Cracking the Code: Retaining Top Talent in a Competitive Market

As we start to see the tough employee market ease some, we are hearing from our clients that they are working on growing their staff again. While this is good news, some companies are still struggling to retain their top talent. As well, there are still reports coming out that more than half of employees are still looking to leave their current employer. Basically, it is still a challenging time for recruiting. The question remains: how do you retain your top performers? 

Now, more than ever, the pressure is on keeping the employees you have, especially your top performers. We have always heard that most managers believe that employees leave primarily for more pay. But we all know two things about that: 1) it is almost never about more money and 2) if it is, it was not the only factor in their decision. It is, most times, just the easiest thing for employees to say during their exit interviews. Having conducted employee opinion surveys for the past twenty-five years, our data consistently indicates that what matters to employees more than pay are the following aspects of their employment: 

• Having a good working relationship with their immediate supervisor
• Opportunities to learn and grow in their jobs
• Doing work that is meaningful
• Feeling like they are a valued, respected member of a team
• Able to connect with their team and feel they belong
• Being recognized for the contributions to the organization’s success
• Having autonomy and the authority to effectively do their job

The one we have to add to that list since the pandemic is having some type of remote or hybrid work option. It used to be people wanted flexibility in hours worked. Now, it is flexibility in where they work.

It is clear that you’ve got to be paying people a fair market wage in order for them to continue to align their efforts with your organization. However, beyond pay, which you typically have little control over as a manager, there are a multitude of other variables that are within your control. Consider the following tips to help ensure that you’re creating workplace excellence in order to retain your top performers.

Put People First 

More than ever before, today’s workforce values a balance between work and life outside of work. Acknowledge your people as unique contributors and value their time away from work. Entertain flex schedules and telecommuting when it is an option. Also, where possible, provide comp time after an extensive project. Try to promote a happy, productive, stress-free environment that acknowledges the fact that people have a life beyond work. Make it a priority to touch base with team members daily by asking them, “How is it going today? Do you need any support from me?” Regularly letting your people know how much you value them helps build strong relationships. Be visible, approachable, and accessible. 

Keep People in the Loop

We’ve never done a survey that resulted in employees saying that they got too much information. Now, more than ever, over-communicate. Give people all the information you can, and often. Talk about what’s going well, your organization’s vision, goals, and where there are challenges: in emails, formal and informal meetings, and most importantly, one-on-one conversations. If you can’t answer their questions, respond honestly, then try to get them the answers. Remember that no news is still news. And, in times of high change, people crave communication and recognition at a much higher rate.

Provide Training Opportunities 

When you provide training for your employees, it is a win-win for everyone. The organization will have employees who are more knowledgeable and efficient, and the employee will be able to increase his or her value to the organization, improving their future chances of moving up in your organization. This will result in fewer feelings of stagnation and frustration which translates to a more committed workforce. Investment in the training your employees need is an investment in the employees’ future and shows your long-term interest in him or her. Remember, training doesn’t always have to come from HR, you can conduct your own on-the-job training to help employees take their skills to the next level and broaden the bandwidth of your team. Doing so will allow you more strategic thinking time to take your department to the next level. 

Create a Learning Environment 

Get to know what type of work excites particular employees. Give more opportunities to do challenging work and opportunities to direct their own work. Delegate something meaningful. Provide training, resources, and learning experiences to help the employee grow and learn. Help employees connect the vision and goals to their own work to help raise the level of engagement. Be both the coach and cheerleader! The most engaged employees rate learning and growth opportunities as one of the most important things they look for in a job. You want to ensure you are filling this need.

Show you Genuinely Care

Listen to your team members and use their input about how to improve a process, handle a customer challenge, or increase efficiencies wherever possible. Be open to creative approaches for accomplishing work. Serve as a mentor. Model what you want to see. Look for opportunities to praise and recognize work and behavior that adds to the team’s efforts and the organization’s overall success. 

Reward The Right Things

Ensure you are rewarding the achievement of the goals and those that go above and beyond. When rewarding and recognizing everyone equally, you are actually rewarding mediocracy. And, more importantly, demotivating your top performers in the process. Ensure you outline the goals for everyone so that they are clear, then reward those that achieve the goals. 

Make Retention an Organizational Commitment

Now, more than ever, employee retention is critical to your team’s success. Know your employees and what’s important to them. Ask and listen carefully to the responses. Ask them to tell you what they like about their jobs, and what they’d like to do more of or where they want to grow. Conduct “stay interviews,” asking your team members about what factors are important to them. Make changes, wherever possible, based on what they say is an important “stay” factor to them. 

Fit People to the Job

To be successful, the employee’s strengths and job requirements have to match. Ensuring you have the right people in the right positions can’t be emphasized enough. When it is not right, everyone on the team feels it in some form or another. Take the time to get it right. That may mean a longer hiring process, but will result in a better, more engaged hire and less team stress overall.

Conduct an Employee Opinion Survey

Now is a great time to get in touch with the pulse of your organization. More than ever, you need to know, from your employees’ perspectives, what’s working and what’s not. Get a current read on the employee experience and take action to address some of their concerns where possible. Staying in touch with employees shows you care about their experience and will allow you to address issues keeping your organization from achieving workplace excellence.

Be proactive with your employee’s cultural experience. By implementing the suggestions above, you’ll be giving them the things they deem most important and be even more successful in retaining your top talent.