Hold on to Your Top Talent – The Labor Market is Heating Up! (Retention Strategies)

Retention2015 is sure to be a great year. I can already feel the energy, buzz and demand that has been missing from our economy for some time and it’s back in a big way. It’s important as we look at 2015 to keep in mind that employees will have more choices with a better economy. Remember the War for Talent in the late 90’s and mid 2000’s?. I predict that 2015 will be a year of opportunities for individuals and what that means for businesses is that retention should be your priority especially if you want to keep your best talent.

As the year comes to a close spend some time dwelling on the following engagement/retention questions:

    • What are you doing to proactively engage your workforce?
    • Are your employees happy working for you?
    • What would cause your employees to make a career move in 2015? What can you do right now to counteract this?

 

Strategies to help prevent turnover

1) Conduct an Employee Engagement Survey. After all, you don’t know where to spend your time and money investing in your workforce unless you have asked your team members how things are going.

2) Implement regular One-on-One Meetings with each of your direct reports. This can have a huge impact on how well you know your team members, how engaged they are and overall productivity. Here is a link from Manager Tools on how to conduct these effectively.

3) Use Stay Interviews with your best talent to gain an understanding of their career goals, what’s keeping them at your organization, what would cause them to leave, what they look forward to accomplishing in 2015. Here is more reading on Stay Interviews. One of the best questions you can ask is, “Are you currently doing the best work of your life?”

4) Practice Gratitude. Everyone likes to be recognized for their effort and/or a job well done. A simple, “I noticed you’ve been working hard on ________” can go a long way. One manager that I know writes a handwritten thank you on their employees check or check stub. This is especially thoughtful if you give out year-end or holiday bonuses.

5) Be Flexible. With competing employers offering flexible schedules it would be wise to revisit your flexible workplace policies. What can you do to enhance your flexibility while maintaining productivity? This I predict will have a big impact on career moves in 2015.

More retention strategies can be found in the Love ‘Em or Lose ‘Em (Fifth Edition) published in 2014.

Do you need help with employee engagement and retention?

What does your company do to engage the workforce and focus on retention of top talent?

Answer in the comment section below.

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