5 Tips to Retain Your Talent Pool
With the labour market becoming increasingly competitive, employers are finding it challenging to retain their talent. Employees are keeping an eye out for better opportunities, or are contacted by headhunters with offers too good to refuse.
At Adecco, we know that great employees are hard to find. To help navigate you through this reality, we’ve got five main employee retention tips..
- Provide internal growth and development opportunities
No employee wants to be stuck in a so-called “dead-end” job. Internal growth and development starts from day one! Establish a strong on-boarding training resources. Consider setting a review schedule to meet individually with your staff to set goals and create action plans that help them progress. This will also help to continue to motivate them and feel appreciated. Promoting internal growth and development highlights your belief in their success.
- Create a positive workplace culture
The average Canadian spends 90,000 hours at work during their lifetime.[i] That’s approximately one third of someone’s life! This is why colleagues are often referred to as a second family or work family. Make sure to foster these relationships. Hold luncheons, celebrate birthdays and holidays, hold contests and team building events. These may seem like small incentives, but they can have a big impact in making the workplace more enjoyable and inclusive.
- Foster open communication between management and staff
It is often said — Employees do not leave companies, they leave managers. Create an open-door policy for management within your office to make them more approachable to staff members. Encourage employees to express any concerns or ideas they may have to make the office better. Start a dialogue! Hold weekly meetings to discuss workplace issues, highlight business successes, and, bridge conversations between management and staff members.
- Work/life balance
With an increased presence of technology in the workplace, the way we work is continuously evolving. From freelancing, to flex hours, to working from home — the ability to connect to the office virtually on a multitude of platforms enables employees to have more freedom than ever before. Consider providing your staff with laptops, and letting them to work from home one day a week. Or, offer a “flextime” option and let them work a set number of hours a week on their own schedule. You may even consider paying them hourly and allowing them to leave once their workload is complete. When an employee has the flexibility to manage their work with their personal life many witness an increase in productivity and a happier employee!
- Consult job stat sites/compensation guides
If you don’t offer competitive pay and benefits, you’re already out of the game. Financial compensation is a huge motivator for employees. They know their worth and if another company meets or exceeds that value, it won’t be long before you receive a resignation letter. Consult reputable job stat sites/compensation guides to determine fair financial compensation from the get go. Don’t forget; compensation is not just salary. Benefit packages can be equally enticing to an employee. Make sure you have a benefit plan that is as diverse as your staff to support all their needs.
If you would like to view Adecco’s Compensation Guide, contact your local Adecco branch to receive your complimentary copy of our 2018 Compensation Guide. Stay tuned for the digital version coming out in early December.
Unfortunately, there is no way to eliminate turnover altogether, however, when it comes to retention a little effort does goes a long way. When an employee feels satisfaction in their job and receives recognition, they are less likely to peruse job boards or return that call from the headhunter. By hiring your employee, you have bought into them, now give them a reason to buy into you!
For more information and articles, visit our Employment resources page on our website.
[i] The Globe and Mail, 2017