Why do companies often end up with a shortfall in their talent pipeline?
There is a long list of reasons fueling the need for talent resignation. The reasons may be, pursuing new career paths, low pay, not sharing the same values as the company, taking a break due to burnout, not receiving desired benefits and expected flexibility, or even because of how they are treated by management and leaders, or their peers.
Before we learn how to retain talent, we must understand what type of talent is worth retaining. A few ways to recognize and retain talent are:
1. Recognizing retention starts with recruiting
Job-hoppers are something of a gamble. People who change their jobs frequently are often not the kind you should look for (Until they have specified valid reasons), regardless of how great their qualifications are. Companies should seek out candidates with considerable longevity in their previous jobs. This showcases not only their commitment but also their tenacity to learn and grow with your company. You should also look for someone who plays team sports, who have committed to volunteer or other activities outside of work — that can help tell you that they are invested in a cause, a team, a sport, yes, but also that they have the mindset to stick with something they really care about.
2. Recognize the ones that share your outlook
Workers tend to stay longer at organizations when they relate to the values, vision, and mission. Identifying them during the recruitment process will pave the way for long-term dividends in terms of retention.
3. Provide ongoing education and clear paths to advancement
To better hone their skills or acquire new sets of skills. The employees should not only have a clear sense of how to go about it; they must also have access to the resources and tools required to grow. Promoting from within not only provides a clear path to greater compensation and responsibility, it also helps employees feel they are valued and a crucial part of the company’s success. Hence, employee development and education are essential.
4. Be competitive with compensation packages
There might come a time when an employee might feel like they might find another company that would better compensate for their work. Pay, however, may be only part of the whole equation. Factors like compensation, benefits, work environment, development opportunities, and rewards do count and matter when it comes to an employee’s satisfaction. If an employee feels like they are not completely satisfied, they would always want to seek out greener grass. Especially now that we live in an essentially virtual world due to COVID, many geographical barriers are lifted. This liberation of time and distance paves a path for employees to find more opportunities elsewhere. It would behoove both an organization and the employee to keep up with your competitors and see what they are doing to keep their employees happy. When possible, exceed the efforts your competitors are making. You want your employees to feel that your workplace is superior to others in the field. It will encourage them to stay and be grateful for their position rather than seeking other employers that seem to have more to offer.
5. Deliver for your employees
People are seeking organizations that can provide flexibility to meet their individual needs and preferences. If an organization is unable to provide flexibility, that could make it difficult to attract or retain talent. It’s fair to say that as an organization, it is important to understand and know what your employees need and be able to meet them. It is vital to recognize that people are multidimensional. We must support the whole person, whether that’s through flexibility, financial stability, a plethora of benefits, or meaningful and time-worthy projects to keep them engaged.
6. Engage your workers
Nobody likes to be stagnant or end up getting stuck in a rut. It’s crucial to empower your employees to perform their best. It’s crucial to show trust in them and their work. Always let them know that their input counts. They must understand why they are asked to perform the task at hand and how they will add to the success.
To conclude, the practices we should adopt to maintain a better relationship with our workers stem from what they expect from the company. Typically employees want to feel like valued members of the team where their voices are heard. To fulfill their duties and tasks, they must have access to the necessary resources. They would want the opportunity to grow and become the best they want to be.
At KAPITAL, we have successfully achieved a 96% retention for our client projects and our internal needs. We can vouch that these steps would work wonders for you to help you retain your top talent if you follow them well. To know more about us and get in touch, you can email us or view our website.