Talent retention has always been a challenge for HR. The challenge is made even more difficult by a high turnover rate. While it can be difficult to keep top talent, there are some key strategies you can use to retain top performers. Here are some of them: Boost employee morale Low employee morale has become a major talent retention challenge. Research by the Global Talent Monitor found that the main cause of employee departures was a sense that their career prospects were not promising. A lack of respect for colleagues and senior management is also a major contributor to employee dissatisfaction. Work-life balance is important for employees, with employees who rate it highly remaining at a company longer. Yet, 95% of HR leaders admit that burnout is a major contributor to a decline in workforce retention. This trend is particularly acute in the current job market. In November, 4.5 million people left their jobs - the highest amount in history. Meanwhile, COVID-19 (a virus) is affecting many employees and causing many to take sick leave or take extended leaves. This is a recipe for disaster and could have a negative impact on your company's ability to retain its best and most valuable workers. Develop a comprehensive compensation plan With the labor market highly competitive and businesses looking to expand their workforce, attracting and keeping the best talent is becoming a challenging proposition. With these challenges, it is imperative that HR implement creative talent management strategies. Here are some tips for keeping the best people by providing competitive compensation. But don't worry; these tips aren't all about compensation. There are many ways to encourage employees to stay. When developing a comprehensive compensation plan, make sure to consider all factors, including health benefits and paid time off, which can help recruit and retain the best employees. For example, creating a pay banding system that defines the range of compensation for various job categories will help to ensure that employees are paid fairly within the company. Once you've defined a fair compensation structure, you can use it to motivate employees and improve morale. Offer employee benefits While it may seem like a no-brainer to offer a comprehensive employee benefits package, most HR professionals believe that they are an underutilized part of a talent retention strategy. Yet, the cost of employee benefits is rising at an alarming rate, making them one of the most important budget items for HR professionals. In this article, we'll explore why employee benefits may not be the best option for talent retention, and why other forms of compensation are better. According to the Paychex 2021 Pulse of HR survey, employee engagement and retention are closely related. In fact, employee engagement is a leading indicator of retention. The survey found that four in ten HR leaders are using some type of compensation incentive or benefit to keep their employees engaged. A further three-quarters use financial incentives. And while just two-thirds of HR leaders think benefits are a critical part of the retention strategy, other tiers of the organization place more emphasis on a company's culture. Enhance communication between HR and line managers When it comes to retaining the best talent, communicating between HR and line managers is a key skill. Frontline staff deliver the customer experience and represent the brand. Most line managers are promoted because they are good at their job, but they may lack the skills to motivate their teams. Furthermore, 69% of managers find it difficult to communicate with their staff. In order to improve communication between HR and line managers, try to create an atmosphere where the two departments can work together and brainstorm ideas. Employees want managers to listen to them and share information with them, but not all employees are comfortable talking to HR leaders. If possible, find an alternative channel of communication that provides anonymity and confidentiality. Be sure to find a reliable channel that will meet varying employee needs. While HR leaders usually want employees to talk about their career development with HR managers, sensitive issues may require a more confidential channel. Ultimately, communicating with staff can resolve or prevent issues related to your organization. Invest in employee experience Investing in employee experience is essential for a company to remain competitive and stay on top of the talent war. Employees want to work for companies that care about their wellbeing, trust their bosses and encourage lateral moves. In fact, the employee experience goes hand in hand with the work experience, so it is crucial that HR managers take the time to understand what employees want from their organizations. While the final stage of the employee experience is typically not as important as the first two, this stage is crucial for the entire organization. Investing in an employee's experience can lead to improved productivity and employee satisfaction. It can also boost the company's brand image and increase worker engagement. As a result, the company can expect to attract and retain top talent. The employee experience also makes recruiting new talent much easier. In addition to providing a rewarding work environment, a strong employee experience can boost the company's reputation and help it grow.
