How to keep and obtain the most from your most talented peopleNow that companies are hiring again your employees may be thinking about their next move -- but turnover is not inevitable.
Let’s say you’re contacted by a company who believes they can offer you a more promising career path, a better work-life balance or opportunities to work on a project that really ignites your interests. If that company were to make you an offer today, would you take it?
Now ponder that same question, but this time, consider how your employees might respond. With the recession winding down and industry hiring starting to pick up, you may find that this hypothetical scenario is not so hypothetical.
The labor market is on the upswing
Everyone welcomes a rebounding economy but no one wants to lose their valuable personnel as hiring picks up. We have learned from past experience that when the economy starts to expand and the job market improves, turnover among professional staff and especially professional technical staff can accelerate quickly. Companies that spent the past year and a half focused on cost control are reigniting their quest for talent. They’re engaging recruiters to fill key positions and shifting their attention to talent acquisition and protection. Progressive organizations recognize that people are their greatest asset and that their competitive edge depends on attracting and retaining key employees amidst a strengthening job market.
Turnover is not inevitable
Your valuable technical employees may be testing the labor market, but that doesn’t have to mean they’ll leave. There are a set of characteristics that make an organization an attractive place to work. By effectively managing these factors you can reduce the likelihood that your employees will leap for other opportunities and you’ll enhance your perception as a desirable workplace. As a leader of your company, or workgroup, you can put strategies in place that can make it much more difficult for your top performers to be lured away. Here are some of the most important criteria for maintaining employee loyalty and protecting yourself and your company from “economic rebound turnover”.
Career path and growth opportunities
“A job that is challenging and rewarding” is at the top of most employee’s satisfaction lists. When workers feel their skills and talents are not being adequately utilized they become disillusioned with their role in the organization. Top performers crave challenging work and opportunities to test their leadership capabilities. Create these opportunities to help you retain your most talented people.
Stimulating and fulfilling work
A plethora of evidence correlates strong employee engagement with high productivity. Research shows that contributors put forth their best effort and expend the most energy when they feel a personal connection to their employer. Organizations depend on this heightened energy and commitment to power their growth and achieve success – qualities that are especially necessary in today’s rebound economy. Companies that don't take engagement seriously could be looking at potentially debilitating turnover as the job market heats up. Avoid this scenario by demonstrating that you understand your employee’s challenges and achievements and that you are personally invested in their success.
Strive for balance
Organizations that promote a balanced work life have better retention and employee productivity than those who foster a culture of burnout. Flexibility and sensitivity to quality of life issues go a long way in cultivating a loyal and dynamic workforce. If your organization values this kind of balance don’t keep it a secret. The payoff from progressive work policies usually extends beyond your current workforce because word tends to spread quickly about companies that are particularly sensitive to this high-visibility issue.
Appreciation and recognition are part of your culture
We all like to feel appreciated, valued and acknowledged for the work we do. Coming on the heels of a difficult, stressful business climate it is more important than ever to make staff recognition a top priority. Chester Elton, coauthor of several books on employee engagement and recognition, including The Carrot Principle, talks about the importance of recognizing your internal staff not only because it helps with higher retention, but because it also leads to greater engagement, productivity and bottom line profitability. Take the time to identify your key employees. Make sure they know how you feel about them and how they fit into the company's future plans. Simple gestures can produce great returns for you and your company.
Competitive compensation and benefits
A competitive compensation and benefits package is essential to attract and retain the high caliber of employees you want powering your business. Employers who want to find and keep qualified, motivated, top-performing employees need to look carefully at the compensation packages they are offering. It takes more thought, effort and ingenuity to create compensation and benefits packages that deliver results.
Conclusion:
Firms that neglect their best workers and hold on to old practices without a nod to today’s changing business climate, risk losing their most important assets. Companies who pay attention to the rebounding job market by engaging their employees, cultivating a positive work environment and encouraging a culture of appreciation and recognition will likely be rewarded with a more capable, energized, productive and loyal workforce.
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