Talent Retention in a Competitive Market
Talent retention in a competitive market
Key ways to retain employees and maintain a competitive advantage By Roisin Wadding
Special to Jobs & Careers
In an increasingly competitive environment, the loss of an employee can cost an organisation dearly, particularly if the employee has a critical role. So, how do you retain employees?
- Onboarding and induction – Many firms spend considerable time and money on resourcing, screening and interviewing candidates only to provide limited or no proper onboarding or induction to employees. There is nothing more frustrating for a new employee than being unable to get answers to questions. Make the transition as smooth as possible.
- Compensation and benefits – Many companies do not have a formal compensation and benefits model in place, often awarding arbitrary salaries and benefits to individuals without valid explanation, which leads to departures. A well-developed compensation and benefits model mitigates issues on fairness and discrimination. Organisations know what market forces dictate with regard to payment, reducing issues.
- Positive work environment – Embrace and promote a positive work environment. Employees can participate in this, though managers and executives have an important role to play. Trust, teamwork, coaching, mentoring and flexibility are all supportive activities. People make mistakes, and “perfect” is an unreasonable expectation. Support people through compassion, understanding and openness. Discourage a blame culture; promote teamwork and achievements of and within the team.
- Training and development – Any smart company today knows and understands that training and development is critical to the vision and mission of the company and aligned to support strategic objectives. They understand that to remain competitive, they must provide coaching, mentoring, high potential programs and succession plans. Employees remain engaged when they know there is access to these opportunities.
A great workplace is not just about pay and benefits, but more about a culture that unites the management and the workforce in a common vision, ensuring engagement through participation and contribution.
The writer is Managing Director, Quantum Human Resource Consultancy
- Listen and create an open and honest work environment
- Provide opportunities to learn and promote career growth
- Encourage employees to join in activities that develop skills