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How do top companies retain their talent?

How do top companies retain their talent?

Posted on December 11, 2017

Recruitment: it can be a costly business. We’re not talking simply advertising costs either. The hiring process can be time-consuming to set up. Not to mention all the further time taken out of the working day to train new staff. Also, if you’re not doing it right and you end up hiring the wrong people for the job, it’s potentially risky (unless, of course, you call in the experts).

Ensuring your brightest and best don’t stray from the company is a vital part in making a successful business. Losing staff is a problem for which top employers have developed long term strategies. However, all companies - big and small - can benefit from utilising these key methods of staff retention.

Offer true development 

It’s no great industry secret that staff require training. That’s right next to the dress code and pay. But an employer that shows serious commitment to its employees’ skills base and career development is one that encourages long-standing loyalty. Staff investment is essential to retention.

Several large corporations like Renault will offer certifications and qualifications as part of their training schemes. Formal qualifications and diplomas are commonplace amongst big successful firms. Academic gold backed up by industry nous.

Promotion opportunities

Letting great employees go to waste in positions that they’ve outgrown is a waste of talent and company resources. Instead you should provide an environment where employees can kick their way through the glass ceiling to positions that take their skills to a more productive and prosperous level.

Successful employers actively encourage their employees to seek higher rungs on the company ladder. Cinema chain Odeon, for example, recently ran an in-house recruitment campaign to current staff, offering them the chance to show their professional mettle and aptitude for promotion within the company.

Listen to your staff 

Great HR requires constantly communicating effectively with both staff and managers. Employers who take the time to assess workers’ contentment in their roles tend to hold on to their most valuable staff. In the US, hotel firm Hyatt created the “Change the Conversation” program, in which staff are encouraged to provide feedback – good or otherwise – to managers and leaders. They believe that this contributes hugely to their enviable retention stats.

>> 5 signs you need an HR manager in your life

Flexibility 

Domestic life rarely stays still. Babies, house moves and new responsibilities can take precedence in employee lives. Work sometimes needs to be a little malleable to fit around the demands of modern life. Flexi time, negotiable days off and even the ability to work from home can entice great employees to make sure they can still give 100% commitment to the job.

>> 8 benefits of allowing your staff to work remotely

Benefits 

No matter how satisfying a job might be, staff perks are the cherry on the job cake. A great incentive to deter being poached across to rival businesses, attractions such as company car, mobile phone, pension schemes, shares and subsidised gym memberships all conspire to keep loyal talented personnel. Just ask Microsoft.

>> How to create a competitive benefits package – on a budget

Salary 

A career that brings not only fulfilment, but delivers in the bank balance department is certainly one that satisfies. No employee will complain about regular appraisals that recognise and remunerate their hard work.

As demonstrated, staff loyalty is earned by employers who value the people they employ.

Reward. Engage. Invest. Retain.

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