Steps To Keep Top Talent

PowerPoint PresentationTalent
Overview
Many teams consider their employees to be their most valuable resource. Talented professionals help companies generate revenue, making them desirable among other companies who also want to benefit from their skills. Understanding how to keep top talent can help an organization improve its productivity, lower recruiting costs and increase morale. In this article, we explain how to keep top talent with instructions and expert tips.
Why is it important to keep top talent?
Lowers recruiting costs
Companies invest lots of time and money into hiring top talent. In addition to advertising job positions and reviewing applications, they host interviews to select the most qualified candidates. Ensuring employees remain with the company can help it save on future recruiting costs and allocate these funds to other departments.
Increases workplace morale
Turnover rates can influence an employee's perception of their workplace. When employees see that their coworkers remain with the company for several years, they may feel encouraged to stay as well. This increased morale and sense of job security can help employees build long-lasting relationships with their teams.
Improves productivity
When companies retain top talent, they can spend less time training as employees are familiar with the organization's procedures. This allows employees to focus on producing products and services that increase revenue. Productivity may also improve because of consistent leadership that lets members use familiar processes and performance evaluations.
How to keep top talent
Promote flexibility
In the traditional workplace, it's the norm that employees abide by the strict 9-5 working hours schedule. If you're late to work, you'll receive a warning letter from your HR team. Sometimes, your salary will be deducted automatically, despite having a legit reason for arriving late at work. But, hey, we're living in the 21st century! Flexibility is the key when retaining top talent. Strict working schedule and location is outdated. According to Global Talent Trends, 51% of employees wish their company offers a more flexible work option.
Workplace flexibility means giving full freedom for your top talent to choose the time, location, and manner they work so that they can align organizational goals with individual goals. Here are the main benefits of having a flexible workplace: • Increase productivity • Improvement in employee's well-being • Lower absenteeism • Increase creativity • Boost employee's morale • Greater control of one's life As the demand for a flexible work environment is growing, it's time for the HR team to update its policy, reflecting what top talent is looking for in the marketplace.
Offer good perks
About 60% of people reported that perks and benefits are essential when deciding whether to accept a job offer based on the Glassdoor survey in 2015. A similar survey concluded that 80% of employees would choose additional benefits over a pay raise. This is a clear indicator that salary and compensation alone are not enough to retain your company's top talent. To entice your top talent to stay, you need to offer perks and benefits.
Here are a few perks and benefits that you can offer your employees: • Insurance coverage on medical and dental fees • Employee appreciation program • Provide free food • Wellness program • Company trip • Paid time off • Performance bonuses • Flexible schedule • Commuter assistance • Office facilities Perks are the reason why top talents choose to work and stay in your organization. Hence, if you wish to win talent's heart, you must include good perks and benefits as part of the package.
Build a good company culture
One out of five Americans resigned from their workplace in the earlier five years due to toxic company culture. Statistics have also shown us that: • Nearly half of the employees (49%) have the
thought of leaving a company due to its toxic culture in the past five years
• A whopping 76% of employees said they recently have a toxic boss
• 26% of Americans dread going to work A toxic workplace cost your business a fortune, and it isn't good for your employee's mental health and well-being.
Company culture refers to the environment that defines how people work, behave, and interact. Is your working environment hostile? Or, is it a fun-loving environment that makes you pump-up to work with great enthusiasm? As an HR professional, you need to detect any signs of workplace toxicity as early as possible. Here are common signs of a toxic workplace that you need to watch out for: • Are your employees continually feeling stress-out? • Are they overworked? • Are they being bullied by other colleagues? • Is catcalling and speaking vulgarity a norm? Once you have identified red flags of a toxic environment in the workplace, you need to collect evidence, confront the perpetrators, and take the right action to solve the problem.
Invest in their career growth
Time is a valuable asset for your top talent. As learning is a life-long journey, it's essential that your top talent contribute, learn, and evolve with your company. If there's no career progression, your top talent will most likely quit, as they do not want to waste their time.
Here are the advantages of investing in your top talent career development: • Improve employee performance in terms of problem solving, leadership, and motivation • Improved communication between managers and employees • Create a productive, engaging work environment • Lesser turnover rate as employee morale is high • Develops confident employees that can run the organization Hence, HR professionals should ensure that every employee in the company has a fair career progression opportunity based on their performance.
Provide a positive onboarding
experience
A smooth and efficient onboarding process tells a lot about a company. When your top talent accepts the job offer, it doesn't mean your work is finished. Your next challenge begins during your top talent's first day at work. You need to provide an engaging and pleasant onboarding experience.
A positive onboarding experience involves: • Completion of the new hire forms, paperwork, and storing their data in the software • The new hire gets to meet his team, understand his role better, gain knowledge of the company's
processes, and do his job well. • The new hire will adapt to the organization's culture and work environment. Ultimately, you want to ensure that the new hire feels welcome and comfortable to be part of the company's community. A survey done by Aberdeen Group shows that companies with an engaging onboarding process can retain 91% of their staff through their first year! A good onboarding program is something that you should not underlook!
Regular team bonding activities
No man is an island. Whether you're working in NGO or corporate firm, being a team player is vital since everyone works towards a common goal. Team bonding activity can help to foster the bond between co-workers, especially from different teams. It helps your top talent mingle and interact with other teams, promoting higher work engagement and work morale.
We suggest a few team bonding activities that you can consider: • Volunteering at the old folks home or orphanage • Helping Mother Nature by picking up rubbish at the sea • Picnic event by the park • Playing dress up for Halloween • Easter Day Celebration • Scavenger Hunt • Gift exchange during Christmas There are so many ideas of team bonding activities that you can look up on the Internet. You can always organize a killer event and blast out the invitation email. Your talent will appreciate you for that. When your employees are socially engaged, they will be happier and more productive at work!
Performance review
Performance reviews are essential to track if your talents are working towards the direction of the goals. Whether your talent is holding a position as a junior role or senior role, performance review allows you to know where they stand and how they can improve. So, what is a performance review? A performance review, also known as performance evaluation, is a standard and formal procedure implemented by most organizations to evaluate their empoyee’s work, and results.
Here are the checklist you can look into when reviewing your employee's performance: • What's their achievement? • What's their work result in the past three months, six months or a year • What about their attitude? Are they a team player? Or, do they work independently? • Did they make any mistakes? If yes, what's the frequency? • Are they fast learners? Are they proactive and easy to work with? • Are they able to show you the result that you expect from them? In general, performance reviews are done once a year, depending on the frequency set by the HR department. Based on the performance review, you have the rough idea on whether to promote your top talent or increase their salary.
Use the best possible tools
In order to retain your top talent, you need to make smart move as well. This is by investing in good office technology. One of the top complaints of the workers' todays is using old and out-dated software and hardware. As a result, your top talent work efficiency and quality will decline. Without staying up-to-date with the latest technology and automation tools available, it can hinder your talent's work productivity. This can be frustrating! Hence, you can invest in good technology such as latest monitor with better resolutions and screen, automation tools, software, and artificial intelligence.
Improve your employee engagement
strategy
According to Gallup, engaging employees are proven to be more enthusiastic, involved, and committed to their work. So what is an employee engagement strategy? The employee engagement strategy is the steps you'll take to help your top talent establish a positive emotional connection with your organization. But, the question of how can you do that? Well, this doesn't happen overnight.
Here are the initiatives you can take to level-up your employee engagement strategy. • Have a buddy and mentor system for newcomers • Share the company's vision and mission • Encourage openness • Give and receive feedback • Celebrate achievements and improvements • Empower your top talent to be a better version of themselves • Build a culture of trust and empathy In conclusion, high employee engagement reduces turnover rate, improves employee morale, and boosts overall business performance.
Show appreciation
Praising your top talent for their hard work is necessary. Although you might think the monetary bonuses are good enough, job recognition such as praise and appreciation is equally essential. For example, if your top talent managed to ace their project promptly, you can verbally praise them or drop them a note, showing gratitude for their excellent work.
Here are a few ways to reward your top talent: • Give a hand-written thank you note • Treat them for lunch or dinner • Give them award • Offer time off • Give them a small gift Small little thing goes a long way in retaining your talent. Top talent that feels undervalued and under- appreciated will look for opportunities elsewhere. Also, when giving praise, you have to be sincere and don't over-do it.
Tips for keeping top talent
Talented professionals tend to be independent, wanting to use their skills to lead others or develop innovative ideas. You can encourage these employees to stay with an organization by providing them with more independence. Giving employees additional responsibilities, like managing a team or overseeing a project, may help them use their skills to create new products or propose more efficient procedures. It can also increase morale by demonstrating that the company values and trusts the employee's abilities.
Offer independence
organization
If your organization assigned you to keep top talent, consider delegating to ensure you can dedicate the appropriate resources to each task. For instance, you can ensure the talent acquisition team understands the importance of facilitating a professional hiring experience. This team might implement policies like writing clear job descriptions and communicating with candidates at every step of the recruiting process. You can also assign the human resources department to create a good company culture and supervisors to provide regular feedback.
Hire employees who are likely to
stay
You can make the retention process easier by hiring employees who are likely to stay. Consider looking at resumes to determine how many jobs a candidate has had and how long they remained at each. If a candidate tends to remain at a job for several years, they may be a good investment for the company. Hiring managers can look beyond resumes by discussing the employee's work experience during the interview. They might ask them how committed they are to their career and whether they remained at other companies during their challenging times.
Conclusion
When leaders make an effort to implement these user-centered principles in their interactions, experiment with them, and continually refine their coaching based on those findings, they will not only see astounding growth, they will be able to effectively engage and retain top talent. Any company can begin by making a few changes to their managerial practices. It’s time for leaders to open communication channels and address each employee personally. Help your workers shape their learning and long-term contributions for the better.