At workplace, where the war for talent makes it difficult to find good workers with required talent, the need to retain the talented individuals increases. Great businesses understand the importance of retaining talented individuals. They are well aware of the fact that replacing employees require time, money and energy. According to the ‘Center for American Progress’, it costs roughly 20% of an employee’s salary to replace that individual. So when the employees of an organization constantly leave for greener pastures, the organization is forced to spend the equivalent of over two months’ worth of salary just to find someone to replace them.
Retaining top talent is a struggle for many businesses, but there are several things an organization can do to increase the likelihood of its talented team sticking around a little longer than average.
Hire the right Talent- An employee is not able to perform well if he does not fit in the organization’s culture. Therefore, it becomes really important for the employer to ensure the alignment of skills of the new entrant with that of the organization’s culture.
Provide Growth Opportunities- An employee joins an organization with a vision to grow with it and expects challenging positions to showcase his talent. In the case of limited advancement opportunities an employee becomes demotivated and starts to look for an alternate. To avoid such situations, an organization must provide challenging opportunities to its employees. This will not only motivate the employees but also provide a positive and hopeful atmosphere to its people.
Recognition- Sincere and positive recognition strengthens the bond that an employee has with its organization. Constant and constructive feedback ensures that an employee is motivated to put in his hard work. Day to day interactions with the superiors can directly impact on motivating or losing a key contributor.
Handsome Compensation- Scarcity of talented professionals is an alarm to the ever expanding industries. In the event of non-availability of surplus of talent, an organization needs to deploy strategies to retain the existing talent with the organization. Understanding the worth of a talented employee and providing him the required compensation may help in retaining a contributor within the organization.
Eliminate unnecessary barriers- Unnecessary barriers not only irritate the employees but also prove to be a major time waster. Providing the right amount and quality of tools can ensure the correct and optimum usage of employees’ time and potential.
Conclusively, if an organization continues to nurture and support its talent by offering them ongoing opportunities for professional growth and development along with constructive feedback while showing them that their opinions and efforts are heard and valued, it can ensure that its relationship with its employees will last long.
Ms. Priyanka Trakroo - Faculty