August 08.2018, 1.33pm
Stop the churn: 5 ways managers can avoid losing top talent
One of the key statistics to come out of the CoreHR Smart Talent Expects Report is that 77 percent of top talent want their work to have meaning and impact.
That may seem like an obvious expectation yet many managers fail to address this simple truth and struggle with employee retention as a consequence. Many of us have left jobs that we simply outgrew. In the current competitive job market, employees are no longer prepared to slog it out in a job that no longer excites, engages or challenges them.
That means that the onus is on managers to find ways to satisfy workers at every level of their business. We’ve come up with five essential ways to build a culture of retention within your organisation.
1. Keep your star performers happy
Are you doing enough to retain your best workers? The cost of replacing an employee is estimated at up to £30,000 but you also have to factor in the loss of expertise and the time it takes to find or train replacements.
CoreHR’s Smart Talent Expects Report surveyed top talent across a range of companies and industries to discover what really mattered to them. It found that an attractive organisation listens to its employees (74 percent), enables a good work-life balance (73 percent), allows employees to reach their full potential (71 percent) and enables employees to make full use of their skills (70 percent).
It’s important to create an environment where employees aren’t stressed or overwhelmed by work. That might mean initiating wellness programmes or offering flexible working arrangements to improve employees’ work-life balance. CoreHR’s Workforce Management tools offer mobile self-service and smart rostering solutions that make it easier for employees to do flexible hours or work from home.
Using real-time analytics helps you to offer ongoing employee appraisals and address any issues that could prevent them from advancing their career path within your organisation. This allows you to identify and address skills deficits with training or to develop emerging aptitudes in high-performing individuals.
2. Make employee engagement a priority
It’s easy to take your employees for granted, especially if things are going well. Yet the sign of a good manager is someone who constantly drives their people to greater things to fulfil their potential.
Now more than ever, managers must focus on the employee experience and treating the employee like a valued customer. Your bottom line will thank you. Unhappy employees not only underperform but they can actually impact on the performance of other workers whereas happy workers can be nearly twice as productive.
You need to establish a positive company culture that encourages engagement, work on open and honest communication with your employees, show appreciation for their efforts and provide them with opportunities to give feedback as part of a collaborative approach. CoreHR’s talent management software lets employees take control of their own career and keep track of their professional development from a single dashboard. Employees can access real-time analytics to measure their progress and link directly to tailor-made development plans.
3. Offer your employees professional development
Good talent management means identifying high performers, providing training to develop this potential and studying the data to develop metrics that will make it easier to find the stars of tomorrow.
Providing training and career progression is also essential if you want to retain millennials. A report found that 65 percent chose their current job because it offered room for self-development.
If that isn’t enough incentive, the Association of Talent Development found that companies that offered employees comprehensive training programmes have a 218 percent higher income per employee than companies that didn’t.
So empowering and developing your workers will ultimately help you to retain them while also improving their value to the organisation. CoreHR’s talent management solutions allow you to manage employee performance, coordinate goals and effectively manage your talent pool using cutting-edge HR software.
4. Don’t neglect management training
Investing in your managers by offering them training and upskilling is ultimately an investment in your company’s future prosperity.
Succession planning is a vital part of modern business, providing you with homegrown stars who can eventually step up and lead you into the future. Modern HR technology makes it easy to develop data-driven processes to cultivate the next generation of leaders within your own company, raising talent that knows the culture and understands your business.
Just over half of companies train their managers once a year or less, according to a survey by Progressive Business Publications. Training may be an additional expense but the cost of training will be offset by having a manager who is engaged and productive.
Leadership training may be important but new managers and those further down the ranks are just as necessary – some may not have been taught the essential skills required to fulfil their role.
HR should establish targets and goals for management and ask them for feedback about their training and upskilling needs. Discuss areas for improvement based on reviews or performance metrics and work closely with them to ensure that they have everything they need to do their job effectively.
5. Get to know your people
A modern organisational design has moved away from the classic hierarchical models of top-down leadership. Responsive, collaborative teams drive modern businesses and offer the organisational agility needed to succeed in this fast-moving digital age.
Building communication activities into managers’ performance assessments can help to kickstart positive interactions. Your HR software suite can cater for surveys, ongoing performance assessments of employees and allow employees to provide feedback to managers.
Using tools such as CoreHR’s 360-degree feedback allows employees to get broader feedback from their working circles and encourages a culture of honest peer appraisal.
CoreHR’s mobile app enables employees to express themselves and highlight the good work that their colleagues are doing. This kind of peer reviews helps managers to get a fuller picture of employees’ capabilities, strengths and achievements.
Establish a precedent of review cycles to create closer working relationships between management and workers. Developing review structures can help to initiate long-term, beneficial behavioural change on both sides. There are multiple review/appraisal forms for feedback available as part of CoreHR’s Talent Management tools. This software also gives management actionable data to help them give more informed and effective appraisals.
Training or mentoring programmes are another chance for managers to give employees the one-to-one help and support that they need. CoreHR’s Talent Analytics can identify potential stars who might reach their potential with additional mentoring or flag up any employees who are falling behind and are in need of additional support.
Being a better manager means bringing your workforce with you. That’s a tricky proposition if you don’t know or understand your workforce. Understanding an employee’s capabilities and knowing what motivates them is the first step towards unlocking their potential and establishing goals that can benefit both them and the organisation.
Learn how you can identify what your Smart Talent Expects to create an effective, engaged and purposeful team.
By Tony Banks