How To Retain Top Talent? 10 Secrets from Successful Leaders

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“On what high-performing companies should be striving to create: A great place for great people to do great work.”

– Marilyn Carlson, former CEO of Carlson Companies

Are you facing the most pressing and appalling issue of today’s workforce, which turns out to be a blatant lack of employee retention?

Trust us, you are not alone!

Can you believe that each month in the US, 3 to 4.5 million employees quit their job according to the Job Openings and Labor Turnover Survey (JOLTS)? Well, yes! It truly is a bitter truth.

To stretch the truth, one must say that Employee Retention equals Talent Retention.

And when one fails there, they not only fail to keep the best sort (or the Golden Goose) in their hands but put themselves through the ever-lasting cycle of hiring, training, and replacing.

Now, we are not here to push the panic button, but instead, we’ll unveil the 10 secrets which helped the most successful leaders to retain talent.

10 employee retention secrets from successful leaders

  1. Flexibility is the key
  2. Invest in employee engagement strategies
  3. Enchant the Freshers
  4. Streamline your onboarding process
  5. Find time for criticism and appreciation
  6. Keep your technology updated
  7. Provide easy access to information
  8. Create opportunities for professional growth
  9. Create bi-directional channels for employee feedback
  10. Nurture your employee advocates

#1 Flexibility is the key

Retain Top Talent - Flexibility is the key
Image source: forbes.com

Today’s employees know what they want and to be more precise, they know their worth.

So, it comes to be of no wonder when they demand flexibility in not just your working hours but in all your approaches. The young talents are not the ones who readily give a nod to traditional and stringent working hours when you dish out more money, mind you!

It, of course, is the crucial time to open your minds.

The z have choices of their own such as remote working options (thanks to the historical havoc: COVID -19), sabbaticals, and fluid PTO policies. They do not mind taking a space jump from one job to another when a company falls short of any of their expectations.

Yes, in short, the young minds love their perks. Hence, being flexible help.

#2 Invest in employee engagement strategies

Engagement strategies are not just the tedious-to-pronounce named programs an employer should focus on. It should include A to Z from a smooth onboarding process to a more open, frequent, and inclusive communication.

And we hope you will not be shocked to find that today’s talented employees are ‘lovers of learning’. A workplace survey report found that 94% would stay at their current employer if they invested in their long-term learning.

P.S the millennials are no longer interested in working like machines, butter your cogs a little (i.e) create a friendly work culture you will see a positive spin.

Hence, implementing up-to-date engagement strategies such as the collaborative software which takes care of everything including even the ‘little things’ should be an employer’s priority.

#3 Enchant the Freshers

Retain Top Talent - Enchant the Freshers
Image source: istockphoto.com

As studies have it, 77% of students stay at their first jobs for less than a year. That is natural, they are completely new to the pain and pleasure of work.

But, a high-performing company cannot afford it because when an employee leaves a company, it takes a considerable chunk of time to deal with their departure.

In addition to that, entry-level employees typically cost 50% of their salary to replace. So, it is a conspicuous loss of time and money for the companies.

Remedy of this threatening issue, some leading companies have come up with long-term fellowships and short-term intensive programs to help recent college grads get the hang of what the companies want.

As these programs come with immersion opportunities at various departments throughout a company, it provides a leading string to retain talent.

The ultimate goal of these programs is that they prevent the top talents from becoming mere snowflakes that crumble under too small a pressure.

#4 Streamline your onboarding process

A good onboarding program leads to  69% of employees staying at least 3 years.

Trust us when we say, just greeting the new joiners with “congrats” and “welcome on board” while joining your company changes the game!

Logically speaking, this is the first touch point that you have with your future workers. By making the onboarding process smooth, pleasant, and painless you are sending them a signal of straightforwardness.

First impression matters!

To second this, we have facts stating that 70% of workers say they are more likely to stay at their new company for three years or more if they experienced a favorable application process.

#5 Find time for criticism and appreciation

Retain Top Talent - Find time for criticism and appreciation
Image source: snappy.com

When we say criticism, it never means negative criticism.

Choosing constructive criticism over the too-easy-to-brew negative criticism should be a successful employer’s foremost duty. Because the latter is completely capable of being a dampener even in the most productive workplaces.

One must also be wary of how, when, and where the criticism is being provided in order not to kill the motivation at any point.

Simultaneously, being an employer you should NEVER forget to appreciate your employees for their work, especially when you find it exceptional.

When an employee does not feel valued at work, 76% look for another job opportunity.
Employees are more likely to leave your company if you fail to put a smile on their faces when they give you their 100%, there is also a grave danger of losing productivity.

Walking the extra mile helps to retain talent here!

#6 Keep your technology updated

Retain Top Talent - Keep your technology updated
Image source: istockphoto.com

Outdated consumer-graded tools and technology strangle the productivity of your employees. It’ll just sabotage your efforts to retain talent.

The lack of the latest, automated tools not only slows down your employees but it implies that your business isn’t interested in adapting to the ever-evolving tech world, anymore. Now, that will lead to a fiasco.

Do keep an eye out to arm your employees with the updated hardware and technology always, and show them that you care!

Provide your employees with tools and technology delivered through multi-tenant, public cloud systems — the ones that do the best job of keeping current with consumer-grade standards.

#7 Provide easy access to information

Reportedly, workers spend an average of four hours per week simply seeking the right information.

Hunting for information is not only frustrating but it implies that your company’s workplace has got several unnecessary barriers that keep the most basic information at bay.

Spot those barriers and eliminate them ASAP to provide easy access. Ensure that this waste of time does not kill the enthusiasm of your employees.

Tie business metrics to business outcomes so that it tells a story and provide the decision-maker the proactive insights to be more informed. It will help them to be more indulged in their work.

#8 Create opportunities for professional growth

Create different certification, training, and education options for your employees within your company.

As already said, today’s employees are ‘lovers of learning’, they are always hunting for the best, and they prefer to keep their curiosity intact.

Offer them partial or complete tuition reimbursement and/or time off work to complete courses and schooling to upgrade themselves educationally and in turn, professionally.

This will not only quench ‘the thirst for learning’ of your employees but will also make your company stand out from your competitors. By providing a learning valued environment you not only retain talent but build it fivefold stronger than before.

In a nutshell, you will be creating a healthy and ever-ready workforce, Indeed!

#9 Create bi-directional channels for employee feedback

Retain Top Talent - Create bi-directional channels for employee feedback
Image source: istockphotos.com

Communication barriers are the most powerful enemies of any developing company. These create intolerable frustration among your employees, collapsing the structure of the team and jeopardizing talent retention at once.

To terminate such communication gaps, an employer must create bi-directional channels to collect the most honest, unfiltered feedback from and to your employees, leaving none behind.

In addition, it also helps one to explore various ways to provide praise and constructive criticism in real-time.

When it comes to the ways of interaction, top-down communication can easily become convoluted. So, you should try to schedule time for one-to-one interaction, which has been proven efficient for years and years though it carries the label “traditional”.

To go one step ahead, you can also design digital spaces for your employees to form committees to discuss and make decisions without the intrusion of the management.

#10 Nurture your employee advocates

Eventually, when your company gets the hang of retaining employees, the employees who choose to stay with you in a long run will become the flag bearers of your company.

These employee advocates will become positive internal influences and community champions within your company. Other employees will be inspired by these live examples and potentially, they will help you retain talent.

Wait, your job isn’t over yet. Employee advocates will also need their perks to stay satiated.

So, you will have to water their spirits by providing them professional growth and constructive feedback to let them know that they are heard and their voice matters.

By and large,

As Ian Hutchinson, the author of People Glue puts it,

“Your number one customers are your people. Look after employees first and then customers last.”

Millennials have a reputation for jumping from job to job as they are always on the lookout for the best. But when you provide them what they want consistently, they are prone to stick with you in the long run, turning themselves into ambassadors for your company.

If you are still doubting the worth of retaining these power-packed employees, here’s something you should consider: The Work Institute’s Retention Report shows that the replacement cost is $16,500 per person for an employee earning a median salary of $50,000 a year.

And implementing the above-mentioned strategies to retain talent will save you from whatever loss that is in store for your company, making it immune to the ever-growing competition of the business world.

P.S Perhaps, if you think implementing all the mentioned strategies with such care might consume much of your time and energy, we’ll never choose to disagree.

There is a plethora of options out there like the outsourced IT help desk services, which are known for the experts soaked in professional experience and sophisticated resources, to give you a hand.

Why still wait, when you can always use their shoulders to point your gun at the target, rather safely?

Excelsior!



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