In my previous blog post, I wrote about the importance of identifying key talent. The next step is to empower these employees and ensure their ongoing contribution to the organization. A number of organization strategies can be used for retention, such as an internal hiring program, manager development dialogue, mentoring system, job rotation, suggestion scheme, communication session with management, employee rewards program, well-defined career path, clear and challenging job description, work-life balance, employee-family involvement, and corporate social responsibility (CSR). Below is a description of some of these strategies.
Communication. Undeniably, a communication breakdown at any organization stage can jeopardize employee morale and productivity. Talent professionals play an essential role in communicating across the company, both vertically and horizontally. Providing accurate information at the right time and through the right channels creates a sense of belonging in the organization. Some of the common tools I have used include digital notice boards, staff e-newsletters, suggestion schemes, and monthly meetings with managers and select employees.
Business ethics. Establishing good business ethics creates a long-lasting brand and propels the organization to a higher level in the marketplace. To ensure awareness, understanding, and adherence, it is essential to include frequent training—be it face-to-face or e-learning—on the code of conduct and business ethics within the company. Talent management professionals must seek to understand employee needs and top concerns, and to promote fairness in processes, procedures, and ethical practice. This encourages employee well-being and work-life balance.
Corporate social responsibility (CSR). An effective CSR initiative is all about managing relationships within the community and maintaining a strong commitment towards society. CSR initiatives could include clothes and food donation for those in need, child and school adoption programs, a library campaign, blood donation, and environmental and safety projects.
Employee rewards program. Recognizing longstanding employees by asking them to act as talent retention ambassadors can be an excellent strategy for many organizations. Hold a regular knowledge sharing session to glean key information from these veteran workers. Additionally, employee merit and longevity awards, bonus disbursements, and quarterly incentives improve employee retention with attractive rewards for winners.
Learning and development (L&D). Require mandatory completion of a certain number of learning hours each year, inclusive of non-classroom learning solutions. This is beneficial for both employees and the organization.
One L&D tool that I found to be effective for employees across the business is the Skillset Inventory, which includes a list of all of the hard skills and soft skills required for each position, with assigned ratings—both self and manager—from 1 (lowest) to 10 (highest). The average of combined individual skills and team skills can then be used to generate an individual development plan for the year.
Career management. Linking L&D to career management will help every employee to feel secure and engaged, to some degree. When such progress in the organization is transparent, employees are more likely to envision a long-term career path at the company.
Employee engagement. Finally, engaging employees, especially key talent, is vital for retention. Try implementing a sampling of the aforementioned strategies—catered to your unique talent and organization needs—for best success.
In your experience, which strategies work best for retaining key talent?
