Establishing a talent retention program in a company is demanding. Attracting and retaining talent is one of the constant pursuits that every organization faces. But amid so many retention methods developed by modern companies, there are still those who do not understand the importance of retaining talent.
Talent retention helps the organization in several ways. In addition to helping to keep people who stand out, it helps in prospecting for new employees and motivating employees.
In today’s text, we will teach you how to retain talent through 9 simple steps. Check out.
What is talent retention?
Talent retention consists of a set of practices and policies adopted by companies to ensure that their above-average professionals remain in it for much longer. With that, it is possible to build a great competitive differential.
The talent retention program can be applied to all companies. Whether micro and small companies, or multinationals, the system benefits and helps to further leverage the business.
How important is talent retention?
Something important to be said is that companies are made by people, even though there are technologies embedded in their internal processes. Therefore, it is natural to assume that if your company’s team is made up of engaged people, aligned with the company’s values
It is these talents that take the results of an organization to high levels. Therefore, retention is of great importance.
In a recent study, researchers proved that a person of superior talent is up to 8 times more productive than a person of average performance, this is clear, according to the complexity of the job.
If we measure in numbers, this gives about 800% more productivity. Here is a classic example of the importance of retaining talent in your company.
Talent retention benefits
The benefits of talent retention are:
Construction of a more pleasant working environment;
Guarantee of greater engagement;
Fluidity in decision making;
Helps in the company’s economy;
It guarantees the intellectual capital of the organization.
9 steps to retain talent
Failing to understand the importance of talent retention is bad business for any and all teams. In addition to having a high cost for the company, this type of loss also generates a lack of knowledge and experience of the employee who is leaving.
We will now show you the 10 steps for retaining talent.
1. Hire the right people
Candidate selection is the most important part of retaining talent. After all, to retain the best, you need to select them first. For this it is necessary to go beyond the curriculum.
Make sure that the professional has, in addition to the specific skills for the position, a profile that fits the culture of the company. In addition, it is also essential to assess the candidate’s behavior.
2. Offer a career path
Offering a career plan with objectives capable of stimulating employees to develop within the company is essential to retain talent.
Specifically showing employees which steps they can climb and reach in the company is a great way to keep them in the organization.
Job security is a very important issue in retaining talent. Employees who feel secure in their jobs, tend to pay more and develop their functions with more quality. After all, who doesn’t want to sleep daily knowing that their job is guaranteed the next morning?
4. Make an assessment of financial benefits
Although money is not everything, it is still a mechanism considered important by managers and employees in any company.
Commissions, increases, bonuses and other types of monetary rewards are defined by managers as a great way to retain talent.
5. Offer an on-demand salary
On-demand pay is a modality that is gaining more and more strength in the market and aims to add flexibility so that employees receive for hours worked, but not yet paid. Something capable of alleviating many financial problems, mainly those generated by the challenges of closing accounts.
6. Recognize employee results
Recognizing the results of employees is very important so that they do not want to leave the company. The recognition can be financial, in the form of flexible hours and even with trips or gifts.
7. Value the team
Valuing the team is also essential in retaining talent. Teams that feel more valued, do not want to leave and work in an optimized way, delivering better results to the company.
8. Have good leaders
Investing in good leaders is essential for retaining talent. People who know how to lead are able to extract the best of the company’s talents, giving them the feedback and recognition they need to remain in the company.
9. Ask employees for feedback
Asking employees for feedback is a great way to identify flawed points and correct them, increasing employee satisfaction, thereby increasing the chances of retaining talent.
Impacts of talent retention on the organization
The impacts of talent retention on the organization are:
Construction and maintenance of a good working environment;
Improves the internal communication process;
Establishes a sense of meritocracy;
Encourages leadership by example;
Build a culture of feedback.
Using management and selection software helps your company to find and retain talent, as well as optimize the operation of all sectors. Schedule a free demo and reap these benefits. To do this, just click here!