Enterprise series: talent retention – how to keep hold of your people as the economy opens up

23 April 2021 / Insight posted in Enterprise series, People

Retaining your talent will become vital in the coming months as the economy opens. Demonstrating that you are investing in your people, old or new, makes you an attractive choice to employees. We have developed five tips on what we consider to be the top areas that employees and investors focus on when looking at an organisation.

1. Career progression opportunities
No matter what industry you’re in, a competitive and fast-moving jobs market makes clear and well communicated succession planning a priority for all employers. If you currently have a flat structure that lacks opportunity and career progression, create new job opportunities by implementing tiered roles, which allow for small promotions and progression through levels of seniority.

2. Training and development
Offering training opportunities for your employees that will support their development and allow them to learn and advance whilst on the job, is one of the key advantages that employers should be looking to offer.

The leaders and senior management within your company are likely to be seen as the ones responsible for development, driving morale and engagement. Therefore, also investing in them will in turn help to attract and retain your top employees. Ensuring your leadership and management team are well equipped with the right training, knowledge and skills to effectively lead your workforce can play a huge part in employees reaching their maximum potential and remaining engaged within the workplace.

3. Culture and values
While it will differ across any organisation, ensuring that your workplace culture is positive, employee friendly and integrates employee focused initiatives, can be key in attracting and retaining talent. Ensuring that you have internal policies in place that allow for flexible hours and accommodate a remote working culture where possible, can ensure that your company is not missing out on one of the key perks that competitors are offering. Setting, communicating and promoting meaningful company values that accurately reflect your business can also play a large part towards employees feeling more engaged through their contribution towards the company mission.

4. Salary and benefits
Benchmarking Employees are likely to be aware of what they may be entitled to for similar level roles with nearby competitors. Therefore, a key step is ensuring that your salary and benefits packages are competitive and in line with, if not above, the market average. Not only will this help you to stand out against recruiting competitors and help you attract the best of the best, but it will also help towards retaining your current top talent and reduce the risk of them looking elsewhere or being lured in by head-hunters.

5. Recognition
Acknowledging and recognising employee’s achievements and milestones goes a long way towards motivating your workforce and maximising engagement and productivity levels. Rewarding employees through recognition incentives is a simple and nonfinancial benefit to make your employees feel valued and appreciated.

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