Retain your top talent with 3 Key Elements

I remember having a conversation with my retired father over a cup of coffee one Sunday afternoon and the chat flowed on to work and career. My father spoke about the importance of career stability and the commitment to an organisation. He was a well-respected physicist whose career in Australia span across 3 decades with the same company. My father was of a different work generation, one that valued linear career history and steadiness. It occurred to me then how much the landscape of our workforce has changed over the years.

Career paths are no longer linear and do not always move from point A to B to C. Rather, there is an increased trend in a nonlinear career path that sees employees leave organisations for numerous reasons. At times motivated by reasons that may not necessarily be in alignment to their next logical career step. Furthermore, organisations are seeing an upward movement of attrition in their staff that was not seen in past generations. Predominantly because past generations were not privy to a fast-paced and highly pressurised work environment.

It is all the more so that organisations must invest time and energy in developing and implementing a robust employee retention strategy. One that remedies not only a high employee turnover but also counteracts erosion of their culture. I describe retention as the process of enforcing certain plans and actions to encourage employees to have a long tenure with the organisation.

Employee retention strategy is complex in nature with several moving parts. The accountability for the implementation of such a strategy must be shouldered by every leader and manager and cannot simply sit with the HR department. Taking into account its complexity, below I have outlined 3 key elements that must be part of any successful retention policy.

3 Key elements of any successful retention strategy

1. Hire the right people first hand and hire for cultural fit

Have you ever heard of the saying skills can be taught but attitude cannot be? The retention strategy begins with the recruitment process. It is critical for HR department and hiring manager to create a synergy on the communication of company core values, the culture and role expectation during the hiring process. Peter Schutz, the former president and CEO of Porsche expressed this succinctly when he said: “hire character, train skill.” People will invest in learning new skills but will not change to fit a culture especially if they cannot see an alignment to the core values of that culture.

2. Appreciate and recognise

A fundamental foundation of all human nature is to feel valued and appreciated. It takes precedence over remuneration. A leader that recognises a job well done and shows genuine appreciation for their staff’s hard work will elicit loyalty and increased motivation in their team. No-one likes to work for a manager that does not recognise their contribution, it is demoralising and one of the biggest contributors to high staff turnover. Dale Carnegie a leader in the field of leadership development stated that“people work for money but go the extra mile for recognition, praise and reward.”

3.The value of investing in a good coaching program

In my previous articles, I have written in length of the consequences of living in a V.U.C.A (volatile, uncertain, complex and ambiguous) world.  We have been catapulted on to the superfast highway of life that demands a great deal from us. Increased pressures both personally and professionally has left us feeling frazzled at times. There is a direct correlation between increased stress levels and a decrease in productivity and job satisfaction. In my experience, I have found organisations lose their top talent at the hands of poor management and lack of support especially during periods of high stress.

Investing time, money and energy in a tailored solution focused coaching program is an astute return on investment on retaining your talent. The benefits of engaging in a coach are two fold, firstly it demonstrates to employees that their development and wellbeing matter. Secondly, a coach can assist employees develop mental strength, gain deeper self-awareness and facilitate internal change. Coaching aids employees to become accountable, responsive and productive. It supports in the discovery of their true potential and helps them be at the top of their game.

Strategies to retain your top talent not only impacts your bottom dollar it also drives your culture.  Does it not make sense then to build a proactive employee retention strategy?

“If you take care of your employees they will take care of your customers and your business will take care of itself” – J.W Marriott