In this article, we will discuss what talent retention is and five measures to retain talent in your organization. Talent retention is not just about preventing people from leaving the organization; it’s also about supporting and accompanying employees so they feel they work in a company that cares about their well-being, growth, development, and, of course, happiness at work.
HR, talent, and people departments, aligned with general management, are implementing various policies and strategies to make the organization a pleasant place, with a culture of care for people and defining a corporate leadership style that motivates employees to want to stay with the company for longer.
Why Is Talent Retention Important?
All organizations thrive because they have people who bring their work, talent, value, creativity, and commitment. Failing to care for these individuals means losing very valuable talent. Undoubtedly, managing talent well from the moment people join the organization and throughout their professional journey is part of the excellence and efficiency in talent management processes, which involves a significant investment in human and economic resources by highly qualified individuals.
The main reasons for implementing a good talent retention strategy are:
- Before Hiring: By carefully crafting job descriptions, establishing agreements with educational institutions and universities, and selecting and interviewing candidates, this preliminary journey is vital.
- During Candidate Training: When a person joins an organization, we want them to reach an optimal performance level as quickly as possible, which requires a training process that can last from three months to a year, depending on the candidate’s maturity and the position they join. This process values both hard and soft skills. If, during this period or right after it, the person leaves the organization, the investment made exits with them, and a well-trained individual enters the job market to add value to another company.
- Throughout the Employee’s Career in the Organization: Joining an organization or a system of people requires time to adapt to the team, internal processes, and culture, time to build trust and harmony in interpersonal relationships, and to form a high-performing team. This has value that must be preserved to ensure that the time spent in the organization is of quality and rewards the person’s loyalty to the organization and its members.
But how do you retain talent? Here are five measures to keep employees:
1. Generate Trust from the Moment of Hiring: By taking care of the onboarding and welcome process and closely monitoring the training process, regardless of the new hire’s experience level and the position they are joining, it involves an adaptation process.
2. Establish Open and Continuous Communication: Within the company’s culture, the value of open and honest communication should be highly prioritized, especially with hybrid teams and remote work. Encouraging open communication helps establish good interpersonal relationships and ensures everyone can contribute suggestions and ideas. Receiving complaints with empathy is also crucial, as behind a complaint there might be an opportunity for improvement. This open and continuous communication should be cross-functional and part of the organization’s leadership style and culture.
3. Offer Flexible Schedules: Focusing on results rather than presenteeism is essential. Offering flexible hours or allowing some work-from-home days increases productivity and is perceived by workers as a benefit that enhances their quality of life by allowing a better work-life balance.
4. Promote Professional and Personal Growth: One of the main reasons talented individuals leave an organization is the lack of learning and growth opportunities. Promoting opportunities that enhance the employee experience, where they can grow personally and professionally, develop leadership skills, and improve both soft and technical skills is crucial. Offering executive coaching for your managers helps them become the leaders the organization seeks for its teams.
5. Provide Employee Benefits: This can be the deciding factor for someone choosing to stay with your company or move to another. Beyond the usual childcare vouchers, transportation allowances, medical insurance, or service discounts, it is increasingly common to provide employees with resources that help them care for their health, such as mindfulness classes, coaching, and nutritionists. These types of benefits are excellent incentives for employees who feel that their company cares for them.
Everyone wants to feel appreciated and valued, and to be part of something bigger than themselves. Implementing talent retention strategies will help create more committed and qualified employees.
If you want more information on how to implement a development plan in your organization and learn about our platform, contact us for a free demo.
