Organisations spend significant amounts of time and money recruiting the best people they can. But retaining quality people is often more difficult than recruiting talented people in the first place. Many companies do not have active staff retention procedures and often rely only on financial leverage to keep a top performer in the company.
There are, however, several simple techniques in addition to financial retention incentives ,that you can employ to help retain the quality, talented people that you need to keep your business thriving:
1. Create a challenging environment – There are not many talented people who want that talents to be wasted on projects that offer no challenge, responsibility or kudos. Not providing a challenge will most likely force a person to increase their own challenge by looking for a better employer. Find your talented people and give them the challenge they need to thrive and grow.
2. Favourable work environment – Poor working environments are one of the major reasons that people state for leaving their job. It could be the physical environment, the culture, the managers or even the restrictions of the policies and processes that are at fault. The working environment needs to be conducive to people enjoying their work.
3. Flexitime – Life is pretty complex, more so than it has ever been. The goodwill you engender in your staff just by allowing a degree of flexibility in their working time is worth the effort required to manage the different schedules people want to work.
4. Additional Holiday- No-one on their death bed ever said, ‘I wish I had spent more time in the office’. Allowing people more time off, allows them to relax, de stress and become more innovative, creative and productive when they return.
5. Stock Options – With the complexity of taxes that apply to financial rewards, there may be a strong incentive in giving stock options in some kind of tax free wrapper. It also has the added benefit that if a person sees the company performance directly affecting their wealth, then you have an ally in the work force helping you increase overall performance.
6. Family-friendly policies – Family life can be very demanding, so organisations that can help make family life more manageable are likely to generate a large amount of company loyalty.
7. Relaxed dress code – Some companies offer professional services that require more formal dress. However, the innovation, creativity and success of companies like Google is unlikely to be recreated in an office where everyone is wearing a suit! Allow people to wear whatever makes them comfortable and most productive within some sensible guidelines of decency and cleanliness.
8. High Quality Leadership – Have highly visible leaders with a strong clear vision, who communicate that vision well and ensure that the organisations strategy and resources are employed to support that vision. Leaders without vision and without people skills and who are only interested n the bottom line are unlikely to encourage people to stay. In fact they are likely to be leaving in droves!
9. Visionary technical leadership – A company that doesn’t innovate will not survive in the modern business environment. This requires some truly creative and technically adept people to lead the organisation’s teams.
10. Training and training reimbursement – Most people want to improve their knowledge and skills. They see their prowess improving as a way to climb the corporate ladder or to undertake the challenges to which they aspire. Make training a priority and you will see an increased loyalty. It is often thought that people train only to move on. I would suggest that those people are going to leave anyway, so offer them training and some of the other retention incentives and you may actually keep that person.
Margaret Mead once stated that.,‘A small group of thoughtful people could change the world. Indeed, it’s the only thing that ever has.’
If you apply these retention techniques, you are more likely to hold into your talents and resourceful staff so that they can indeed change the world.
Dare to Aspire