A company’s success is rooted in the talent of its employees. A company’s capacity and ability to retain its talented employees is also an essential part of this success.
Understanding the key factors behind your employee’s motivation and decision to leave or stay, is highly crucial in developing a robust retention strategy.
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what makes employees more inclined to stay?
Retaining top talent is the same as having your most outstanding employees. While financial compensation is a strong motivator of the workforce, employees today seek sufficient flexibility in their work style. They also hope to have their well-being valued.
Our 2020 Randstad Employer Brand Research (REBR), which surveyed 9,000 Australians, revealed that a company that maintains and provides a healthy work-life balance is vital in attracting and retaining top talent.
Employers that offer, for example, telecommuting or more flexible work schedules can support their employees in balancing their long work hours and responsibilities with their personal life. It is a low or no-cost option that can increase your employee’s productivity and motivation to work.
It is also discovered that employers need to deliver unique value propositions for their employees through their company culture to achieve both personal development and fulfilment. In addition to creating an excellent work-life balance, offering reward packages to your employees is a way to boost their work motivation, thereby retaining talent.
Things such as health insurance, retirement benefits, and even gym memberships, when customised in the right way, can make your company stand out in the marketplace.
understanding your employees
In an increasingly diverse and multi-generational work environment, companies are also tapping into the Open Talent Economy, where the work landscape has shifted towards an ecosystem of a diverse culture of talent, enabling people to connect and build a sense of community.
Employers are challenged to develop more integrated strategies and programs that can allow them to maximise and retain open talent to benefit their business activities and for their employees to leverage and utilise their talent and skills to their full potential.
Companies are also experiencing high staff turnover as employees constantly change jobs to find one that suits them personally and professionally. As all employees are different and unique in their talents, understanding individuality and identifying what motivates each and offering opportunities to develop their skill sets continually will work wonders in retaining your most excellent employees.
On top of work-life balance and company culture, this can be achieved through
Communicate to your employees openly and honestly about how their role contributes to the organisation’s goals. This can go a long way in establishing a trustworthy relationship with one another.
After all, employees value a company’s commitment to transparency and honesty, as discovered in the 2020 REBR study.
make your employees feel heard
Conduct surveys and focus groups for feedback that can identify areas of change.
Focus on developing people and allowing them to leverage their skills to their full potential. This can be done through networking events, mentoring and leadership coaching.
Always assist employees in their development plans and provide workshops and counselling that can help them boost their self-esteem and long-term contributions for the better.