Retaining talent has never been more challenging. Your employees know what they want in a job, and they’re willing to look outside your organisation to get it – they’re “career consumers.”
The truth is, the way organisations think about talent is out of whack with the way that talent thinks about organisations. So how do you develop strategies that meet both your organisation’s needs, and the needs of the people whose skills and knowledge are critical to its success?
Here are 8 strategies to consider:
1. Use strategic workforce planning and segmentation to
create targeted talent strategies
Identify the skills that are most important, either strategically or operationally, and develop strategies to source and retain them.
By identifying key skills segments within your workforce, you can focus on understanding their aspirations, motivations and preferences. And develop targeted value propositions rather than a one-size-fits-all employer value proposition.
2. Make sure you can deliver on your promises
3. Don’t underestimate the value of good people management
Hiring a great line manager is possibly the best investment you can make for both retention and performance enablement. A good manager creates a culture of trust and open communication, ensuring employees feel valued, supported, and engaged.
4. Take more of a talent lifecycle view
Employers need to start thinking about careers the way that talent does. How often do you consider what working for your organisation can add to an individual’s long-term career? What if
someone leaving and returning later was part of the plan? Can you develop early talent to meet mid-career skills shortages? And how can you leverage re-skilling and knowledge transfer in
later-career employees?
5. Move career conversations and career planning out of the shadows
Talking about future careers is not the same as making promises. Employees often leave because they don’t understand how they can develop. Start engaging them in conversations about their future, and explore what knowledge and experience could help them develop and become a credible candidate for future roles.
6. Invest in learning and professional development
Professional development spend in organisations is often low and continually under pressure. The fear among many is that we are ‘training people to leave’. But the reality is they’ll leave if you don’t invest in their learning.
7. Have a flexible approach to flexible working
Being inflexible without business reason means you’ll suffer with talent retention in the current climate. Having a thoughtful and segmented approach is proving the most effective strategy. For example, being honest and clear about the type of work that needs to be done, where – whether that’s in the office, or at home.
8. Foster social interaction, inclusion and networking
Virtual working has taught us that we’ve underestimated both the importance of work on social interaction and the importance of social interaction on work. How can you ensure remote workers feel a sense of belonging? And how can you improve employee effectiveness by finding new ways to build networks?
