In some businesses high employee retention is normal due to the nature of the work (such as seasonal employment), however, what if one of your top leaders/an expert leaves and you have no plan in place? This could leave a huge skills gap within the workplace and lead to a great deal of disruption.
Such people are not always easily replaceable and it can realistically take a long period of time, effort and cost to substitute them.
In order to prevent this scenario means recognising and nurturing your top talent within your organisation. Here are 7 ways to retain your best talent:
1/ Use succession planning
This exercise is valuable for any company, no matter its size. Knowing where your top talent is, where niche skills lie, and where specialism is placed is vital – because if any of this leaves your business (with no back-up plan) then it can be crippling for productivity levels. Get managers, supervisors and HR leaders involved and map out the skills across the organisation and identify who are high, medium and low risk if they were to leave. Then put in action plans for the short, medium and long term.
Doing this regularly helps drive discussions and actions around recruitment & retention strategies, as well as pay, benefits, employee relations and employee satisfaction.
2/ Pay above standard rates
To attract and retain the very best people you need to ensure that they are being paid well for the work they do. Otherwise people can be easily attracted away from your workplace into other businesses. Pay that is below the market rate for a position can make an employee feel as though that their work is not truly valued. It is therefore good practice for HR teams and managers to regularly carry out pay reviews to understand industry and professionals standards.
3/ Promote appropriately
When your best people are doing the kind of work that makes a difference and goes above and beyond then it is important to recognise it. One of the best ways of doing this is by giving them a pay-rise, or promoting them into a new role/department. This tells them, the rest of the company, and others outside that you value their contribution to make the company more profitable and efficient. Development can also be in the form of being involved in large-scale projects or change management exercises.
5/ Communications and feedback
The people who are doing the job best know what it takes to do the job right. Therefore involve such people in any key decision-making/changes. You may not be able to implement every suggestion, but makes change where you can and always let them know you value their input.
Having a culture of open communication within a business is also really important too; this helps you to identify anyone who may be feeling disheartened with their role before they get too far into making decisions to leave. This can help put action plans into place towards supporting the employee and assisting with their wants and needs. This should sit alongside any appraisal process.
6/ Empower people
Employees should be given freedom and enablement in the workplace, especially your top talent. Constant micromanaging could potentially drive them away and make them feel inadequate or uninterested. Give them a task or project (and be available to answer questions or support them) and let them adapt to new challenges. Learning from such experience helps to develop the person and allows them to further grow within the company.
7/ Encourage creative innovation
Give your best people the time and resources to test out fresh new ideas. This will keep them engaged and may just bring in another revenue stream. Many people love to create. Let them do so; it benefits everyone involved.