October 16, 2021

Profitable ways to retain talent in your company

We share a series of actions that HR teams can consider to retain talent in the company.
  • If your company is struggling with high staff turnover, these actions can help reduce the “leakage”.

  • Retaining talent is just as important as retaining customers of a brand or company.

Just as customer retention is important as it is 5 to 25 times more profitable for companies, so is retaining talent. It is important to remember that employees are key to the success of companies and what better way than to have collaborators who help to give continuity to the different efforts undertaken to achieve good results. If your company is having problems due to a high staff turnover, below we share a series of actions that can be of great help to improve retention from this side of the companies.

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According to specialized media on the subject of human resources, these are the elements that can improve the retention of talents in companies:

  • Provide feedback on an ongoing basis

As a starting point, from Business2Community it is shared that if employees are not receiving feedback on their work, they can become frustrated or disengaged all the time. In this sense, the continuous contribution of feedback between managers and their collaborators allows the generation of open conversations where recognition of a job well done and suggestions for improvement can be discussed.

The above can result in an improvement in employee engagement as well as their productivity.

Currently, an annual performance review is no longer sufficient, feedback must be provided at least once a week if you want to see its effects.

  • Assign a platform for employees to share their opinion
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In the opposite sense, as we mentioned in a previous note, employees have the increasingly marked expectation of being able to express their opinion towards companies, this can also contribute to the retention of talents based on the idea that they can feel that they are heard and that their opinions are important.

Thus, the recommendation in this case is to provide a platform from where they can express their feelings within the organization.

If your company can request ideas and have a work environment where people feel comfortable talking about what they feel, this point should be managed so that employees can freely share ideas and even criticism, this contributes to retention.

  • Have clear expectations

From The Balance Careers, it is shared that one way to boost talent retention in an organization is to make sure employees know what is expected of them. Being unclear on this issue or constantly changing expectations can trigger unhealthy stress for employees, which can accelerate their departure.

With the above in mind, the main recommendation is then to provide a specific work scheme within which each person clearly knows what is expected of them.

  • Give recognition

According to People Matters, one of the most effective, although not always profitable, ways to retain talent in companies is to recognize the most important collaborators so that the idea of ​​“jumping off the boat” does not give them credit for it. it passes through the head very often. The idea with this action is to show how much they are valued. Of course, it is not always about recognition through material elements, even with words it can be expressed, for example, there may be nothing more motivating and inspiring than when an executive praises an employee in front of the entire company, it shows employees that their work does not go unnoticed.

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According to the source, monthly and quarterly recognitions or awards are the most common ways to highlight high-performing employees in the organization, but you can also work with advantages for them.

  • Understand why employees are leaving or staying

Finally, Indeed, it is shared that a most profitable action to retain talent is to seek to understand what makes employees make the decision to leave or stay. This has to do with the points already commented on the contribution of feedback and receipt of it.

One way to manage this point is through exit interviews, through which companies can generate the opportunity to better understand the factors behind the decisions of their collaborators. The idea is to keep track of the most common reasons for dropping out.

On the other hand, it is also useful to consider why current employees stay, this section can also be managed through interviews to find out what collaborators enjoy the most and what things they feel can be improved. The information helps to understand the corporate culture as a whole.