Employee retention: 8 Strategies For Retaining Top Talent

How Do You Identify And Retain Top Talent

by | Aug 6, 2021 | Information | 0 comments

How Do You Identify And Retain Top Talent

by | Aug 6, 2021 | Information | 0 comments

A Few Simple Tricks to Identifying and Retaining Top Talent

With over 69% of the employers facing difficulty filling jobs, the global talent shortage is a real problem. The Covid-19 pandemic has made it even more difficult for companies to identify and retain competent hires. As the world sees a major shift in hiring trends and work culture, businesses are gradually adapting to this seismic change. 

 

However, the major question remains. What is top talent and why is it important? Some certain characteristics and behaviors distinguish top performers from the average ones. The top talent demonstrates quality work skills in large and small ways. They challenge themselves, explore new opportunities, and constantly seek ways to improve their performance. The top performers are crucial to a company‘s success. They can foster a positive work environment and boost the organization’s productivity.

Steps to find top talent

Wondering how to recruit accomplished employees for your organization but do not know where to start? Here are 3 questions for HR professionals to ask themselves while finding the top talent.

1.Does this person have the potential to add value to your organization and make an impactful change in their career?

Without any doubt, the top talent influences the organization’s work style and goes above and beyond to meet the businesses’ needs. While hiring, the HR professionals must try to identify these qualities through the employees’ previous work records and performance results.

 

There is a directly proportional relationship between the quality of talent and business performance. Looking for the additional qualities makes hiring the top talent easier. Star employees are result-oriented, self-motivated, and do more than what is expected of them.

2. What if they quit?

The next question to ask yourself is how will it affect your business if they quit? Will it affect your team and business negatively? The top employees who quit leave a void that is hard to fill. The teammates are often left with no support and find it hard to get the work done. A star employee is a great team player and gets along well with colleagues. They cultivate positive relationships at work and you might find the team disrupted when a top employee quits.

 

Another question to ask yourself is, Is this employee easily replaceable? If yes, they are not the top talent you are seeking. 

3. How does this employee affect your work?

The final question to ask is, can you depend upon the employee to get your work accomplished? Once you give them a job, will you have to worry about it being done? The star employees are self-driven and usually think beyond their immediate job. They suggest, get involved, and display their interest in getting the organization to get better. Top employees do not wait for someone to assign them work. Instead, they anticipate new assignments and work to be done. 

If you think your own performance won’t be hampered, they are not the top talent you want. The star employee will leave a gap in your performance on quitting.

How to retain top talent?

After identifying the top employees, the next hurdle for employers is how to retain them? Retaining and developing your star performers is critical in this tight economy. However, the benefits it offers outweigh the problems faced and efforts made to retain them.

 

As per Mckinsey, Superior talent is up to eight times more productive than the average ones. Thus, top talent retention is very important for the organization’s success. Here are 5 things you can do to retain your top performers.

1. Reskilling and upskilling

Employee development and education go hand in hand with promotions. By upskilling you provide your employees the opportunities to learn and grow. Fostering the advancement of employees’ skills makes them feel valued and more invested in the organization. Furthermore, reskilling them increases their productivity making them a crucial part of the company’s success.

2. Rewards and recognition

Whether monetary or non-monetary, benefits play a huge role in keeping employees happy and engaged. Monetary benefits always attract employees the most but recognition of work done well goes a long way in retaining employees. The employees who feel undervalued and unappreciated lose the motivation to work for the company. The employees should know that their contributions to the organization are valued. This can be done either by offering monetary incentives or simply by praising them.

3. Craft open-door policies

Fostering an open and honest work culture within an organization is paramount. The open-door policies encourage employees to speak frankly with their managers. This helps the organization’s top management to find out loopholes in the current policies and procedures. Also, the employees feel valued and encouraged that their inputs matter. Being open and honest about what is happening in the company also reduces the chances of spreading rumors through the grapevine.

4. Praise in public and criticize in private 

Although it is important to give constructive criticism, being cautious about how it is communicated to your employees is crucial. A negative review can demotivate the best of the employees. However, a positive one can empower them to do even better. Positive reviews of performance should always be done when the audience is present. However, negative reviews of performance should be done without the peers present.

5. Encourage Flexibility

The onset of the Covid-19 pandemic brought with it an evolved work culture. The employees feel more comfortable and productive in a more flexible environment. The flexible work schedules, remote work opportunities, and paid leave policies play a major role in retaining top performers.

Conclusion

Identifying the star employees takes time but taking into account the right indicators can land you with the perfect candidate pool. Highly talented employees are considered to be the most valuable business asset and organizations are keen to find and keep them. With the right team in place, you can observe increased performance, better productivity, and higher engagement levels. 

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