This era is driven by a revolution in work ethic and consumer mindset. The rise of artificial intelligence and globalization has made customers demand more personal and intuitive brand experiences, pushing businesses to transform their talent acquisition and management approach. Skills like technological literacy, adaptability, and people management are in steep demand.
Recent research suggests that around 45% of US workers are looking for a new job, while one-third are comfortable quitting their current job without having another lined up. Despite being satisfied with their current jobs, almost 31% of employees seek turnover opportunities. With changes in the job market, employees feel empowered to demand more from their employers.
Many businesses, especially IT departments, are ramping up efforts to retain top talent and address talent leakage issues. Globally, businesses face a talent shortage, and the top talent has become more difficult to recruit and retain. To achieve high retention rates, companies need a combination of competitive compensation and flexible working options. In this short piece, we will provide a few tips to retain your best talent and set yourself for success –
Gain Insights into the Working Life of Your Employees
Just as businesses should focus on a customer-centric design, managers should understand their employee’s needs to provide them with the perfect learning opportunities. The best way to do this is by asking questions. Schedule one-to-one meetings with your employees and ask them what skills they have and which they need to develop. Don’t forget to enquire about the areas they feel are challenging. Try to engage your employees in a conversation about the challenges they face, their interests, and short-term and long-term career goals.
Creating More on-the-job Opportunities
After understanding what your employees want to learn, create opportunities to help your team develop them. Consider out-of-the-box techniques and strategies to make your employees learn. Classroom-style training may set the foundation but isn’t always effective. Instead, create some practical “learning moments” that get ingrained in your employee’s minds.
The key is to engage your employees, help them step out of their comfort zones, and build their confidence. Create a working environment where every challenge is seen as an opportunity for growth. This allows managers to reskill and upskill their employees on a need basis, as challenges can be both inside and outside the formal working environment.
Personalize Learning Experiences
One of the most important things to remember is an “employee-centric” approach, i.e., considering employee experiences to cater to their needs. Factors like employee experience level, tenure, and adaptability impact the training they need. For instance, opportunities like project participation and teamwork, where employees can get support from more experienced team members – are suitable for newer employees who do not have much experience.
On the other hand, bigger opportunities where the employee has to step out of their comfort zone are more suited for people with the experience to play a bigger role. Further, managers should consider how much control employees have over their growth opportunities. An experienced employee may be able to design their own tasks, while a new one might need a bit more structure and guidance. In both cases, it is critical to give employees some level of autonomy.
Providing Feedback Regularly
Providing feedback is an important part of the employee engagement process as it sets expectations from the beginning. As the employees carry on their responsibilities, managers should provide regular feedback to help them understand their opportunities and areas of improvement. This process should be handled with patience, and managers must reflect on both strengths and weaknesses of their employees.
For instance, if an employee has tried something new but it didn’t work out, managers must recognize the effort. Failure is as important as success and allows people to learn and grow from those experiences. Additionally, managers can implement an improvement plan to help their employees manage their time better. Further, performance measurement can be done by tracking the personal growth metrics of the employees.
This is not a comprehensive list of strategies you can adopt to retain your top talent, but following these will set you on the right track. Remember that communication is key – talk to your employees to understand what they need to succeed in their job and life.
KangarooStar is your one-hop stop for data-driven job matching, career development, hiring trends, and professional assessment. Check out the website if you want to learn more about talent recruitment and retention.