Career Coach-Executive Search Specialist

Career Coach and Executive Search Specialist, Fiona Wainrit explores five ways to retain top talent.

It’s amazing just how many highly experienced and qualified executives I have met over the years who are unsatisfied at work. I’ve spent countless hours exploring why this occurs and looking for patterns. If we are discovering ways to retain talent, it is important to understand why these individuals change jobs in the first place.

The reasons are unique and can range from a personality clash or conflict of values, to feeling undervalued by the organisation, to not being challenged enough. In some cases, they may have reached a stage in life where their priorities have changed. This can include no longer wanting to work long hours, not wanting

the pressures which accompany a senior role or they are in a steady financial position and can afford to take a side step in their careers. These are all valid reasons.

Whilst many individuals may initially be attracted to salary and benefits- such as bonus structure, retirement plans and flexible work arrangements, people do not stay in jobs for these factors alone. Job satisfaction is the key to increasing your employee retention rate.

Whilst there are a number of areas organisations can improve in to better engage and retain talent, through my experience and research, I have developed these top five ways you can retain top talent:

Celebrate Success- Everyone wants to be part of a winning team.

Think about footy players who change teams because their team hasn’t notched up enough wins. To encourage high performance, good work needs to be recognised and rewarded. Monetary bonuses are nice, but recognition of a job well done goes a long way to creating good will and loyalty. Recognition needs to be specific: “Good job” is acceptable, but “Great work on the Boral project” is better. In order to retain talent, you must make them feel appreciated, respected and worthwhile. Recent studies show that when employees feel undervalued and unappreciated, they look for other employment. Feedback and praise must be sincere. Top talent is smart enough to know the difference between sincere appreciation and

platitudes.
2. Create an open and honest work environment- Your employees need to feel like they can collaborate and their input is valued.

Really listen: Give feedback on work performed and be willing to listen,really listen, to the concerns of your employee.
Be open: Do not always ’own’ the outcome and be open to accepting suggestions or new ways of thinking.
Utilise their strengths: The beauty of hiring people who are different to yourself is the added expertise and competences your team now has.
Be approachable: Be available and open when your employee asks for your guidance.
Practice transparent communication: Keep your top talent informed about what is happening within the company.
Don’t let rumours fester: If there are problems or set-backs, communicate this and include them in the solution.

Chance encounters in the kitchen or hallway where social greetings are exchanged are good, but do not take the place of face-to-face meetings where work-related ideas and concerns can be openly expressed.

3. Connect their work to a higher purpose- To better engage employees; you need to make connections with their hearts, not just their minds. To do this, you must help them understand how their specific job affects the end product or service – and how their work matters. For example, a Receptionist can be seen as the ‘face of the company’, who provides that critical first impression to people. If this is communicated the right way and this person understands its true importance, then their work will flourish. Likewise, if someone is in a technical, financial, or service role, ensure they understand the bigger picture and why their contribution is key to success.

4. Provide opportunities to grow, learn & develop- Your employees need to feel they have the ability to grow and develop.

Be transparent: Communicate what development plans and advancement opportunities are available within your company.
Explore mentoring programs: These can provide a mutually beneficial outcome as both parties are learning whilst the mentor is sharpening their leadership skills.
Consider internal development programs: Ongoing education does not necessarily need to come in the form of expensive degrees, it can be through internal development programs with an SME (subject matter expert),
You could also instate regular ‘lunch and learn’ sessions with different departments, so others have a better understanding and appreciation of what they do, plus it provides a great opportunity for staff to network internally.

5. Create a stimulating work environment- Your employees need to feel like an asset to your company and secure in their job.

Show genuine interest: Greet them by name and acknowledge their contributions to the company.

Involve them in the process: Get their input about procedures or changes.

Empower them: Encourage goal setting and let them make their own choices as often as possible.

Align benefits to them: When it comes to change, communicate the WHY and the benefits to them.

Whilst not everyone will love every single aspect of their job, ensure there is some challenging and stimulating work. Tap into their passion and allow them to focus their time and energy on projects they can enjoy. This will in turn lead to increased productivity.

Actively and effectively engaging employees builds the foundation for success. You can’t stop people from moving on in their careers, but if you can get a good run out of a top performer, then the return on investment is immeasurable. You'll be rewarded, not only with a strong employee retention rate, but also with loyal employees who contribute to your organisation's success - for the

long-term.

How will you improve the retention of your top talent?