How will you keep key talent?

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So how do you keep key talent especially when times are tough?

There is no question we are experiencing particularly tough economic conditions with no obvious prospect of things improving any time soon. From a leadership perspective the challenge of leading (motivating people and driving your business forward) can feel relentless.

However, when things improve the recruitment industry will get busy again very quickly. They will be looking for highly talented candidates who are perhaps a bit disgruntled with their lot. They may no longer have loyalty to the brand they once loved and worked hard for because, for example, their pay, benefits or bonus was reduced, they lack personal development or, in their eyes, had unfair treatment.

The worst assumption a manager can make is that people won’t leave when times are tough because there is nowhere else to go. It breaks trust and, as a result, loyalty to the brand.

Headhunters will seek talent from people still in role, not people sat on their sofas. They are the talented ones who keep their jobs. If a head hunter approaches one of these people with an attractive offer there is a good chance they will leave if they are unhappy in post. Cost cutting measures may be needed but they are often short term and although employees may accept them initially they will expect things to improve as the economy recovers.

The cost of recruitment and training to replace staff can be very high so now is the time to start putting in place a robust Talent Retention Strategy.

So how do you keep key talent especially when times are tough?

1. Pay people as well as you can and if pay cuts/lack of bonus are needed make sure they know it is temporary.
2. Look after their professional and personal development. Train them to improve skills and mindset to help them grow the business.
3. Increase their responsibility and empower them.
4. Hold regular 1:2:1 discussion to reassure, coach and mentor.
5. Offer flexible working where possible.
6. Think of ways to reward them when you don’t have a big budget to do so.
7. Promote them as soon as you can.

Showing you value employees will build loyalty and trust and boost esteem and morale, giving you the best chance of keeping them.

For further details on developing and implementing a Talent Retention Strategy please contact us on 0203 019 0680.