Everyone has the perfect person they can envision to fill a position and build the future of their team. But is everyone actually going to be on the same page? Great talents have become more selective in their career moves. They have time to reflect on what's important in their careers, which oftentimes results in accepting opportunities that present them with more scope to grow and not just simply being settled for a job or a good salary. Although it isn't something you think about whilst going through the grind of daily tasks, your people are asking themselves if they should stay or go. It may not be a conscious thought but it's an important one nonetheless.
As an employer, you know that finding, hiring, and retaining great people is the key to your success. And once you've found them, you need to make sure that you retain them for the long term. There are many factors at play that contribute to employee turnover – from salaries to industry trends to internal politics – but employee retention doesn't have to be a guessing game. The 4-step formula for retaining all the great people you hire helps organizations respond effectively to the challenge of keeping top performers on board.
Hire smart from the start.
As a company focused on attracting, hiring, and retaining top talent, we’re often asked about how to find great hires. Here’s a list of our tried-and-true ways to hire smart from the start:
Companies are often bad at communicating what life at the company will be like for candidates. The fact is that most people can't really tell from a description on a job listing or website whether the role and culture are a good match for them. Be clear from the start about what the company's priorities are, what the company culture is like and how the employee will be able to grow within the organization. This kind of effective communication leaves a positive impression on your new hires. It also paints a path forward for their future development. It is astounding fact that many top brands do not have a development plan for each of their roles.
Everyone has their own ambitions, dreams, and goals that they want to achieve. It's tempting to let your candidates go through the interview process without asking them what they're after — but that would be a big mistake on your part. Listening to your candidates will help you understand if your company will fulfill their ambitions and allow them to achieve their goals. This is also a chance for your candidates to figure out if your company can help them or not — so it's a win-win situation.
Have a clear career path for your employees.
Whether you are a large business, a fast-growing start-up, or somewhere in between, here's my advice: don't ignore the importance of career development in your business. In fact, there's no reason why you shouldn't be empowering your employees to follow their dreams at work.
Your employees are the rock stars in your organization. If they succeed, so do you. They'll be the ones designing, building, testing, and promoting your product or service. If you don't have a clear career path for your people, you're going to lose them fast. Put yourself in their shoes: Would you work in a company that doesn't offer you growth opportunities?
Check-In with your people.
Some organizational leaders assume the overall happiness of the workforce. And if things are going well, there's no need for extra resources or changes. However, this isn't always the case. If you're operating with this mindset, you could be missing out on an opportunity to grow a thriving organization. Make sure your board room is not turning into an echo chamber. Many organizations may be too focused on their KPIs and responsibilities to take an interest in what's important but not urgent.
Make sure you're getting feedback from your employees. There is a great quote from Lao-Tzu that says: “Those who do not ask are not given; those who ask do not go away empty-handed.” Communicating with your employees is a key component of ensuring they are happy and productive. Communicating can take many forms, but how you communicate can be just as important. Asking for feedback from your people is the best way to improve your company's culture and retain all the good people you hire.
Reward the hard work and show gratitude.
When you have a good thing going and you want your business to keep growing, it's essential to make sure your employees know how valuable their hard work is for the company. While most employers have some form of recognition system in place, are they all effective at driving actual results? Recognition is a critical link between good employee engagement and retention. It helps reinforce the positive behaviors and outcomes that are being noticed. Most importantly, it creates a channel of communication between management and employees — one that builds trust.
We see a common theme in the strategies outlined above. It's clear that fostering company culture should be at the heart of every employment experience, especially when it comes to retaining employees for your business. If you want people to stick around, you need to make them feel like a part of something bigger than just their own role.