Talent retention is the most cost-saving service a human resources team can deliver in an organisation.
Staff are your company’s most precious resource and retaining experienced employees is crucial to its success.
Retaining talent saves time, money and managerial effort in respect of:
Recruitment – using external agencies is costly.
However, even if you do your hiring in-house, there will still be fees incurred in advertising on job sites, etc.
Not to mention the time spent by key members of staff in the various stages of recruitment.
Induction – a period of induction when the new hire is basically learning (and also benefitting from the time of other employees) is fundamental to them being able to become productive as soon as possible.
Furthermore, it can take a new person up to 8 months to reach full productivity
Development – many companies spend a great deal of money on training individuals, only for them to then walk away, and for another organisation to then benefit from their upgraded skills and qualifications
Company knowledge – the loss of company awareness, expertise and insight is almost impossible to replace So why do employees leave?
A recent survey by recruitment firm Robert Half suggested the following top reasons: boredom, frustration with current role or company; poor work-life balance and/or stagnant career prospects.
Finally, how might an organisation retain the best employees?
There are a number of strategies that companies should be employing:
Create a contented culture – people don’t expect to be happy 24-7 at work, but neither do they want to spent 8 or more hours a day in a stressful, negative, dull or stagnant environment
Offer the opportunity to gain new skills and more varied experiences – whether through training, mentoring (giving or receiving) or volunteering for a charity supported by the company Listen to your employees – at annual review time (and in between) find out what your members of staff truly enjoy about the company/role and what changes they might like to see.
Create an open and honest work environment where communication is clear and two-way
Offer personalisation and flexibility – while some individuals might be inspired by more money and incentive-based perks, others might value opportunities to study or flexible career progress.
Ensure visible fairness at all times, to maintain morale and motivation Allow staff to have a say – whether it’s a change to rules and benefits, or a new line the company is launching, get the input of the employees, so they know their views are valued
Embrace career progression – acknowledge that your employees may want to move up the career ladder.
Allow them to work towards this without sacrificing their commitment to the day job.
This also allows you to proactively plan for succession and grow your own future leaders
Develop a growth-based culture – one that incorporates employee satisfaction as a business objective.
A leading team of HR specialists, BIRCH HR support members of the education, health and SME sectors by providing insightful HR consultancy services: http://birch-hr.co.uk