Employee Retention Through Talent Management - What Does It Take To Retain Employees?
Posted on February 1, 2008 - Filed Under Business
Companies with high employee turnover rates are losing valuable resources in addition to money. It costs a good bit of money to advertise to fill positions; interview potential employees; and train new employees. This can be particularly expensive if the high turnover rate is for middle or high level positions. Many companies and organizations are embracing HR talent management programs that evaluate the issues of employee retention.
There are some simple steps that companies can take to help retain the employees they have. Employee retention is also an attractive quality to new prospects looking for positions. Here are a few tips and scenarios that could help keep employees happy, productive and working:
- Offer employees performance based bonuses. It’s been found that employees view bonuses more favorably than they do raises. It gives employees extra incentive to work for something tangible.
- Provide employees with good bosses and mentors. In an article published in Forbes – 85% of bosses thought that employees that left the company was due to wanting more money; but in the exit interviews 80% of the employees stated that they left for reasons due to poor management or dysfunctional company culture.
- Set up goals and expectations. The main reason why new employees – from all levels – often fail within the first six months of being hired is – they have not been told what is expected of them.
- Challenge employees. Boredom can send employees running for the door. Giving employee’s work that is challenging also shows them that they are a valued part of the company.
- Showing sincere interest in the well-being of the employees. Senior management should be involved with the employees. Attention should be paid to the individual needs of the employees.
- Employee career development. If an employee feels that he or she can work toward their career goals within the company they are more likely to remain part of the company.
Employees want attention, interaction with bosses, performance incentives and clear direction on exactly what is expected of them. These are the basic needs of the employees – at all levels. It’s an additional incentive to remain an employee if career development is important to the company. This gives the employees even more reason to stick around – if the company is sincerely interested in the employee doing well – the employee will do well. All of these issues can be addressed and implemented with a talent management program. Keeping talent should be on the top of the priority list for any organization.
Hiring and retaining talent has become more difficult. Talent management is a necessary resource. Workitect offers competency models and workshops on building a competency model. Develop and retain your best talent.
Tags: competency model, employee development, human resources, performance management, talent management
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