Talent Management Strategies Series: Retaining Top Talent
I decided to write a series of articles on topics that are top of mind for HR professionals and executives. As a consultant, I often come across leaders who say they are having the same problems no matter the size of the organization or the industry; attracting, retaining, and developing top talent.
Although organizations communicate concerns about attracting, retaining and developing their talent, many aren’t doing much about it. I’ve learned over time that all businesses need partners to help them be more effective, especially in the busy world we live in. We are bogged down from a work perspective and our personal lives are more demanding than ever. We all need support systems to be at our best. It’s imperative now more than ever for HR professionals to focus on strategic issues, and find assistance through outside partners to help with other items.
I want to take you through elements of attracting, retaining, and developing talent to help make your organization and your role in HR more strategic. I have previously written about Attracting Top Talent and now want to take you through some tips for Retaining Top Talent.
Retaining Top Talent
We recently asked a professional audience, “What are you doing to retain your top talent beyond the regular compensation and benefits?” The answers we received reinforced what we knew to be true. Organizations know they need to do something special here but it’s rare they actually are doing something above and beyond. Some thoughts for your consideration:
Make work-life balance a priority
Institute flexible schedules or locations in which to work
Be transparent and honest
Offer more vacation
Create career pathways
Build people up
Recognize and reward employees
Always say thank you
Lead by example
Offer discounts to gym memberships
Offer loan reimbursement to graduates
Offer sign on bonuses
Provide referral bonuses to employees who refer individuals who are hired
Provide educational opportunities and tuition reimbursements
Employers should focus on all aspects of the employee, not just the work side of the individual who is our employee. We all have other demands in our lives - young children, family, aging parents, health concerns. Be cognizant of all these items and allow people the space to juggle their personal lives while still responsibly managing their work responsibilities. By doing this, your company will be seen as a progressive and desired place to work, an employer of choice.