You’ll probably know 78% of business leaders rank employee retention as a critical business indicator? What might come as a surprise is that nearly 33% of talent leave their job within the first six months.
Great companies know how to attract talent … it’s the really successful companies, however, that know how to attract and retain it.
Discovering the steps that successful companies take to retain their talent, implementing them across all areas of the business you’ll be rewarded with not only a strong employee retention rate, but also an engaged and motivated team who contribute to your organisation’s continued growth and success – for the long-term.
1. They make them a part of “the bigger picture”
Top talents wants to continually strive for progression, and they need to know where they are going in order to “make it happen”.
Successful companies make the vision of their company crystal clear; they truly motivate their talent to develop the skills to work towards turning it into a stunning and vibrant reality.
2. They have a culture that makes talent feel like an asset
Your talent, no matter how capable they are, cannot thrive in a sterile, non-supportive culture.
Successful companies have a culture where their strategies and people thrive, one where top talent actively model the values and demonstrate they have the accountability and responsibility to drive the business to “the next level”.
3. They give feedback regularly
Top talent expects to receive constructive and consistent feedback on their performance … it must be balanced and sincere … top talent is savvy enough to know when “lip service” is being paid.
Successful companies understand this; they know that, done properly, it will ultimately increase business performance and turbo-charges motivation.
4. They provide opportunities to grow and learn
Top talent yearns for learning and teaching environment, where they are actively encouraged to develop and grow.
Successful companies actively provide a culture of growth and development and keep their teams abreast of career development plans and opportunities available to them within the organisation.
5. They recognise and praise great work
Recent studies show it is when employees feel under-valued and unappreciated that they will look for employment elsewhere. There is nothing more costly than losing highly skilled people to your competition.
Top talent needs to feel that their contribution is important … successful companies understand this and take positive steps to make them feel that they are appreciated, respected and the work they are doing is worthwhile.
The results our clients achieved are breath-taking …
- As a result of our work with an organisation in the financial services industry they had seen staff turnover drop from 46% to 15% in just 6 months … and the bottom line improve by 38%
- Another organisation had seen staff retention increase by 58% – saving them over £1 million a year.
Contact us today for a private and confidential discussion about keeping your best and brightest, in order for them to help produce outstanding and sustainable performance improvements you need and want.