Talent retention : how to retain employees and reduce turnover ?
The working world is always improving. From Taylorism* to today’s “War for Talent” movement, our society and its economic model are evolving and transforming everyday. In order to avoid the consequences of these changes and to turn this evolution into a deep core growth, companies must think about a strategy for recruiting and retaining talent. But then, as a business owner, how can you avoid your employees leaving? Fitch Bennett Partners has some answers for you.
“Talent wars”,”the Great Resignation” and, most recently, the #balancetonsalaire… These idioms are on everyone’s lips. And they are nothing more than the translation of the search for well-being at work in all its forms (and has been emphasized by the Covid-19’s health and economic crisis.) That’s why we are now witnessing the transformation of our society and, by extension, whole the working world. Nowadays, decision-makers and their managers have no choice but to adapt themselves to the new requirements of the talents they want to hire, as traditional business environments has become obsolete. In order to avoid turnover and retain employees, companies need to implement a global recruitment and management strategy.
Retaining employees: 4 tips from the Fitch Bennett Partners experience
The Fitch Bennett Partners team meets candidates and employees from a variety of industries every day. Generally, employees are satisfied with their company when :
Fair-value is fully satisfactory
The investment, the added value and the function of the employees must be aligned with their salary. This number one rule seems obvious but is too often forgotten (sometimes unconsciously). We have met many job seekers who have left their jobs because they felt neither financially valued nor promoted.
Take a moment to reflect on the efforts your employees make on a daily basis and ask yourself if they are valued at all?
Flexibility on working conditions
This is no longer new. With the Covid-19 crisis, teleworkers have enjoyed this freedom, which offers many benefits, both on economic dimensions and on comfort.
For example, if we look further, many large companies opted for a revolutionary division of working time: 4 days of work without any salary reduction. Without going that far, it may be interesting to think about flexible working hours for your employees. Allowing flexible working hours allows employees to adjust their working hours to suit personal appointments.
In this respect, an employee will be more inclined to stay with the company if the company takes care of his or her important life moments, both professional and personal (marriage, return from paternity/maternity leave, job change, etc.).
Candidates are looking for managers who inspire them, legitimate people they want to be like and learn from. The manager therefore has a central role in retaining talents.
Inclusive, they must also make well-being a managerial norm by promoting understanding between team members. To involve the team in achieving common goals, he or she could co-construct and reinforce the corporate culture with the employees.
The quest for meaning
No more work for working only. Employees are looking for the possibility to evolve in their jobs but also for a meaningful tasks on a daily basis. On the one hand, they must be able to visualize a career development within their company. On the other hand, they want to involve their work in their personal ethics and vice versa.
To respond to this, the company’s decision-makers and managers must include the employee in the company’s overall objectives and make him or her understand why his or her place and role are important. This can be done through regular exchange and feedback moments. They can also promote training and skills enhancement in case of lack of knowledge or willingness to evolve.
Losing talent does not mean losing knowledge
Sometimes losing a talent with high added value is unavoidable. It’s not necessarily about your company, its culture or its environment, but about the interest of your employee. You’ve tried everything to keep them, but no matter what you offer, they want to leave. So, have you thought about knowledge management?
Knowledge management is a process that allows you to keep the knowledge of your employees within the company. At the end of an employee’s contract, several strategies can be put in place to pass on rare knowledge and skills to his successor. This is a solution that should not be overlooked in order to onboard your new employee.
In the end, in order to contribute to the success of the company, the employer must combine the interests of the organisation and those of the employees. If there is only one thing we can take away from this article, it is that talent retention must be thought out in such a way as to insert the employee into a work environment that is appropriate to their aspirations.
You may also be interested in this article: Developing your employer brand, a major challenge to attract and retain talent
*A method of scientific organisation of industrial work, through the maximum use of tools and the elimination of useless gestures.