Retaining Top Talent
Last week, we discussed how to attract top talent for your organization; this week, we discuss retaining top talent once they’ve been hired. As you may have divined from the two-part nature of this discussion, recruiting and hiring superstar candidates comprise only the first part of the push for talent.
While the job interview is a handy way for you to size up your recruits, once in the door, the tables will have turned. The first three months will be a period of evaluation for your new hire as they begin to learn about your organization’s processes, people, and culture. As the honeymoon period slowly fades away, your top talent will be deciding on how long they’d like to stay with you.
A focus on retention is especially important given that your incumbent class of candidates is most likely Millennial. Even if they aren’t, research shows that their mindset is somewhat pervasive; people in general seem to be holding jobs for less time, and tend to have more jobs throughout their lifetime.
Times have changed in such a way where the customer now plays a much stronger role in the market, and in a way, your newly hired top talent is like a customer to whom you need to display the value of your company. How is this done?
We discussed last week about creating a climate of excitement drawn from success. This will create a reputation for your firm that will draw candidates your way. In the long term, it will create a culture of cachet born from success. People will know that recognition will follow good work.
In turn, creating a culture that provides candidates with constant opportunities to learn and grow as they challenge themselves to achieve the next success will not only help you improve your bottom line but will also demonstrate your investment in high potential performers. To that end, giving your top talent personalized attention can also help demonstrate that their efforts are appreciated and integral to your organization’s accomplishments.
More and more, people see the workplace as centers of engagement and places to build relationships. This is often what causes people to stay with an organization long after the actual work or the compensation is especially rewarding. Having a culture that promotes a sense of family or community is a large draw these days.
That being said, your top talent would also like the opportunity to see people outside of the office on a reasonable basis. An emphasis and a respect for your employees’ work-life balance will be crucial when attempting to hold on to your high performers.
Overall, practice what you preach, and preach what you practice. While top talent might be attracted and secured by a compelling culture fit sold to them during recruitment, they won’t stay long once they see for themselves what your organization is really like.
Employee retention doesn’t start with your high potential candidates. It begins with you, as a leader, creating a climate and environment that make other people want to work with you.
What is your advice for retaining top talent?