Talent Retention is the set of actions with the objective of keeping good employees, talented professionals in the company , through recognition strategies, offering corporate benefits, integration actions into the work environment, etc. The retention of these professionals leads to numerous advantages , highlighting the company’s growth.
Talent retention is a key factor for any business. In an expanding job market like the current one, high turnover can be generated by competition between companies to attract and retain the best professionals, offering bonuses, flexibility and other benefits.
There are two main factors that companies need to worry about to retain and motivate their employees. The first is to increase the engagement of your employees , and the second is to develop systems that support your employees’ success .
Talent retention is a hot topic these days. But what exactly are talents? We are talking about professionals who have high productivity and high adherence to the profile of the company where they work. They are like nuggets of gold for any employer, so sought after and rarely found. Therefore, it is up to the enterprise to create strategies for retaining talent.
Therefore, attracting, hiring and retaining talent are essential actions in organizations.
Do you want to increase talent retention in your company? Download our e-book “4 Effective Strategies for Talent Retention” and discover how to not just depend on work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary increases to retain key employees!
But before you even check out the e-book, read this post carefully and discover, from the start, the importance of talent retention for your company!
How important is it to invest in talent retention?
It is not today that many entrepreneurs consider their employees as the most precious asset of the organization. This is because employees are responsible for running the business’s activities. They are the company’s first contact with the consumer, that is, the showcase that shows the company’s policy and how it relates to the outside world.
In such a fierce market, being able to count on professionals who make your team a high-performance team is synonymous with prominence in their area. However, just hiring them is no longer enough. It is essential to provide these workers with reasons to stay in your company, that is, that they wear the shirt for the love of the business and that their ideas and perceptions are in line with what the establishment preaches.
Today people value quality of life. At a time when emotional health is the main factor of well-being, promoting actions that bring this harmony in everyday life makes the environment more productive and creative, benefiting not only the enterprise, but also the personal growth of professionals.
When you have that above-average talent on your team, you can outperform the competition and deliver to customers what they want so much: satisfaction in the contracted service. We can see that all this is a ripple effect — first the company improves its talent retention practices; then she hires the best candidates; and they benefit from the entire organizational policy of the company, enjoying activities that encourage and engage them.
In this way, these employees produce their activities in an exceptional way, which attracts the eyes of consumers. The end of this sequence is the conversion of a greater number of customers and the increase in the profitability and profitability of the company.
Why can’t salary be the only factor in retaining talent?
Relying on work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary increases to keep the company’s most precious people is risky. The effects of the practice are short and fragile, contrary to what was thought for decades in business administration.
Do you know the correlation between work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary and job satisfaction? This was the question that Timothy Judge — a professor at the University of Florida — and his colleagues sought to answer after reviewing 92 studies on the topic. The conclusion was surprising: the relationship between the two variables is very weak, less than 2%.
We are not talking about a regional condition, given that the results of similar studies conducted in other countries, such as India, England, Australia and Taiwan, point in the same direction.
As much as a correlation of only 2% may seem too low, it is a fact that work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary only motivates up to a certain point. A famous study by researchers Daniel Kanheman and Angus Deaton concluded that American workers only experience increases in their job satisfaction with increases up to $6,250 a month. From that ceiling, your happiness stalls and higher work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary offers aren’t enough to make you more motivated .
It is a fact that work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary motivates employees, especially if we consider a scenario where the proposed value is higher than the market average. However, motivation only goes so far. Which means that the more the employee receives, the harder it will be to maintain motivation for longer periods through financial incentives alone.
The results generated by this form of incentive are short-term and fragile, and in the long term can result in even greater losses for the company. For example, if a marketing director who has been working at your company since his days as a manager resigns in search of work-life balance — as he has always received a good work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary but is unable to enjoy time with his family — , the damage will be much greater, do you agree?
Talent retention strategies
The great challenge for companies is to show their employees that they really care about them and not just through motivational speeches, but through actions. Check out some strategies of talent retention this now!
1. Structure a gamification program
Incentive and engagement systems serve this purpose. Employees recognize the evolution of the other, disclose it to the company and, many times, reward themselves due to a superior performance than expected.
To achieve high levels of engagement, companies increasingly need to use non-monetary incentives, such as a structured career plan, training and programs that recognize employees in real time. And for these measures to be efficient, a correlation between performance and reward is necessary.
In this sense, gamification emerges, a concept widely used in talent retention strategies. The practice seeks, through the techniques used in games, to promote knowledge and the development of new skills, encouraging productivity through a reward system.
Thus, when they feel that their work force and evolution are valued, the tendency is that they do not surrender to other job opportunities.
2. Position employees according to their skills
Composing a productive and satisfied team with their work is also a practice related to the functions held within the company. That is, allocating the right people in their proper positions in the organization in search of a better use of their skills can increase engagement, productivity and help retain talent.
This attitude must be accompanied by good communication. It is essential that the processes that that person will perform in the company are clear and make sense to all members of a team.
It is also necessary to create incentives for employee learning , so that he or she will always be up to date, bringing improvements both for the development of their demands and for their professional evolution.
3. Create a feedback culture
When adopting the strategies that we have suggested so far, it is necessary to implement a feedback culture so that actions do not turn into possible frustrations. After all, the employee goes to work hoping that he will be able to evolve within the career plan , and if that is not possible, it is necessary for him to know in which points he must improve to achieve his goals.
The practice should involve feedback regarding your posture and productivity, as well as an open attitude to opinions from the company. In the same way that it is necessary to report the behavior of the employee, it is necessary to know how he feels about the organization’s procedures.
Through the opinion of the contractors, it is possible to assess the conduct of the business itself and even change what is necessary to assist in talent retention strategies.
4. Invest in a pleasant work environment
It’s not just the work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary that protects your company from facing a high turnover rate and ensuring competitiveness against the competition. If the work environment is not peaceful, professionals will look for a place that best suits their needs.
Creating a pleasant organizational climate does not have to be a complex procedure. Simple actions such as a monthly get-together, recreational activities and a breakfast to celebrate the achievement of goals or even to start a conversation circle are details that are part of a more pleasant routine.
5. Be flexible
When opening the dialogue, it is important to realize that the claims of employees can be the key to keeping them within the company.
It’s important to be flexible with the talent that is part of your organization. They were hired for a reason and, if they are meeting expectations, you need to check what can be done so that they continue to offer their best during the work routine.
Often, taking a position today ensures that person continues to grow with the business and avoids losing that talent to the competition over the smallest details.
Companies need to be concerned with managing the work environment proactively through a set of strategies. Efficient and skilled employees are a valuable asset for small or medium-sized organizations, and the loss of these represents a much greater negative impact than in a large company.
6. Quality of life and balance between professional and personal life
New opportunities begin to be sought when the professional no longer has a balance between personal and professional life, and when his quality of life becomes less and less. Therefore, it is essential to care about the physical and emotional changes and problems that an employee can develop due to the day-to-day stress of work and to take measures to ensure that this type of situation is not a problem in your organization.
Welcoming programs and comprehensive 1:1 meetings, where the manager shows interest in the well-being and career of the employee, are good ways to identify areas for improvement in the company in order to achieve this balance.
One of the biggest facilitators of motivating professionals is recognition. Therefore, be sure to congratulate your employees on successful cases and the execution of a job well done. This feedback can make all the difference to an employee.
Knowing that your work is being done well and that people with higher positions in the company are aware of what is being achieved makes the employee feel valued. Recognition can come in the form of advantages such as courses paid for by the company, work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary bonus or even a simple thank you from the company for the achievements achieved.
In addition to bringing the feeling of being seen by the leaders, it also makes you feel valued by other co-workers, which helps in building a healthy and stimulating work environment.
8. Career plan
The opportunity to build a long and successful career with a company is a dream for many, and a company that can present a concise and well-established career plan is more likely to retain its best talent. in relation to career plans that do not materialize are some of the points that most make talents seek to leave a company.
The development of a corporate education strategy that includes long-term career plans and previously defined investments in talent is essential to make retention possible. Employees ‘lost’ in relation to the possibilities of evolution in the profession tend to develop high levels of dissatisfaction.
It is also necessary to carry out work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary updates when necessary. Paying a larger budget and being in a competitive scenario with market salary parity is much more advantageous than the company losing the employee to the competition and having to replace him.
As you can see, there is no ready-made formula for talent retention. It is necessary to unite a series of actions so that, together, the company becomes a place where the best professionals make a point of working.
How can you learn more about it?
The facts mentioned above are not obvious, but they make a big difference in the day to day of the company — and it is a difference that impacts the real results of organizations, as they are directly related to employee productivity.
For managers to identify the ideal employee profile to compose their teams, it is necessary that they understand in detail all the processes of the activities developed by their enterprise. From this, managers need to identify which characteristics will stand out in that branch of activity.
Still, entrepreneurs need to be attentive to analyzes and studies to understand what professionals available in the market are looking for. In addition, it is part of the managers’ obligations to detect and stimulate the skills of current employees.
As we have already demystified the power of the salary increase in talent retention, you must be wondering now what are the most effective mechanisms to promote it.
In our e-book, you will find out in more detail:
- why a work accidents with sick leave, and unpaid leave for personal matters. In the latter case, the firm may cut the employee’s salary increase is an innocuous measure to retain talent;
- what are the most powerful factors in retaining talent;
- how to apply these factors in your company;
- successful cases of talent retention in multinationals.
Undoubtedly, talent retention is a powerful feature of companies compared to competitors. In addition, this tactic improves internal processes and consequently leverages results, making your team engaged with the presented purpose.
However, for all the aforementioned development to take place, it is essential that those responsible for managing people improve themselves more and more in the matter, putting into practice all the mentioned content, aligning the studies with the particularities of each business.
We hope that you have understood the strategies of talent retention.