Our pre-covid way of working is amid a revolution – and has been for a while now. Business is smarter, consumers more connected and our employees more vocal about what they want. As we move into this new world, some employers are struggling to find and retain key talent in their business.
A report from Work Institute, predicted that one in four workers would leave their jobs in 2018, and it was summarised that nearly one-third of that turnover can be attributed to a lack of development opportunities, career progression and unsupportive management.
Top talent is used to promises of exclusive perks and an increase in their salary package – but is that enough anymore? A 2019 Digital Pulse article puts the wants and needs of a millennial generation into perspective, but of course, this doesn’t just apply to millennials. It applies to a generation of workers wanting to not just ‘work at a job’.
“Salaries and titles are no longer the defining feature to attract the best people. The employer-employee relationship is beyond merely transactional. Work isn’t seen as something you can leave at the door. By understanding and adapting to the culture of today’s workforce; by inspiring them and responding to their needs, businesses can remain not only competitive but also relevant.”
So, with this information, what can we as leaders and employers do to retain our top talent, and to keep our teams and people happy and enjoying their work?
The three key factors that come into play are:
- Career Growth Opportunities
- Feedback & Coaching (learning opportunities)
Providing recognition creates a link between the individual and how the thing that they have done links back to company values, purpose, vision and strategy. It is a simple, yet powerful thing you can do to build great team cultures, team environments and relationships. Showing recognition is a great opportunity to let the person know that the little things they do are really important to you and the organisation. When you give little pieces of recognition everyday it is a great way of building an inclusive connected culture.
Career Growth Opportunities
Knowing how your team members want to evolve and upskill, allows you an opportunity to integrate on the job learning with every challenge. Using these challenges as learning experiences, moves the needle for career growth and progression faster than other methods. It forms part of role as a leader to coach and mentor individuals to fulfil their potential.
Establishing an environment where it is encouraged to learn and grow lets people believe that they are valued as individuals and are given the time, space and energy to help them flourish.
Feedback & Coaching
Coaching is an incredibly important part of an individual’s development which directly affects talent retention. As mentioned above, reframing challenges as learning opportunities and encouraging on the job coaching and training is a crucial element to ensuring a team members happiness at work. Coaching aims to:
- Enhance the performance and learning ability of others
- Unlock a person’s potential to maximise his or her own performance
- Help the coachee to learn rather than simply teach them
For a team to be great, [read our Top Three Non-Negotiables for a Great Team] there must be psychological safety, which is the starting point for feedback. The individual receiving the feedback, must feel safe and open to hearing the impact their behaviour has.
By having these constructive feedback conversations, we invite improved performance, greater team bonding, vulnerability and an increase in respect and trust between team members.
These three elements all add up to being successful and measurable skills that will engage, support and retain top talent for your organisation, especially in the midst of a work revolution. It’s these difficult times when people step up, especially when they care deeply about the work they do – not just their ‘job’.
As leaders, it is our responsibility to help our team exceed their potential. And it’s easy when you know how.
We hope you’re staying safe and well,
The Corporate Edge Team