Attracting and keeping top talent may be a hard nut to crack, and statistics are hard-hearted. According to the US Bureau of Labor statistics, about 3 million Americans quit their job every single month. This can be compared to a situation in which on a monthly basis every Mississippian says ‘goodbye’ to their current employee and sails away.
There’s a plethora of reasons why people jump ship. Hence, it is crucial to regularly identify employees’ needs and take action on employee retention.
Who are top talents? They are defined as employees with particular work skills. Top talents are believed to have entrepreneurial personality and be more innovative. They can adeptly solve problems and easily adapt to changes.
You may think, that’s fine, but how am I actually know how to retain them?
Take a look at this list of 5 tips which will help you attract and keep top talent:
1. Encourage employee relationships.
Even though all teammates know that they’re playing on the same team, they don’t cooperate. It feels like each player is quite independent, and plays their own game. Although employees work together five days a week, there’s a lot of competition and distrust among them.
TIP: Where there’s teamwork, employees win championships not just single games. Stronger employee relationships build over time, for sure, but usually people need some encouragement in the form of team outings or teambuilding activities. TINYpulse found that employee happiness depends more on the relationships employees have with each other, rather than with their managers. It’s often coworkers who can lift each other up, inspire and simply make a difficult task easier to approach when done together. We don’t aim to diminish the role of a relationship between a manager and an employee, but it seems like the potential of employee-employee relationships is often unappreciated.
2. Don’t rob your employees of their leisure time.
According to Gallup, an average adult employed on a full-time basis works 47 hours a week. In addition to that, in a Hub Spot survey, 50% of salespeople admitted that they need to enhance their work-life balance. Overworked employees are not only less productive but also more likely to be snared by burnout.
TIP: Root for your employees to get their work done in a timely manner without the need to trade personal life or sleep for unpaid work. For example, the CEO of Tower Paddle Boards admitted that a 5-hour work days is what makes his employees much more efficient. Teach your employees to prioritize their activities and design set schedules. Work together on improving your time management. Another tip to attract and keep top talent is to offer flexible working arrangements. They make miracles when it comes to productivity and keeping balance between private and business life. Understand your employees’ private live and show that you trust them by providing home office options.
3. Send your talent on a mission.
Employees who don’t know their organization’s strategy may feel like a blindfolded player. Their enthusiasm is likely to cool down if they’re not sure where they’re headed in their daily work. Besides, confused employees don’t know how their work translates into the bigger picture.
TIP: One of the reasons why a mission may be impossible is when it lacks purpose. By communicating and adopting a transparent organizational culture, employees become more engaged because they know their individual contribution brings value to the company. In short, they can complete their mission.
It’s necessary for the management to communicate with employees and make sure that everyone is on the same page about what they’re doing and how important their daily undertakings are. It doesn’t necessarily mean that your company needs to work on world’s problems like pollution or combating terrorism. What we really mean here is that your employees need to feel that they have a mission in which they try to give their best, and will have a personal interest in seeing their organization succeed.
4. Train and… train even more.
Employees, who feel that there are no growth opportunities in their role, will say ‘goodbye’ to their current employer without regret. According to Willis Towers Watson study, more than 70% of high-retention-risk employees admit that they will need to change a job to advance their career.
TIP: To attract and keep top talent, offer career advancement. 7,350 LinkedIn members in 5 countries admitted that a cushy job with no growth opportunities is the number one reason to leave it. Regardless of your employees’ talents and experience, developing skills is a perpetual activity, there’s always something that needs some more work on. According to Carter Cast, a former CEO of Walmart.com, “You have to find a way to tap into what drives them. In the case of high-potential performers, they’re usually highly motivated, and it’s more about tapping into it and directing it.” Training sessions do not only have educational value but also serve as a driver of inspiration. Show your employees that you care for them by providing as many development activities as possible.
5. Say ‘yes’ to a flat structure.
Few layers of management spawn decision clog. What can be more frustrating for a creative employee who needs to get through a handful of people in the hierarchy to solve the simplest issue? Many layers hinder communication, and employees’ opinions can’t be heard in the company labyrinth.
TIP: Flat organizations attract top talent because employees have more opportunities to have a voice in the decision-making process. It would be a shame to let their ideas stay in a vacuum, wouldn’t it? Apart from that, a flat organizational structure decreases the number of communication speed bumps. Decisions can be made much faster, and people are more willing to put forward their thoughts. Trust is a vital element of a flat organizational structure; therefore, there’s no place for dominance or micromanaging.
What are your tips on how to attract and keep top talent? Don’t hesitate to share your suggestions.