Pinch of talent shortage is already been experienced by many organisations and it is expected to grow with more companies setting offices. Competition is fiercer than ever. You can’t stop poaching but you can certainly slow down the people on your team looking on their own to leave. Past few months have observed, employees leaving the company voluntarily. There could be many reasons for their exodus but the significant one that was witnessed, they don’t feel valued in their existing roles. Employees tend to stay longer at organizations where they are aligned with the values, vision, and mission. It’s the job satisfaction that keeps the employees going for the long haul, besides attractive pay package and perks.

Companies that succeed in achieving high employee retention rates operate at an advantage both in meeting business goals and creating a progressive working environment. A happy place creates a positive environment and in positive environment everyone wins.

Here are some of the ways to retain your high performing work force:

1.People First

Keeping your people’s interest first will always take you ahead as it gives them a sense of recognition, builds their loyalty and most importantly they feel valued. Create an open and honest work environment. Allow your people to feel secure in their job. Don’t let them feel like overhead, let them know what their contributions are to the company. Create a culture of trust and welcome their suggestion and involve them in decision – making.

2.Shared Vision

Ensure that your team is well versed with the organizations vision and inspired to work towards a common goal. This way employees see the tangible impact of their contribution and stay motivated towards the larger picture. Goals should be realistic and involving your team in the goal setting process will make the mission achievable. When employees feel that they have shared values with their employer, it increases the likelihood for them to stay longer with the organization.

3.Communicate Effectively

Link your team’s contribution towards a higher purpose. Rather than expecting them to do what is being told, make them understand how their efforts will contribute towards a higher purpose. A leader should be inspiring and motivating to get their team aligned to a purpose. He should be able to identify and be proactive to address the communication gap.

4. Model humility and curiosity

Curiosity leaves more room to learn and fuels the excitement towards growth. When a leader models humility, it opens space for others to contribute. The leader should be able to create an environment where the employees feel it is psychologically safe to give bold ideas. A leader should be able to tap into their team’s passion and give them stimulating work to allow them to channelize their time and energy on projects they enjoy. This helps them to develop more creative approach towards work.

5. Celebrate Success

Appreciation goes a long way to boost up your team’s morale and they are motivated to put in their best. So, ensure to celebrate your teams win irrespective of it being small or big. This will build up their loyalty and they will contribute towards writing a collaborative growth story. Your team’s success is your success. To retain talent, you must make them feel appreciated and worthy.

6.Empower your team

Empower your team to unleash their true potential. Give them ownership, it will help them prepare to take higher responsibility. Allow open communication and appreciate your team’s effort and dedication. Connecting the dots for your team makes them feel an integrated part of the process and help them understand the impact of their efforts to instill a sense of ownership.

A well-executed employee retention strategy is a key competitive differentiator, as a company’s ability to hold on to its talent especially in a tight hiring market. Determine what competencies and skills are required for success, and have an effective hiring process to identify individuals who possess these characteristics. You will be rewarded not only with strong employee retention rate but also with loyal employees who contribute to your organization’s success – for the long-term.

Marex Media