How to Retain Top Talent: An Increasingly Difficult Task
Employee retention is a topic that has received much attention in recent years, due to the wide-spread stereotype that millennial talent are difficult to please. Shortly a new generation will join the workforce, Generation Z, where employers are bound to be confronted with a new set of challenges. Nonetheless, what most young professionals will attest to is that they want to feel appreciated, valued, productive and challenged. These are all good things, right?
So, what is the solution? The answer is a combination of different things, but one method of successfully accomplishing them all is to Listen, Understand and Act. A leader who is perceived as one who will hear their employees’ concerns, truly understand them and take action to improve said concerns, is one who will achieve high retention in their employee population. Results include a more engaged workforce, satisfied employees and an increased bottom line. Frequently engaging with employees is key to an organization’s success.
Okay, I know what you’re thinking, “I don’t possibly have time to sit down with every employee and talk to them about how they are feeling.” Recognizing the value that comes out of 1:1 meetings are key. Even a regular 15-minute check-in can go a long way in improving productivity and engagement in employees. More formal opportunities to communicate with your workforce include annual or semi-annual performance reviews.
Additionally, there are ways to supplement the recommended face-to-face interactions that assist in achieving higher retention rates. These include electronic surveys, focus groups or software products such as TinyPulse, Vibe, Culture Amp and more. The key to these software solutions though is acting on the data you collect. Remember to complete the cycle by Listening, Understanding and Acting.