For a few years now, hiring has been sluggish in many industries. It may continue to be so for a while as economic fears continue. In fact, 70 percent of respondents to a recent Harvard Business Review poll believe that despite our current steps toward economic recovery, another recession is not far behind. Such perceptions make it especially important to retain talent, since hiring freezes might prevent you from being able to fill vacant spots in your department if a talented employee decides to find greener pastures elsewhere.
10 Ways to Retain Talent
1. Allow your employees to have flexibility. Increased freedom in the workplace can increase employee performance. One way to give your employees freedom and flexibility is to allow them to telecommute. A recent Career Builder study shows that “Americans are able to work from home on a more regular basis post-recession. Ten percent telecommute at least once a week – up from eight percent in 2007.” If you hope to improve your talent retention, it would be beneficial to pay attention to this growing trend.
2. Give your employees better benefits than your competitors, and they will be more likely to stay.
3. Give your employees online personality tests to best take advantage of their strengths and provide opportunities for growth.
4. Help your employees see their progress. A recent Harvard Business Review blog article states: “According to the progress principle, of all the events that can keep people engaged and happy at work, the most important is simply making progress on meaningful work.” You can take this principle to help your employees see the progress they are making, even if it is sometimes only learning from their mistakes, in order to keep up morale at work.
5. Provide family-friendly workplace practices to your employees to improve your talent retention.
6. Encourage your employees to develop and maintain work-life balance.
7. Promote employee happiness and well-being. According to a recent Harvard Business Review blog post, “The key things which increase wellbeing are connection to friends, family and community; giving back and volunteering; being physically active; having life goals and continuing to learn; and taking notice and being engaged.” If possible, figure out ways for your employees to meet some of those needs at the office, even if it is just a matter of more openly expressing your verbal appreciation for your talented employees.
8. Create a positive environment for employees to work in. This could mean up-to-date equipment, comfortable workspaces, or even just a collegial atmosphere between employees.
9. Provide a variety of opportunities for professional development and continuing education.
10. How do you retain your talented employees?