“Firms gain comparative advantage from how good their people are. Retaining and attracting talent is a key point of competitive advantage in the global economy.” – Scott Morrison
The current employment environment has empowered millennials to perpetually search for better opportunities from day one of their first job. As a by-product of this pursuit, many employees also feel emboldened to express dissatisfaction regarding particular aspects of their jobs. In response, employers can choose to either fight these tendencies or to acknowledge the need to continuously remind and train their managers about the importance of upgrading the workspace.
Supervisors fear the day when a talented and well-trained employee submits his or her resignation and are often unprepared on how to react. According to research by DailyPay, there is a 15% turnover rate for all U.S. industries, with an average turnover rate as high as 60% being recorded in the retail sector.
Clearly, many businesses are struggling to keep their top talent. In response, there are several tactics that can increase the productivity and commitment of a workforce. Here are a few ideas for promoting a happier and more productive workplace.
1. Engage Employees
New employees often don’t get involved in discussions quickly. They usually hesitate because they are either unaware of or are not yet comfortable with the culture of an organization. In addition, sometimes the reticence stems from a fear of rejection of an idea and/or even possible insult by a co-worker.
So, strive to involve everyone in the discussion. This is beneficial in two ways. First, those who have been slow to participate can be encouraged to express their thoughts. Others, who are simply waiting for a push, get the push they need. Ask quieter employees for their opinion and show them that their ideas are valued by the firm. This can have a magical effect in retaining top talent.
2. Continuous Feedback
Self-assessment is challenging for everyone. Therefore, it is often important for other people to notice our strengths and weaknesses and connect with us personally. In this way, we can improve our own personality.
Supervisors are responsible for reviewing and communicating with every team member. Ensure that you present both your intention and, most importantly, your tone in a constructive manner, especially in those instances when criticism is appropriate. Being a kind manager means planning the time and place for informing an employee of any problems or issues. Moreover, beginning a conversation with praise for any quality or performance before discussing a possible mistake can prove most beneficial. This is a respectful approach, engenders loyalty and inspires talented individuals to stay with the organization.
3. Allow Flexibility
In today’s world, employees frequently cringe, and resist being stuck in the traditional 9-to-5 routine. They desire a flexible time schedule. In many instances, flexibility actually affords the most effective response in accomplishing an urgent task. Similarly, when crowded surroundings prove disruptive, a little flexibility might enable a distracted employee to find a more productive working environment.
It is quite evident that this relaxation of typical protocol wholly depends upon the nature of work. For example, an IT company can grant this elasticity, but the banking sector might be unable to provide such a facility. It is important to decide if this kind of flexibility is applicable to your firm.
4. Authentic Discussion/Communication
One-to-one discussion plays an essential role in boosting trust. Humanity needs the support of others because no one is perfect. Our favorite and most impactful leaders are those who care for other human beings. Mother Teresa and Nelson Mandela are two notable examples.
Supervisors should frequently communicate with their employees, perhaps over a cup of tea, and seek input over topics like recent developmental changes in the office. During such a 15-minute discussion, you can often become aware of both a co-worker’s interests and possible distractions. Do not differentiate between entry-level workers and managers, although time-frequency may vary. This practice can advance your personality and the credibility of your firm.
5. Invest in Polishing Skills
Show your talented co-workers that you care about their professional development. For example, install new technology in the workplace. Arrange teaching sessions aimed at improving their productivity. In one instance, after introducing new approaches in the first quarter of 2018, a premium jacket company experienced a 215% growth in sales as compared with the previous year.
In this way, everyone wins, in that the company avails itself of the advantage of efficiency enhancement, and the employees are energized with additional skills.
6. Honor and Encourage Good Results
Praise and awards from a supervisor are always welcome benefits. Popularity is a unique type of reward. Some firms arrange a gathering and proudly announce the name of an honored employee in front of the team. It may be either on a monthly, bi-monthly, or quarterly basis. Spoken praise not only encourages the honored employee but also the whole team.
7. Improve The Working Place
Good leaders frequently try to provide comfort at the workplace. There are numerous aspects a manager should consider in retaining talent.
a) Friendly Culture:
Undoubtedly, the company culture hugely impacts the employee’s thoughts and peace of mind. A friendly atmosphere can directly impact retention. Therefore, it’s a manager’s duty to establish a peaceful and friendly culture. You can find many helpful videos online to learn more about establishing a positive culture.
b) Give Respect:
Gaining respect is arguably the most important aspiration of every individual. One of the most common reasons for job change is in response to a disrespectful department head. If you don’t give respect to others, you also don’t get it in return.
c) Incentives & Promotions:
Salary is the medium to fulfill one’s basic needs. Yet, it’s often other employment benefits that help organizations to retain their top talent. Some companies bestow the same incentive on all employees, such as an annual salary bonus. Other companies, however, customize benefits to specific employees, like awarding a luxury car to the top-level manager.
Similarly, talented people expect to be promoted for accomplishing their targets and working hard. If they aren’t promoted, without any logical reason, they are almost being encouraged to switch jobs. Therefore, a company leader should be sensitive to tailoring promotions and other incentives. The random use of promotions is not soon forgotten.
A top-quality supervisor must possess the ability to control his or her emotions, to listen and to effectively communicate with their talented employees. An analytical view and time spent on self-awareness can serve to assist more than any other considerations in improving the workplace.