Why You Should Make Extra Effort To Retain Talent

Why You Should Make Extra Effort To Retain Talent

Retaining Existing Talent – Importance and Difficulty Of

A company’s biggest asset is its staff. Hence companies should do everything they can to retain their most valued employees.

The importance of retaining talented employees

The need to train new employees – Staff training costs time and money. Even if a new employee appears to have the necessary skills and experience on their CV, there will always be things they need to learn, even if it is just becoming familiar with the company’s procedures and its computer systems.

Risks of the new employee not delivering satisfaction – Despite a rigorous interview and assessment process, one can never be totally sure how the new recruit will perform, or how they will gel with their new colleagues.

The difficulties in retaining talented employees

The various perks other companies can offer – Companies use more than just basic salary to compete for the best talent. Generous healthcare schemes and pension schemes, travel to work schemes and more flexible working arrangements could all be reasons why an employee decides to move company.

Wanting new challenges – Not all companies are in a position to offer a promotion to every employee who deserves one. This is especially true of smaller companies. There may come a time when a person decides that if they stayed, they would just end up performing the same old tasks, and therefore decide they want to move on.

Family issues – Maternity leave, childcare responsibilities, caring for elderly relatives and leaving the area when their partner secures a new role are all personal reasons why someone may decide to resign their post.

Steps companies can take to minimise the risks of key staff leaving

Job enlargement – If promotion is not a realistic possibility, companies can consider job enlargement – allowing an individual to get involved in tasks and projects related to their main job role.

Offer the most generous salary and benefits package they possibly can, or offer flexible working.

Keep employees up to date as to what is going on in the company, and how their individual contribution is valued.

Conduct regular one-to-one meetings to identify any concerns employees have, so these issues can hopefully be addressed at an early stage.

Ensure managers delegate as much as possible.

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