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How to Retain Your Best Talent

retentionRetaining your best talent has to be one of the most important mandates you give your HR teams. Your employees are perhaps your biggest assets, and as such, need to be retained over time to ensure growth and success continuously. Retaining talent is part art and part science, and in this post, we will see some steps you can take to help retain your best talent:

1. Show them that you value them

One of the best ways to retain your talent is to show them that you value their efforts and that they are one of the most important components of the organization. When they know that their efforts are being recognized and valued, employees are more likely to continue and work harder.

2. Offer them scope for career growth and advancement

Employees are not in it just for the money – of course money is one of the biggest motivators, but perhaps equally is the scope for advancement. It is human nature to want more and better, and if employees think that they can get the same at the workplace, they are more likely to stay. If a team leader knows that his or her career path is laid out, and that he or she will move on to assistant managerial and managerial roles in time, they will be happy to give their best for the organization.

3. Equip them with skills

Employees need to constantly upgrade their skills to be relevant in today’s ever-changing market. Instead of making them turn to outside sources for training and skill development, organizations must offer the same along with any other technical training needed. If employees think that they are more likely to gain something by staying, they will. These skills and other technical training programs should be designed keeping in mind the needs of the employee, and should be decided with inputs from the employee.

4. Hire right

How do you ensure that your employees will stay with you for a long term? Simply by posing the same question to the candidates who walk in for an interview, and hiring those who gave the right responses. If hiring is done right, more than half the issues in HRM can be sorted. Same is it with retention. By getting in people who very badly wanted to be there in the first place, and by eliminating those who do not fit the organizational culture, hiring can be done right. Hiring is too important a job to take lightly.

5. Offer adequate compensation

One of the biggest culprits of lack of retention is the lack of adequate compensation for employees. When employees feel that they are not getting paid what they are worth, they will be looking for newer workplaces. Therefore, organizations must ensure that they have an effective payroll structure that rewards performers and gets rid of laggards. Compensation need not be monetary always – some perks will also act as drivers of retention.

Ultimately, retention is about trusting your employees and equipping them with what they need to perform the job so that they can be good at it and take pride in it.

 

James Maron is an author at SutiHR. He shares his views on SaaS and Cloud-based business management solutions.

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