News & Views
KEEP HOLD OF YOUR STAR EMPLOYEES
So what’s the secret to holding on to your skilled employees? Is there a strict formula you can follow or is it pot luck?
Employee retention is one of the primary measures of the health of your business. If you are losing critical staff members, you can safely bet that other employees are looking as well.
With Christmas and New Year fast approaching, this period always seems to fuel itchy feet and that craving for something new - the ‘grass is always greener’ syndrome. So what can you do to ensure that you keep hold of your stars in this current climate? How will you feel if they move to a competitor in the New Year? Do you really have a handle on what your employees are thinking - are they happy?
To ensure you are genuinely looking after your staff, ask yourself the following:
Do we have regular catch-ups?
One of the easiest and most powerful tools you can put in place is to set up regular ‘one-on-one’s’ with your team members. This is an opportunity for you to praise, discuss gaps, agree actions and most importantly, gain their feedback on the company and you.
Do we have a succession plan in place?
It’s important to have a clear succession plan mapped out for your staff. This not only makes them feel appreciated, it’s also a good way to measure their development. This can be addressed at your one-on-one catch-ups. It doesn’t have to mean a promotion right away but could be working cross-functionally with a senior mentor or on a project to continuously challenge and stretch your staff. This will provide them with variety and ongoing development to keep them busy and away from the Situations Vacant section.
Do we encourage ongoing development?
This can include external training courses, internal mentoring sessions or the chance gain extra qualifications part time or via correspondence.
Do we have a fun and encouraging work environment?
Share success! This encourages your high achievers to keep on nailing those sales but will also prompt other employees to start nailing them so they to can have that pat on the back we all crave.
Am I a supportive and approachable manager?
The most common reason people leave their jobs is because of their boss! Unclear direction, vague measures, no support, poor communication and no commitment to personal development.
Communication:
No-one likes being the last to hear about something. Establish regular communication processes so that you are in touch with your team and your team is in touch with the business. Whether you are a large organisation where you have monthly or bi-monthly company meetings or you are a small company clear communication is a must.
Exit Interviews:
Exit interviews with departing employees provide valuable information you can use to retain remaining staff. Heed their results. You’ll never have a more significant source of data about the health of your organization.
Have you heard of Stay Interviews?
These are a great way for both parties to express how they are feeling and discuss areas for improvement as well as success. Find out what your staff are really thinking in a confidential and safe environment.
These are just some of the must haves for you to hold on and nurture your talent. You may have all sorts of HR processes and systems in place however, unless these sit on top of a foundation of ’genuine care’ for your staff and strong communication they’re worthless. Keeping your top talent can be simple - do the basics, very well, every day.
For more information around retention and nurturing your talent contact OCG Consulting Ltd.