Tired of the extra costs from high employee turnover? Implementing methods that favor and assist in talent retention is not always an easy task within organizations.
The market is undergoing major transformations and new trends arise which demands different actions from the ones we’ve had in the past. It is becoming more and more uncommon for a person to stay in a single company for many years. Jobseekers now are always searching for new opportunities, new challenges, career plans, good compensation, co-workers who have the same principles and objectives. Therefore, organizations must evaluate the changes necessary to attract and, especially, retain employees.
There are studies that prove that some elements are critical to engaging and retaining an organization’s talents. The first is to have a good working environment. Everyone values when they work in a place where employees are treated well and professionally predominates. Another critical element is their salaries. If the organization offers a compensation package, including benefits competitively for its business segment, this factor will have a big weight on whether or not to stay in a company.
However, contrary to common belief, money is no longer what attracts professionals the most. People now seek the possibility to grow and learn within organizations. Many people’s goals now are professional and personal satisfaction.
Leadership is a key factor to retaining employees. There’s a saying in HR that says ‘People leave managers, not companies’. There’s a lot of truth in this popular saying. To conclude the desire to stay in an organization has to do with rational commitment, which is evaluation of negotiating the future perspective, but the key is emotional commitment, which is how people are being treated within the organization.
Leaders of large companies must first make people feel understood and that their true talent and true passion can be recognized. Then, they must show how the needs of the companies will match this passion and talent, and therefore create a marriage between the need of the company with these professionals.
Considering the problems that companies experience, it becomes a question of survival to identify the obstacles to be overcome to reduce staff turnover. We highlight three challenges that present themselves in this aspect:
Establish Career Plans
Career progress is key for the employee to realize that their effort will be rewarded. It is extremely dissimulating to work in a company that does not offer growth prospects.
Just as companies work to retain the external public, that is, their customers, the same needs to be done to their employees, the internal public.
Loyalty happens when employees give their best, becoming loyal defenders of the company, especially when they realize that the company has projects and jobs that can make a difference for employees.
Create a Sound Environment
In addition to motivating and being loyal, creating a sense of belonging is fundamental for talent retention. After all, according to sociology, we are gregarious beings, so being in groups of people is a basic human need. And if we spend a lot of time on our jobs, nothing more appropriate than making it a good environment to everyone, right?
If your company identifies with the issues mentioned here, facing difficulties in retaining talent, then it’s time to assess the need to modify your organizational practices. Frontall is specialized Human Resources, and can help you find and retain quality employees for your company. Contact us today and start making the difference for your company.