Most companies accept that attracting new talent is essential for their long term survival. They invest time and considerable money into identifying and recruiting individuals to fill vacancies, and breathe a HUGE sigh of relief when they have an offer signed, sealed and delivered.
But that is just the first step! Highly successful companies recognise attracting top talent and retaining that talent are two distinctively different processes. Today’s candidates typically know what they are looking for in a career, and will not hesitate to move companies to find it. So just what do you have to offer to retain your top performers?
Contrary to popular belief, money is not the most important issue. Below is a “Job Satisfaction Checklist” as articulated by today’s candidates:
Job Security: Nothing unsettles employees like rumours and predictions of doom and gloom. Rather than ‘going down with the ship’, quality employees will be alert to new opportunities, and will not hesitate to take them.
Challenging Work: Consistently a “must have” for top performers, the need to be constantly learning and developing new skills ranks extremely highly. If you cannot provide the intellectual stimulation, and the sense of doing challenging and relevant work, you risk losing your top talent.
Recognition: Everyone loves to be appreciated, and it is no different in the workplace. Initiatives that recognise and reward effort are invaluable tools in maintaining motivation. These can be either individual or group, and should be across the entire company. Too often companies reward their Sales Team, but forget about the Customer Service Representatives or Warehouse staff! Friday afternoon BBQ’s, Employee of the Month awards, “Gold Class” movie tickets or a company night out can yield returns must greater than the financial outlay.
Good Working Conditions: Bright, clean and spacious facilities are essential. Nobody can be productive working in a room the size of a broom-cupboard. The availability of technology ranks highly – good candidates need to have access to reasonably up to date computer and software systems.
Career Progression/ Professional Development: The reason most talented candidates give for seeking new employment is the lack of career progression and / or opportunities for them to undertake professional development. Investing in training programmes or subsidising further study is a sure way to lock in employee loyalty and reap the long term benefits. Consider it an investment in your company’s future success!
Remuneration: While it is never the first reason a talented employee will give to see new opportunities, certainly among the social-media literature generation, top performers will know what they are worth in the market. If what you are willing to offer falls way short of market rates, you risk losing your top talent…..to your competitors.
Do you agree with our list? We would love to hear your views and ideas on how you retain your top talent.