Finding trustworthy, hard working and talented employees is not easy or cheap. Unum puts the cost at over £30,000, including loss of productivity while the new employee gets up to speed in their new role. Losing your employees is avoidable, obviously saves a huge amount of money and reduces lost productivity. Here’s how to stop your best talent leaving.
While the majority of business leaders believe they offer the benefits needed to attract and retain employees*, is that a true reflection of the views of those employees or potential talent searching for a new role?
Invest in finding the right talent in the first place
Investment in recruiting the right person for both the role and your culture is just that, an investment. Seeing the time and money spent on talent attraction as a cost is an incorrect view to take.
Assigning a budget to attracting employees for the long term (and to improve your business moving forward) will be repaid many times over. Getting the right strategies in place and supporting them with optimal recruiting and onboarding tools will enable your brand to continue to improve talent attraction and retention.
Compare this investment to cutting your recruiting budget and spending less time on choosing the right talent for your business and the choice should be obvious.
Recognise what they do
A simple ‘thanks’ goes a long way. The efforts of your employees shouldn’t be ignored. Creating a culture of acknowledgement and appreciation will encourage employees to work harder, improve engagement and retain talent.
Recognition will be shared by individuals too. If someone feels valued and enjoys what they do, then they’ll spread the word online in their networks, improving employer branding and drawing potential applicants to choose your brand over others in the job search.
Reward what they do
Unsurprisingly, financial incentives top the list of factors talent looks for in an employer. In fact, in a 2014 survey, 84% of respondents stated as such.
Not offering a fair and competitive financial package will undoubtedly lead to talent looking elsewhere. Salary increases, to offset the rise in the cost of living and as a reward for an employee’s efforts, are also extremely important if an employer wishes to retain them for the long term.
By allowing loyalty, effort and advocacy to go unrewarded, you’re taking talent for granted and it won’t go unnoticed.
Allow them to work when and where they’re most productive
Although a number of employers offer telecommuting as a standard option to employees, there is still a stigma attached to those who choose to work from home (or anywhere other than the office) in certain businesses.
Offering a choice of location and flexibility in hours worked can and will improve productivity throughout the business. Different individuals work better at certain times of the day, the ability to tap into this enhanced way of working shouldn’t be overlooked, let alone frowned upon by business leaders.
A good work/life balance is the second most sought after factor* when searching for a role. Personal responsibilities are an ever increasing consideration for talent; a job that can accommodate personal lives is no longer a fantasy, it’s expected and can be the difference when attracting talent.
Appreciate the costs of losing talent
Recognising and appreciating the costs and investment involved in replacing a valued employee should be widespread throughout the leaders within your brand and cascaded down to all employees.
When everyone’s aware of the personal costs that could be imposed upon them should a colleague leave, then there’s a real and tangible reason to make the effort to create an environment and culture that discourages the situation from occurring.
Efforts aimed at collaboration, cohesion and treating everyone within the business with respect, will all have a positive impact on how employees perceive their role and career, and reduce the chances of an employee leaving for avoidable reasons.
Get the right people in leadership roles
The right leaders will inspire, support and motivate your employees, leading to high productivity, loyalty and engagement. The wrong ones will have the opposite effect, which could be disastrous.
Ensuring that those people entrusted to lead within your business are capable of doing so is essential if you want to avoid internal unrest and the potential loss of talent.
There are many factors to being a good leader which we have previously listed in our articles. Make sure your business leaders are exhibiting them to the best of their abilities.
Promote from within
As well as the savings gained from not having to undertake an external recruiting campaign, promoting from within your brand offers some distinct advantages relating to your existing talent over hiring externally.
An external hire will require training for the role and a period of time and effort will be required to generally bring them up to speed. This will often be carried out by the respective team and, should they have been given a real opportunity for promotion, they may resent the additional effort required on their part.
When employees are aware of a brand’s policy to promote from within, then their productivity will reflect this in an effort to progress their careers. Knowing that you have a career with a company, as opposed to a job, will also increase long term employees and reduce turnover (and its associated costs) as a result.
Promoting from within also improves loyalty and brand advocacy, meaning that the successful employee will be a known cultural fit and have the ability to transition almost seamlessly to the new role.
Provide talent with the tools they need
With the best will in the world, even top talent would struggle to perform at 100% without the tools they need to do so.
Listen to your employee’s needs and research what’s required from them to perform optimally.
Remote working, team collaboration and individual needs all require differing approaches and technology to enable your talent to do their job well for you.
Know where the best talent is and how to attract them
Do you know where your future applicants are, whether passive or not? Researching the channels and mediums you need to incorporate into your recruiting strategies will enable you to hire the right people for your brand.
Whether this is targeted specifically at social recruiting, certain job boards or driving applicants to your online talent portal will depend on who you’re looking for, your industry and a variety of other factors. You’ll only know if you invest time to find out.
* Source – Statista