High employee outflow is a costly problem for any business. Recruitment costs averaged 50% of the annual salary, including the paid job posting on various platforms, the time required for onboarding and training, and intermediate productivity losses. Many specialists are thinking about how to retain talented specialists. What should a business do to retain the best?
It is often enough to use universal methods aimed at mass impact to retain staff. Such techniques are usually included in the overall retention program of an organization. But they are effective for average employees but not adequate for scarce specialists and very talented professionals. Such specialists have a special status. They are priced because the ideas and innovative projects invented and implemented bring the organization a high income. These employees can quickly and successfully solve complex problems, anticipate and prevent future issues, develop and introduce innovations, and manage the team with talent. Valuable employees require an individual approach and special treatment. It is necessary to use motivation and retention tools to retain them that consider the needs and motivators of individuals with a higher level of development.
What attracts talented employees?
Gifted professionals, especially those hired through the services of international PEO, are a significant asset and competitive advantage of the company, along with unique technologies, services, and price proposals! Such people are attracted by:
- The image of an attractive employer;
- Building productive relationships through the creation of involvement, i.e., the employee’s perception of the goals and objectives of the company as his own, for which he must see the possibility of realizing his interests in the company;
- A new position with a broader field of activity, the ability to manage a large project;
- Moving to a higher-level company;
- “Play” in a team with the best against the best;
- The possibility of experimentation;
- Soloing surrounded by “stars”;
- A management style that creates a certain emotional mood and influences the development of talents in the company.
To retain valuable talent, you need to:
- Study the practice of keeping valuable employees in your company, as well as in companies that are benchmarks in this matter (world leaders, solid partners, and competitors);
- Evaluate employees and identify which of them has the strongest influence on the work of the department, the company as a whole, whose ideas bring the maximum income, whose quality work brings the business to a higher level of income development;
- To identify from the group of valuable employees the most at risk of dismissal;
- Make the retention and motivation of valuable subordinates a priority for all company leaders. To do this, motivate leaders to give practical people as much time and attention as is necessary to keep them in the company. This is especially true for employees with a high risk of dismissal;
- Develop various tools for retaining valuable employees, applying an individual approach, taking into account the fact that each of them has their incentives;
- Train managers in the tools for retaining valuable employees and selecting the necessary ones to retain a particular employee or team.
Personalized talent retention plan
To retain a talented employee, his manager and the HR employee responsible for staff motivation need to develop an individual retention plan for the valuable employee. It is necessary to identify the primary motivators of the employee, his professional dreams, to draw up a personal retention plan. Next, potential problems can prompt an employee to be fired, a painful career spot, and finally, the employee’s needs.
It is necessary to interview an employee and a survey of his colleagues to identify these factors. Depending on the employee’s level of trust in the manager, as well as the manager’s ability to conduct motivational conversations, a meeting to identify motivators, wishes, and problems can be held with or without the participation of a personnel service specialist. After the interview has been conducted, select the retention tools that will be most effective for the employee, and consider how they will be used. Fix them in the plan.
How do successful companies retain talent? Examples of talent retention.
Netflix (the world leader in video streaming) is taking a non-standard approach to employee retention. HR Director Patty McCord focuses on recruiting exceptionally high-performing employees – “Category A players,” the talent that will generate the bulk of the business’s revenue.
Netflix has various perks, such as paying for annual parental leave. Employees are loyal to the company not because of the benefits but because of the right attitude.
The company recommends a focus on developing line managers and group leaders. These leaders link business owners and employees, and they are mainly responsible for implementing shareholder strategy. McCord says that only leaders with solid management competencies can build a great team.
These approaches have been successful: Netflix has broken HBO’s record for an Emmy nomination for 17 years.
Russian company Bilfinger Tebodin is successfully engaged in the design of industrial facilities. The loyalty program in the organization is being implemented already at the stage of talent selection. Internships are provided for undergraduate students and graduates. The company is actively developing its HR brand, reaching out to potential candidates, and entering into a dialogue with them even at the stage of vacancy planning.
Bilfinger Tebodin successfully transferred most of its talented employees to remote work during the pandemic. Tasks were redistributed between specialists: people who completed their projects were sent to solve problems with a lack of personnel.
Every week, monitoring and analyzing employees’ workload is carried out, and adjustments are made to the original plans. The company paid employees an annual bonus and delivered on a promise made before the pandemic to raise wages. Remote meetings were held weekly, where people received information about company news and current events. Online entertainment was organized for employees and their families, such as a children’s drawing competition. As additional incentive tools, Bilfinger Tebodin has implemented flexible hours and the ability to work remotely.
To retain talent, the company provides an expanded package of voluntary health insurance, life insurance, training for developing hard and soft skills, subsidies for meals, fitness, and recreation for a child. Individual development plans are developed for each employee.
Large retail companies employ employees for whom, in addition to monetary incentives, recognition of their merits may be necessary. Such a motivator was found among some of the sellers of one successful jewelry store.
In order to reduce staff turnover, the company has developed a collection of achievement motivation systems. The best-seller was awarded monthly for the right to wear a gold badge. In addition, at the end of each month, three of the net’s top sellers were given gold jewelry as gifts. The jewelry firm designed a corporate emblem for the store that achieved the best monthly performance.
In one year, staff turnover in the stores of Moscow decreased from 110% to 60%.
It is recommended that you develop a template and sample of such a plan to make it easier to draw up a personalized retention plan. You can easily find a plan on the Internet. After that, train departments’ heads in the tools of motivation and retention and the rules for drawing up a plan.