Your investment and responsibility when bringing talented individuals into your organisation doesn’t end once they are employed by you.
Recruitment is just the beginning. Your next challenge is retaining them. After you’ve invested time and money in the recruitment process, the last thing you want to happen is for them to leave. Whether it’s within a few months or years, the loss of those skills and knowledge can have a huge impact. When you are losing skills that are high in demand or niche, the impact can be critical.
In our experience helping organizations to recruit sought-after skills, retention cannot be an afterthought. Retaining top talent requires a strategy to engage those employees from the beginning and throughout their careers with you. In an ideal world, you want them to thrive and remain loyal to you.
If you are serious about retaining your top talent, here is where your focus should be:
- Building the right company culture.
Company culture can make or break an organization. It can play an important part in why people stay with you, or why they leave. The right company culture will depend on your company values. It’s about more than quirky office space, pool tables, and free lunches. It sets the tone for the employees and can influence their motivation and performance. More importantly, a positive company culture can improve retention rates.
Your company culture will evolve over time, as the organization grows and more people join. The culture needs to align with the company’s mission, it’s values, and goals, with your employees feeding into it. A positive company culture will need nurturing. You should regularly survey and monitor how employees feel about the culture to sense-check it’s where it should be.
- Invest in their personal development.
Your employees will want to feel valued, challenged, and know their work is making a real impact. Recruiting them into a specific role with a purpose and a connection to what the company is aiming to achieve will be motivating and rewarding initially, but what’s next?
It’s important to identify growth and development opportunities for all your teams, to keep them interested and demonstrate they are a valued part of the company. Work with each individual to map out a plan of learning and development opportunities that they can work towards, so they have a clear understanding of what their future at the company could look like. If you don’t, your competition could easily poach them with the promise of a higher salary and better recognition.
- Regularly review salary and benefits.
Offering the highest salary for a role won’t always win you the best people (if your competitors are known for having a great company culture and personal development opportunities) but not having a competitive salary will impact your ability to retain top talent.
Don’t wait for your employees to ask for increased pay and benefits. Regularly monitor what the market is offering. Keep in touch with what your employees are looking for in non-financial benefits such as training opportunities, health care and wellbeing initiatives.
Is retaining top talent a challenge for your organisation?
Growing organisations will be hindered by higher turnover rates if they don’t have a strategy in place to retain their top talent. Companies that invest in the company culture, personal development and how they reward their people will see their investment returned in the form of attracting the right skills and knowledge and those individuals remaining loyal to the company.
At ProspHR Solutions, we have the expertise and know-how to take care of all your HR needs. When it comes to recruitment, we can advise and support the full employee lifecycle from talent acquisition, to learning and development, job and pay benchmarking, through to cultural and business transformation.
Let ProspHR Solutions support you to develop a comprehensive people strategy that not only attracts and retains top talent but allows them to thrive
Book a Prosperity Call today to find out more about our recruitment and people development packages. Contact us today at helpmybusinessthrive@prosphrsolutions.com or call 0345 548 2124.
