We have all seen it ….. thousands of pounds invested in recruitment, ‘eye watering’ head hunter fees …… and then the recruited candidate leaves the business after a few months for a better offer. Or even worse seeing the departure of a long serving, valued and loyal member of the team suddenly leaving the business. Losing key staff will always happen to a certain degree in a highly competitive job market. In many cases it is a major risk to companies particularly in the consulting and service based industries. Losing staff is often costly and very disruptive to the operations of a company but what can be done to improve the retention of key staff?
At Campbell Ventures we have advised a number of large and medium sized businesses on effective recruitment and staff retention strategies. In the last eighteen months we have noticed that the focus has been very much on retention. Over this time we have researched and investigated some of the most successful strategies to retain talent within your business. Our eight recommended tips and strategies include:
• Challenge staff – good talent wants to be create and they need the opportunity to innovate.
• Inspire them – they want to be led by leaders who have a clear focus, vision and direction.
• Provide recognition – good talent will value the fact that you listen to them and let them have a voice on decision that will impact them.
• Make them feel valued – money and the package is one thing but individuals also like being cared for at an emotional level.
• Develop their skills – no matter how talented an individual is there is always room for improvement and the opportunity to learn and develop new skills that will add value to the individual’s role.
• Career progression – talk to them about their progression in the business. Discuss career progression paths, what competencies that they need to develop to progress. Understand what they would like to do and what they don’t want to do.
• Provide trust and commitment – staff perform best when they are accountable and empowered.
• Support them when they make mistakes – this is the best time to learn, and also the most critical time in the employee/ line manager relationship. There is also some truth in the saying that ‘individuals that don’t make mistakes aren’t trying hard enough!’
Many of the organisations that are successful in retaining staff put a lot of emphasis on leadership and talent development. Retention is linked to recognition and is independent of tenure, position and title. Most employees who voluntarily leave an organisation generally do so because there is often some type of disconnect with leadership.
The good news is, if only some of the above strategies are successfully implemented in your organisation your staff will perform better and will feel more emotionally connected with the business.
For further information about this article or for a confidential, no obligation discussion on how this could impact your business please contact Mike Campbell, Managing Director on +44 7771 615641 or mike@campbell.pwebs.co.uk. Or further information regarding Campbell Ventures please refer to campbell.pwebs.co.uk and www.china-business-experts.com.