Tag Archives: Retention

It Takes More than Money to Retain Your Best Talent

Jessica Lau

Jessica Lau

This blog post was written in response to the May 2013 Coffee Shop HR World Café topic: “What will it take to retain the best talent over the next 5 years?”

One of the biggest challenges faced by many business leaders is the struggle to find and retain the right talent with the right skills for their organizations. According to an article The ‘8 Great’ Challenges Every Business Faces (And How to Master Them All), there are no “magic answers.”  There is no “formula with recruiting and engaging the right talent,” which makes sense as everyone is different. This month’s Coffee Shop HR question, “what it will take to retain the best talent over the next five years,” is closely related to this business challenge and is very important for HR professionals and business leaders. Finding and retaining the right talent is challenging enough already, let along retaining the best talent.

I had a few ideas in mind in terms of retaining the best talent but I really wanted to see what others would say. Instead of immediately going out to look at what other business professionals have suggested, I  took this opportunity to speak with alumni friends individuals (to avoid group think) what it would take for their employers to retain them. What truly amazed me is the fact that there was quite a bit of commonality in what they said, what I found in research and what I actually thought.

I am writing this with the assumption that the company has implemented a successful recruitment strategy, which can attract and recruit the right people with the right skills and management have the ability to identify the best talent. Here are 4 ways to help retain your best talent:

Training, Development and Growth

One of the answers that everyone I spoke with was about development and growth. Everyone mentioned the importance of having an opportunity to develop new skills and grow within the company as something very important to them in regards to retention. The inability to develop and grow seems to be a “no-no” with everyone I spoke with. As Mike Myatt stated in the article 10 Reasons Your Top Talent Will Leave You, “if you place restrictions on a person’s ability to grow, they’ll leave you for someone who won’t.” So if you want their best talent to stay and grow with your company then you need to provide opportunities for them to develop and grow, perhaps having career planning or professional development initiatives. Show that you care about them and their development.

Challenge Your Best Talent

It is very important to challenge your best talent, allow them to get creative and pursue their passion. This may mean allowing them to explore different ways of doing their daily tasks, trying different strategies for their tasks or allowing to get creative in being innovative on new initiatives, this may add value to the company they work for. For example, Google set up “20 Percent Time” for their staff to work on their own projects they like; this encourages the Google staff to be innovative and have an opportunity to exercise their autonomy.

Allow Your Best Talent to Contribute to Meaningful Work

To retain your best talent, you need to incorporate your best talent in the overall strategic plan and contribute to meaningful work. If you want to retain your best talent, give them opportunities to contribute to meaningful work and make a difference and an impact in the company. Mike Myatt stated that it is very likely that your best talent are interested in improving, enhancing and adding value to the work they do and the company they work for. Failure to allow your best talent to contribute to meaningful work will push them to leave.

Recognition / Acknowledgement

As Dan Ariely stated in What makes us feel good about our work, fail to recognize and acknowledge someone’s work is almost as bad as ignoring someone’s work. If you want to retain your best talent, it is very important to recognize and acknowledge their work. If you fail to recognize their contribution, it is “just as good as asking them to leave,” according to Mike Myatt. Also, I believe that we are so accustom to the speed of technology and immediate feedback nowadays that recognition and acknowledgement need to be made quite immediate as well.

It is challenging to find the right talent with the right skills and even more difficult to find the best talent therefore once you find them, make sure to engage and retain them. Yes, it is important for you to provide competitive compensation but you must also provide opportunities to develop and grow them, challenge them, allow them to contribute to meaningful work and provide them with recognition and acknowledgement.

Related Pages

How to Keep the BEST Ones! by Carolyn Courage, CHRP

To Retain the Best Talent: Find the Right People, Gauge Engagement, and Consider Velvet Handcuffs by Geraldine Sangalang, CHRP

Coffee Shop HR World Café : What will it take to retain the best talent over the next five years?

How to Keep the BEST ones!

Carolyn Courage, CHRP

Carolyn Courage, CHRP

This blog post was written in response to the May 2013 Coffee Shop HR World Café topic: “What will it take to retain the best talent over the next 5 years?”

A training program called “keeping the good ones” advises Managers how to be Leaders to retain their employees. It focuses on the Managers as they are the biggest tool to keep the good ones.

The training speaks about checking in with your employees, talking about their goals and what is going well and what could go better, reinforcing good behaviour and showing appreciation. Good leadership is the key to retaining talent.

This philosophy is one I hold to be true as I have seen the effects of using it and the effects of not using it. People don’t quit jobs; they quit Managers.

This is especially true with the current generation entering the workforce; the trick is to understand what they want out of a job and how the Manager can meet those needs. The younger generation likes to be challenged, they like feedback and they like to be recognized. They also want opportunity.

How do we foster this as HR people? We coach Leaders on how to be good leaders! Have they checked in with their new hires? Are they training and working with them on opportunities? Leaders are so busy these days they forget to work on the “people side” of things, but if they don’t – they won’t have any people to work with.

How do we gauge if our people are happy?

There are three questions that according to Marcus Buckingham are the biggest indicators of employee engagement and why the Leader makes the difference.

1) At work do I have the chance to do what I do best everyday?
2) Do I know what is expected of me?
3) Are my colleagues committed to quality work?

Buckingham says that asking these three questions will help you gauge if your employees are happy or if a change has to be made. All three have to do with Leadership. Are the employees encouraged and given enough autonomy to do what they do best? Are they checked in with?

Creating a work environment that fosters learning and growth and great Leadership is key to retaining GREAT talent.

Keeping the good ones:
http://www.media-partners.com/management/keeping_the_good_ones.htm
Marcus Buckingham: Heard him speak at the Art of Leadership
http://tmbc.com/

Related Pages

To Retain the Best Talent: Find the Right People, Gauge Engagement and Consider Velvet Handcuffs by Geraldine Sangalang, CHRP

Coffee Shop HR World Café: What Will it Take to Retain the Best Talent Over the Next Five Years?

Coffee Shop HR World Café

To Retain the Best Talent: Find the Right People, Gauge Engagement, and Consider Velvet Handcuffs

Geraldine Sangalang, CHRP

Geraldine Sangalang, CHRP

This blog post was written in response to the May 2013 Coffee Shop HR World Café topic: “What will it take to retain the best talent over the next 5 years?”

This month the Coffee Shop HR writing team is taking on a question that’s relevant for all levels of management: how to retain the best talent. As a diverse group, I’m looking forward to seeing just how distinct our responses are, and how we differ in our approach.

To clarify, I’m focusing my discussion on retaining the best talent. By this I mean your top performers: the drivers of your business and truly, those individuals who personify the company culture.

It all starts with finding the right people

This may sound like an obvious answer, but that doesn’t make it an easy one to follow. Finding the right people means recruiting individuals who are competent for the position, share the values of the organization and whose lives coincide with the demands of the role.

There’s an amusing article on Fistful of Talent that compares retention to dating: it’s all about impressing that person at the beginning. They argue that the way you represent yourself can go downhill after the honeymoon phase. But the key is to impress your best candidate just enough to stay. The rest depends on the needs and personal expectations of the individual.

I’m an HR person by day, but I’m a bartender / bar supervisor by night. I work full-time for the BC Public Service Agency, and part-time for a company called the Vancouver Civic Theatres. This was a job that I found while I was going to university, and have chosen to maintain over the years because I enjoy the work and the environment.

At the Vancouver Civic Theatres, there are a number of us who work full-time jobs while working part-time with Civic Theatres, including accountants, teachers, IT professionals, and the list goes on. If you speak with an employee at the Civic Theatres, you are more likely to encounter an employee with more than ten years of experience than an employee with less than one. We all have our reasons for choosing to stay at the theatres despite the demands of our careers and personal lives, but this is a workplace which personifies the idea that at the beginning, you need to prove to your employee that there`s a reason to stay. At some point the individual takes over and justifies staying for their personal reasons. But it all starts with recruiting the right people for the company and its unique roles.

Gauge engagement: be aware of employee expectations

Make a point to have regular conversations with staff to gage their professional goals and expectations for themselves and the company. Let’s say that you’ve hired a junior person at the firm, and you’ve heard that after six months, this person is looking for work elsewhere. Figure out why this is!  Do you have the sense that this person is unaware of your expectations, is this person not being challenged enough, or does this person feel disconnected from the team?

Take this a step further and look at the people who are functioning well in their roles: discover their long-term professional goals, ask where they aspire to move within the organization, and gain an understanding of what would help them function best. You may be surprised at what you hear.

A lesson I’ve learned recently is that not all staff appreciate progressive positions. Depending on countless personal and professional factors, at some point you may find a job that you’re comfortable with, and refuse to leave. Not everyone enjoys change, after all. Taking the time to speak with staff about long-term hopes and expectations will show you who is still engaged in their current roles, and who is seeking engagement elsewhere.

It’s no secret that recruiting is an expensive business, whether it’s done internally or through recruiting firms. If you can grow staff from within, you’ve already saved yourself from hiring and onboarding new employees. So save yourself some of that trouble, and be aware of the level of engagement that exists within your organization. Then take that knowledge, and support your staff so that they can excel, and strengthen your business.

Velvet handcuffs can’t hurt

I currently work in the public sector, and I’m at the beginning of my career. I shared a fear with one of my mentors that I don’t mind sharing because she had a brilliant response. I said to her, “as a public sector employee, do you think that private sector recruiters would overlook me because of the stigma associated with public sector workers?” She said, “no, it’s the velvet handcuffs you have to worry about.”

She argued that the skills and experiences I`ve gained in the public sector wouldn’t be overlooked. However, I needed to be aware that the tradeoffs associated with private sector work may cloud my decision to leave. On the one hand, I may have access to unique career opportunities in the private sector, but on the other hand, I’ve been given velvet handcuffs in the public sector – referring to superior benefits that I wouldn’t likely be able to access in a private sector position. She’s certainly right. Whenever I consider taking a position outside of my current company, I consider whether it’s worth losing the benefits I have today. And I represent an optimistic and driven Gen-Y employee. I seek out change and challenges, but not at the expense of my personal satisfaction.

There are amazing employee benefits out there, including earned days off, personal assistants, staff retreats, private vacation homes, the list goes on. If you really care about retaining the best talent, it may be worth handing out some velvet handcuffs to those who are worth the investment.

Related Pages

Coffee Shop HR World Café

To Award or Reward by Christine Ramage, CHRP

Motivational Team Building by Bonnie Milne, PhD