Dealing with unexpected loss of talent
The unexpected loss of top workforce talent is costly to a manager. Every manager has to figure out how to handle talent loss because every experienced hiring manager has been through it. You get the team running like a well-oiled machine and then one of your top-performers puts in their notice. Ouch. The unexpected loss of top workforce talent is very costly to a manager. Every successful manager has to figure out how to retain talent. Adopt these four strategies to help with workforce talent management, acquisition, and development:
1. Provide a competitive salary and benefit package to retain talent.
If you want to retain the best workforce talent, then offer the best. Invest in talent retainment. Stay informed as to what other organizations are offering for similar roles. Even further, prepare to match or improve their packages. If you aren’t able to do this, then consider offering nontraditional benefits instead. When considering non-traditional benefits, also consider your organization’s culture and industry.
Non-traditional benefits range from flexible time to a pet-friendly workplace one day a week. Some of our clients offer a different schedule for summer hours that lets employees get ahead of Friday rush hour. Others offer a work-from-home day once a week. In order to retain talent, offer competitive salary and benefits.
2. Provide a clear path to career advancement. Be clear if advancement opportunities are limited.
In order to retain talent, set fair expectations. Think about potential career advancement before you even begin the hiring process. Be transparent about what career opportunities await the new hire. Some roles simply do not have space for growth. In this case, be open about whether the role could evolve.
Communicate whether the new hire could move into other roles as they grow professionally. Conversely, communicate if the role will have a fixed set of responsibilities for the foreseeable future. Avoid wasting your time and theirs. Be forthcoming about career advancement opportunities.
3. Offer learning and growth opportunities.
Retain talent by allowing talented people to sharpen their skills and learn new things.
Does the team participate in conferences? Are there continuing education workshops that team members can take part in? Does your organization do team-building activities? Do you offer tuition reimbursement or facilitate other professional education incentives for your workforce? Do you sponsor employee-originated innovation? Offer any of the above to show team members and new hires that you invest in their future.
Build a strong sense of community among the team. Mention these opportunities early on, either in the role description or during preliminary interviews and screenings.
4. Recognize employees as individuals. Create an inclusive work environment.
Most successful teams are made up of people with a variety of different talents. Thus, each person can contribute in their own way and create their own place within the team.
Take the time to identify and embrace each person’s unique strengths and passions. In order to retain talent, ensure that employees feel valued. Employee satisfaction contributes to long-term retention.
These are the some of the best strategies we’ve found to retain top talent after hiring. We’ve worked with a lot of talented new hires over the years, and we continue to learn on this front every day. If you are a hiring manager, what have you found to be helpful in workforce management and development? Contact us for more helpful information, and check out our other articles for more great content.