Retention strategies.
In a market with more jobs than people to fill them, employers need to create environments where their best talent will grow and be fulfilled – or risk losing them. And that is expensive.
The war with Russia and Ukraine, the aftermath of COVID-19 and now inflation and rising interest rates mean hiring is much more difficult than it has been, and companies must work harder to attract and retain good people.
Matt Kershaw, Global Head of People Development at Domino’s Pizza Enterprises, said employees aren’t just looking for bonuses and other types of renumeration while the lack of supply continues.
“We know talented people will leave the business if they stop growing,” said Kershaw. “People will stay where they are because of money, but also because they feel like they belong, have a purpose and are recognised for their endeavours.”
Giving workers a purpose entails discovering and providing career pathways that provide opportunities for promotion and for achieving their strategic goals.
You get the best out of your talented people when you empower them with an environment in which they can do their best work.
One of the worst things you could do is have someone who wants to move into a new role but is stuck in a job they have outgrown, and you lose them to your competitors.
Maximise skill sets.
Aside from core competencies, look for soft skills, which could really be hard skills.
Are your people curious? Are they risk taking? Are they seeking innovation? Are they creative? Do they have high emotional intelligence, and can they hold their own in interesting conversations?
Forward thinking companies talk to their employees about their ideal roles and how it can go about crafting those.
Most people site lack of recognition as a major reason for moving on, so ensure that you have a system in place to recognise passion and performance and broadcast the feedback so everyone can see what is important. As they say, “what gets recognised gets replicated.”
With the cost of replacing a staff member up to 150% according to Gallop, it makes sense to have a RETENTION strategy, and not an ATTRACTION strategy. The cost difference could be enormous, and a disaster for your business if you get it wrong.
If you don’t look after your best performers, your competitors will.
Tony Delaney, CEO Brownie Points
