Finding the right talent is hard and what’s more challenging is retaining that talent. According to Eremedia, two-thirds of companies will be facing an internal skills shortage in the next three to five years. And only 30% of employees are satisfied with the future career opportunities available within their organizations.
Unless you are engaging this talent by continually investing in development both at the time of on-boarding and throughout their career, they may leave the organization. High employee turnover and rehiring can be a time-consuming and costly process. Employers should try to identify employees’ needs and implement proper strategies to make employees feel valued and engaged enough to want to stay.
Here are some ways for companies to help retain employees:
Create an individual development plan
A good individual development plan can help facilitate employee development in a great way. Supervisors and managers should discuss individual interests and career goals with the employee, and plan out development activities that the individual should be undertaking. The development plan should be such that it helps employees reach short and long-term career goals, as well as improve current job performance.
Set key performance indicators
Using performance metrics to understand and evaluate employee performance can be essential to help employees understand their ideal goals and what they can realistically achieve. As these performance metrics are met, they can be reviewed and raised. This will make the employee feel a sense of accomplishment. Consistently and accurately evaluating employee performance is important not only for the individual, but for the overall success of an organization.
Provide opportunities outside of job function
In order to prepare an employee for a larger role in the organization, they need to be aware of all the other aspects of the organization. Learning and Development departments should create opportunities for an employee to take on new responsibilities outside their job function. This cross-training will improve employees’ proficiency levels in other roles and knowledge of the organization, making them work more effectively with others. Moreover, this will put them in new situations and encourage them to think on new ways to tackle such scenarios.
Provide constructive feedback
Feedback given in a positive and constructive manner can help increase employee efficiency. Include specific recommendations along with data, examples, or metrics. Employees are interested to know how they are doing and how they can improve their performance. If feedback is used as a tool for growth and recognition, it would create harmony in the organization.
Connecting employees with other professionals or subject matter experts who can act as mentors or coaches is a good way to help professional growth. Encourage employees to sign up for industry events where they can network with others and gain new perspectives. Employees can gain new contacts and build business relationships during such events, which may later help them professionally.
To get the most out of employees, investments in employee development activities like training, online learning programs, coaching, mentorships, and workshops is necessary. When the training programs are thoughtfully aligned with both the organization’s strategic goals and the individual development plans, those accomplishments are met faster. And the employees enjoy a greater sense of teamwork, making them less likely to leave the company.
Set an example
It is hard to convince the employees of the value of the development process if they don’t see leaders doing them. The best leaders lead by example. When they see their current leadership participating and continue to develop both personally and professionally, all employees are encouraged to follow the same path. The organization is able to convey the message that it is important for, and expected from, everyone in the organization to be part of a continual improvement process.
When implemented properly, these retention tactics can not only have a positive impact on an organization’s turnover rate but will help build a happier and more committed workforce.