3 Things to consider for Talent Retention Strategy

It’s well known that people usually leave their managers and not companies but even more important is the ecosystem or culture that provide necessary tools to the line managers in helping design a thriving workplace. So, let’s talk about 3 C’s which should be part of the ‘’Talent Engagement and Retention’’ strategy especially in all knowledge-based industries.

1. Culture – As world stumbles toward a post pandemic recovery, employee turnover is a reality and hence organizations need to focus on cultivating employee engagement. It’s clear that engaged employees perform better, experience less burn out and stay longer. Organizations that understand this and are able to help employees cue into their personal purpose either by making the jobs more meaningful at work or providing tools to help them connect with what they care about outside working hours will do well. In addition, a culture based on recognizing employees & giving them more autonomy will go a long way in retaining people in today’s fast changing talent market.

2. Career Planning – Hiring good people is tough, but as every leader knows, keeping them is even tougher and hence art of crafting a career plan is a necessary skill for everyone in leadership. Today’s employees have high expectations of their employers, and it goes far beyond just a pay check. Workforce wants to know that they’re making a difference within their companies and hence it’s important for leaders to do effective career planning for people thereby ensuring they have the ‘right people in the right seat on the bus’. For example, if an employee enjoys speaking with clients, increasing tasks that enable face-to-face interactions can make the job more engaging. Employers must ask for feedback and support employees looking to branch out in these ways.

3. Compensation – An individual’s primary reason for employment is ‘Getting Paid’! Compensation is a key factor in the context of a person’s work experience. Unless appropriately managed by the employer, compensation can become the main cause of job dissatisfaction. However, once employees are satisfied with their compensation, this factor will no longer motivate them to further improve performance on their side. Remember, compensation is the one of the main drivers of employee retention but not necessarily engagement. So, leaders need to make sure that compensation packages have clear connection with merit of an employee and rewards program is well communicated and applied fairly and consistently across the entire organization. When compensation is managed carefully, it aligns people’s behaviour with the company’s strategy and generates better performance. But when it’s managed poorly, the effects can be devastating: the loss of key talent, demotivation and misaligned objectives.