To hold onto your organisations key talent, you need to understand that your organisations people are a unique resource that can learn, develop and grow. Valuing your talent and understanding the impact they have upon your organisation is key; this can be internally or with external help. Either way there are some easy steps you can take to retain your organisations talent.
Key Strategies For Retaining Staff
Offering New Opportunities
A highly cited reason for people leaving their job is the lack of opportunities for progression. For many the scope for progression is more important than salary. By taking time to understand the needs of your staff and how they wish to develop through your organisation, you will instantly open up better lines of communication and have a clear view on how to train and develop them. Introducing training to facilitate their growth and shadowing to enable your talent to experience the role will give them a clear indication of what that next step looks like.
The key is to have employees that are interested in progressing and have ambition, it is a great thing and it deserves to be nurtured.
Introduce Additional Incentives
Additional incentives on top of your employee’s salary are a simple way to keep your staff engaged and retained. It may not feel like an obvious answer, but you will be surprised how much your staff will appreciate them; whether it’s providing breakfast, free coffee, lunch on a Friday or regular team nights out. These are all great motivators that will make staff feel valued in the workplace. There are an abundance of other attractive incentives like working from home, flexible working hours and even a suggestions/ideas box can be appealing so long as each suggestion is taken into consideration and actioned where possible.
Flexible Working Contracts
Why not look at filling some of your roles with freelancers instead of permanent staff? With more financial talent choosing to work as freelance, this could be a great way to fill any skills gaps. Also it gives you the opportunity to view potential new staff and gives them the opportunity to see your organisation in action. This may lead them from temp to permanent in the future.
Long Term Strategy
It’s key to focus on both short and long term retention, many agencies have developed their succession planning and human capital management, so it’s important to do the same within your organisation, so you do not end up with skills gaps. This will allow your organisation to keep staff moving fluidly and increase retention rates.
What are your organisations doing to increase retention? Let us know what works for you in the comments below.