that hiring truly exceptional talent is getting difficult these days. Rather, it was always difficult. Yes, there is a wealth of individuals out there looking for jobs who are armed with high profile degrees from the best colleges. But this doesn’t mean they have the required proficiency in a particular domain which can deliver the results you are looking for. Professionals who are a potent mix of the right qualifications and skillsets are in short supply.
So, if you do get such professionals onboard, you need to hold on to them and not let them go. But this isn’t as easy as it seems because they are in demand and they are liable to leave your organization at the first signs that you do not value their services.
So the question is how do you stop this talent from leaving your company? But, in the list of things that can help you stop talent from leaving your company, compensation and monetary incentive are placed at the lower rung of the ladder.
Surprised? Don’t be!
It’s not easy to retain talented individuals, but it’s not difficult either. Let’s take a look at five tips that will make your workforce want to stick to your organization:
1. The ‘Engagement’ Ecosystem
7 Insights into Employee Engagement is an old article but the points it covers will never lose their relevance. The importance of creating an ecosystem that consistently engages with your workforce cannot be overestimated. High performers will only stay in your organization if you are able to satisfy their expectations which include:
- Performance recognition
- Intrinsic need to challenge their expertise
- Job satisfaction
- Collaboration with other talented individuals
- Continuous learning and development
For this to happen, seamless channels of communication need to be established between you and your talent. Getting rid of organizational hierarchy, which at times acts as a deterrent to effective communication, might prove to be a good idea. Identify and talk with these people directly. Have one-on-one meetings on a weekly or monthly basis, and keep the conversation going on emails or chat channels. Keep interacting with your workforce. This will tell you what’s on their minds. Becoming a hands-on leader will be crucial in your efforts to stop talent from leaving your company.
2. Expect More
Highly skilled professionals love challenging their abilities. They constantly look to stretch the limits of their proficiency; this enables them to experience a sense of achievement and also helps them add to their repertoire of skill sets. So, it makes sense to expect more from them. This will help set their sights higher and make things more exciting and interesting for them.
Moving the targets of high performers is one quick way to ensure they won’t ever get bored of their jobs. What you are doing by upping your expectations is showing trust in their ability to deliver more for your business, a gesture that is always appreciated by experts.
3. Hire the Right Project Managers
While you need to be a hands-on leader, you will need to delegate responsibilities to the right people, and for that to happen you need reliable managers. So make the effort to put the right project managers in charge of the talent that is at your disposal. Don’t hire ordinary project managers, search for the really good ones. Look for people who’re as attuned to the needs of talented professionals as you are and have the ability to align talent with business goals.
Also pick the right tools that help project managers collaborate better with this talent. Gifted individuals want to focus on their jobs and not worry about factors like processes, budget, time, and communication. A cross-organizational project management tool such as WorkZone allows them to focus on what they do best; such web based tools also simplify management and control. This keeps everybody happy all the time.
4. Tell Them You Need Them
Monetary perks, bonuses, etc. tell an employee the management is happy with their performance and has consequently rewarded them for their efforts. But they are also expecting you to tell them directly that you value their services and want them to continue contributing to the growth of the company. This could set the ball rolling for a more solid employee-employer relationship. They might be even more willing to discuss their problems and expectations with you.
Also, do not underestimate the power of giving a public shout out to a particular employee’s good performance. This tells them their performance is being watched by the people at the top and prompts them to deliver even better results and stick with the company.
5. Make Them a Part of the Larger Business Growth Plan
Asking employees to contribute towards working out a growth strategy for your business will give them a sense of importance like no other. You are essentially telling them you consider their inputs of great merit, and look to them as an integral part of the organization’s future plans. This is one of the best incentives to stick around and contribute.
You need to launch a multi-pronged employee retention strategy and keep it in play all the time. You should continually aim to find new motivators to stop your employees from leaving you. Some might appreciate you give them a chance to work from home, while others would want an opportunity to work on a more challenging project. It’s your job as a leader to give them reasons to stay. And stay they will, if they find your organization “worth” their talent and skillsets.