In today’s global business environment, retaining top-tier talent is vital for organisations to maintain an edge on their competition.
The loss of high-performing employees damages not just the company’s ledger, but often the morale and motivation of the remaining staff.
So, how do you protect yourself against high staff turnover losses? A strong employee development and retention strategy is a great place to start.
Development opportunities = motivated employees.
Staff turnover is one of the most costly and disruptive events in business. You can reduce your staff turnover with a clear, structured staff development and retention policy.
Developing your employees’ skills are important, however, so is ensuring the environment and organisational culture is one where your staff feel vested and valued.
Too many businesses fail to get the maximum benefit from their development and retention strategies by focusing on the development of employees’ skills rather than planning how to retain staff. This can be a costly mistake.
When dissatisfied staff members leave their roles, organisations not only lose a skilled worker, but the investment they made in hiring and training that employee.
Five development and retention challenges
A recent study on staff retention identified the most common reasons why employees leave their roles. Let’s look at the top five:
- Lack of leadership and/or bad managers
- Lack of career development opportunities
- No feedback or motivation: The lack of performance-related feedback leads to poor work performance, productivity and a loss in motivation
- Wrong fit for the role
- Staff feel excluded from company vision and mission
What does your staff retention policy look like?
Understanding what motivates your staff to perform is important. However, ensuring your high-performers have plenty of reasons to stay with your organization is critical.
Develop your employees’ skills the right way
These three simple considerations are key to developing your employees’ skills and identifying your stellar staff:
- What are your employees’ expectations about their roles? Work with them to map a path to identify and achieve their goals.
- Correct “alignment” of new hires into right-fit roles: Ensure you choose the correct-fit candidates through testing and pre-qualification. Identify talents and strengths to create tailored development strategies suited to their skills
- Establish adaptive development and retention schemes: Your strategies need to change with the shifting work environment
What does it take to retain your top-tier employees?
Retaining high-quality employees takes more than competitive salaries and cash-incentive schemes. Staff retention policies need to consider issues that not only affect the workplace, but also affect employees’ non-work lives.
- Secondments, travel opportunities and overseas postings
- Non-monetary rewards and recognition policies
- Frequent reassessment of employee requirements and motivations
- Clear leadership frameworks and communication structures
- Family-friendly leave and job-sharing policies
- Flexible work hours for better work-life balance
Testgrid have the expertise you need to help with retention and development.
What makes people tick? This differs from person to person and as such there cannot be a “one-size-fits-all”solution to keeping your strong staff. At Testgrid, we understand the need for a tailored approach.
Our in-house experts in psychometric testing and talent management can help you to maximise productivity, employee satisfaction and talent development within your business. Contact us today!