How to retain human talent in your company? 5 strategies
A company is what it is because of its employees. If your company has good workers and a united team, you already have half the work done. No employer likes to see their staff leave the company because they have found a better job offer. This is why many companies are designing their own strategy to retain human talent.
But what does a better job offer mean? What can a company do to retain staff? Or maybe hiring new staff is not as bad as it seems?
The importance of staff retention
Although hiring new staff is not a bad thing, it does involve a significant investment of time: not only do they need to be properly trained, but they also need a process of adaptation to the dynamics of the company, integration into the group… In addition to this, an employee cannot give their best until they have done their job a number of times, and these processes change from company to company.
On the other hand, a veteran employee is already used to these dynamics. He has been doing his job for a long time, so he is able to do it efficiently. In addition, he already knows the company, so he can provide very qualified feedback, with a very broad point of view.
For these and many more reasons, in general, it is much better to retain human talent in the company than to try to find new staff. So with this comes the key question: What makes an employee leave his or her job?
Factors influencing employee retention
This is undoubtedly one of the most relevant factors in terms of employee retention. Undoubtedly, anyone would leave a job where they work slave-like hours.
Despite this, excessive schedules are an extreme case. In most situations, having flexible schedules that suit your employees is enough to improve employee satisfaction. And if, in addition, they have the possibility of teleworking on certain occasions, all the better (although, of course, this is something that not all companies can afford).
- Work climate
Another of the factors that most influences talent retention is the work environment, the relationship between colleagues. Although people only leave a job because of a bad working environment in very extreme cases, it is not so rare for a person to decide to stay in a job thanks to his or her relationship with the team.
Moreover, talent retention is just one of the benefits of a good working environment. And an ideal way to improve this climate is with team building activities.
No one likes to be told what to do, but it is necessary in most jobs. But this does not mean that the way you give orders is not important. In fact, self-management has a very strong relationship with job satisfaction.
This is why it is very likely that a qualified employee will want to leave a company with an apathetic leader who gives orders without giving the employee a chance to give feedback. All employees deserve the opportunity to have a partner rather than a boss.
The work environment is important, but making ends meet is even more important. Although it is a factor that is losing importance in relation to the others, a fair salary is an indispensable condition in any job.
If your employees find a position that pays better for the same work, other features of the company are likely to take a back seat.
5 strategies to retain human talent in your company
1. Implement team building Activities
Team building is a way for companies to improve the relationship between their employees naturally. For a good work environment, it is important that the relationship between employees goes beyond the work environment. If you are short of ideas, here are the 5 keys to implement team building activities.
Company dinners, outdoor activities… even organizing breakfasts at work are ideal ways for employees to get to know each other in a more personal way. Who wants to leave a job where their colleagues are friends?
2. Encourage self-management
Self-management is not for everyone. Many people prefer to be given a specific task with a set schedule. But there are others who work better when they self-manage their work. Not only that, but they also feel more satisfied with their results. After all, they are the fruit of their efforts.
That is why a good manager must identify those people who work best with objectives, and not with tasks. The retention of human talent is only one benefit of self-management, since it also translates into increased productivity and job satisfaction.
3. Ask for feedback and listen
The importance of this point should not be based on retaining talent in the company. The benefits of asking for feedback from employees is one of the best methods to improve any process in any company. But, on the other hand, it is also ideal for employees to feel heard and valued.
However, at the end of the day, this point is always linked to the company’s leadership style. Under an authoritarian and completely top-down leadership, asking for feedback will not be a positive aspect, but will be perceived as a way to get more out of employees. Therefore, before asking for feedback, it is important to give the tasks pleasantly and to be as close as possible.
4. Implement flexible schedules
One of the most influential factors when leaving a job is work overload. More flexible schedules that allow spending time with loved ones is a key factor when choosing a job, in many cases more than the salary.
That is why it is important to allow your employees to spend time with their family and friends is key to retaining talent. If the relationship between work and free time is good, job satisfaction will undoubtedly increase.
5. Offer a fair salary
Although all these factors are relevant to achieve employee satisfaction, we cannot forget that salary is the most significant factor. Nobody will be satisfied with their job if they do not receive what they consider adequate.
Therefore, it is essential to establish from the moment of the interviews how much they expect to be paid in the company. Problems with expectations guarantee job dissatisfaction, but so does the feeling of being stagnant. Therefore, offering salary increases based on seniority is one of the most effective strategies to retain human talent.