Talent Retention For A Better Business
Rising employee turnover rates are taking a toll on successful businesses, leading to decreased efficiency, higher time and energy spent in the hiring process, and instabilities in team cohesion and workplace morale. As the pandemic, changes in the cost of living, and a multitude of other lifestyle changes have seen many individuals look to reassess their working environments, teams must now make a concerted effort in working to retain the best talent and create an impressive workplace offer.
So, how do we do that? Let’s take a look at some of the best, tried and tested efforts that can greatly improve your talent retention, leading to even greater business success.
How To Master Talent Retention
Listen to Your People
First things first - speak to your existing team. What’s going well for them and what would they like to see improved? What do they need from a workforce to empower them to achieve, whilst also feeling valued enough to stay with the company? Never presume you already know the answers to talent retention - every team member is unique, and respecting our individualities is key to reliable talent retention and business stability.
Let Your People Work In Their Own Way
Part of respecting the individuality of any team and championing their unique strengths is allowing people to work in their own way. Whether they thrive in a bustling shared office environment or do their best when working from home, allowing individual flexibility is essential to talent retention.
Working around individual child care or healthcare requirements, for example, and respecting general work-life balance will go a long way to all team members feeling respected, valued, and seen within the company. This can help develop a company's loyalty, whilst enabling teams to achieve their best productivity with optimum morale. When individuals are happy in their work and workplace, they are much more likely to stick around for the long haul.
Teams should be encouraged to take holiday as needed, working hours should be respected, and opportunities for fun and relaxation as a team can all help nurture a whole workplace culture focused on a respectful and healthy work/life balance.
Nurture A Holistic HR and Development Space
From onboarding and employee benefits to ongoing personal and professional development, a holistic human resources space with talent retention as its focus is a crucial asset for any business.
First impressions count. An engaging onboarding initiative with accessible, candidate-focused recruitment, and solid communication and induction for new starters, will do wonders for gaining the best talent. Continuously reviewing your Employer Value Proposition (EVP) can help develop a culture of employee satisfaction, greater talent retention, and optimum team morale and cohesion. Teams work for the business focus at hand, of course - but offering a competitive salary and bonus opportunities, comprehensive healthcare and wellbeing support, and other employee perks, helps a team feel valued and increases overall retention.
Teams that value professional and personal growth - through a healthy work/life balance, supporting team members with ambitions outside of the workplace, and continued workplace training - see the best business success, decreased recruitment costs, and impressive talent retention.
Implementing Change for Talent Retention
When it comes down to it, the best tactics for talent retention are rooted in a holistic understanding of the team you have, defining the team you want, and finding ways to nurture and attract those individuals. Working comprehensively and holistically is essential - make no assumptions, and work collaboratively to begin turning broader talent retention tactics into tangible actions.
If you’re looking for further support in taking your next step in talent retention, why not drop us a line? Building better teams is precisely what we do with a range of bespoke training, expert consultancy and one-to-one training. Just get in touch and let’s see what’s possible.
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