You have worked really hard to hire the right candidate for the role; it took time, effort, and financial resources. Over time you have invested in these resources by giving them training and ongoing support, and they now have a mass of intrinsic knowledge about your business. I suspect you are keen not to lose your top talent! However top talent will always be the subject of head hunting activities as other organisations seek to steal the competitive advantage your top resources offer you. So how do you hold onto this set of employees?
- A culture of reward
Recognise and reward talent. The process for doing this can vary quite widely from a simple thank you from a line manager, to a formal appraisal process. The reward itself may not be monetary, it might be a day of leave or perhaps a gift token.
- Salary benchmark
Money isn’t everything, but it is very important for most employees! Stay competitive and ensure salaries are on par with the market, or even a nudge in front if possible.
- Provide growth opportunities
Top talent are typically looking to progress in their career and will become frustrated if they feel they are stuck in the same role with no possibility of promotion. Set out progression plans with these employees and provide as many opportunities as possible to satisfy their aspiration for growth.
- Encourage feedback
It would be better to deal with any potential issues top talent have before they decide to leave. This feedback will be far more forthcoming in an environment where honest and open communication is encouraged.
- Assets not numbers
Do not treat your employers like they are no more than a number. They are an asset and they should be made to feel that is the case. There are many ways to do this, but examples include consulting them in business decisions and sharing information with them.
Hiring, and training talent is expensive and the costs of losing that talent can be considerable. The HR team have a responsibility to design an appropriate retention strategy. If you are interested in pursuing an HR qualification, take a look at our website.