We are currently experiencing unprecedent demand within the technology industry with organisations find it difficult to identify and hire talent as well as their own talent being approached with multiple opportunities every day. For this reason, along, organisations need to look carefully at how they are managing and retaining the talent they already have!
Should this not be the highest priority, given that when top talent leaves it can mean that:
- The skills and knowledge gained by your talent when working for you, disappears when they leave
- Losing talent can be damaging to the team dynamics and morale
- Hiring new talent to replace those that leave, can be difficult, and requires training and development
- It can be expensive to an organisation when there is a high turnover of talent
- Other organisations will benefit from the training and development of your talent hat leaves
To help protect your organisation from losing top talent, there are several things that can be considered when looking at how to keep your employees.
Management
Many people will leave a organisation because of the impact of a manager. They way that a manager works with individuals and the team can greatly impact how an employee will engage. A respectful relationship between a manager and their team can greatly impact the retention of staff. Looking at ways to ensure that managers have the skills and experience to manage effective teams should be considered, particularly when it is evident that turnover is high.
Remuneration Packages
Organisations need to be serious about the way that they remunerate their talent to retain them. With the recent changes in the workplace, not only do organisations need to be offering competitive salaries, but they also need to be creative in how they reward top talent – such as offering equity or company stock.
Reward and Recognition Program
Retaining talent is not just about remuneration, but it is about recognising and rewarding employees for what they achieve. This can help employees remain motivated and feel valued on the work they have done. An established rewards and recognition program allows organisations to celebrate the small things including work anniversaries, birthdays and so on.
Training and Development
There are many ways that talent can feel valued and less likely to want to leave an orgnaisation. These can include being offered training, gain certifications, or be given extra work to increase their skills. Internal promotions can also be a way to ensure that talent feel valued and that the work they have done is being recognised.
AND, let’s not forget that….
- Recognition and employee programs are in line with the organisation’s values
- Give talent the opportunity to provide feedback, including areas of improvement – to let them know that what they think, matters
- Establish health and well-being programs
- Offering work from home and flexible working conditions
