Building a robust talent retention strategy: key considerations

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Even the very best CEOs in the world can't do everything themselves. With so many important tasks of your own to do, you need an effective and talented team beneath you to enact your vision. As you will know, talent acquisition and retention is not as easy as it sounds. That's why having an effective talent retention strategy in place is so crucial.

Replacing a lost employee can cost your business as much as 150% of their annual salary, not to mention the impact it can have on company morale, productivity and loss of expertise. The good news is that with the right strategy, you can create the necessary buzz and enthusiasm within your organisation that prevents talent from wanting to leave - as can be seen in MCI Spain's Surgical Spirit event for Edwards Life Sciences.

So, stay with us as we examine the key considerations you must make when putting together an effective talent retention program.

Meeting your employee's needs and expectations

The first order of business when constructing a truly effective talent retention strategy is ensuring you understand what your employees want and need. When these needs are consistently unmet, the inevitable conclusion is lost employees.

Thankfully, there's plenty of opportunity to gain insight into what your staff wants and how satisfied they are.

Among the available methods are:

Regular surveys and feedback forms—You can make it easy for staff to leave anonymous and candid feedback about various workplace aspects. This option can provide some very useful insight into management effectiveness, workplace culture, job satisfaction, and more.
One-on-One Meetings—Another option is to schedule one-on-one meetings between employees and their managers to provide a platform for discussing personal goals and any concerns they may have. These meetings also allow employees to express their career aspirations and development needs.
Exit Interviews—If you reach a point where an employee leaves, it might not be what you want, but this represents a golden opportunity to get some honest feedback about why they're leaving and their overall experience within your organisation.

Whichever method you choose, you must have your ear to the ground regarding the overall sentiment within your workplace. Without this insight, you won't know what steps must be taken to retain your best talent.

Ensuring employees never want to leave

If your company aims to make your employees proud to work for you, creating a positive workplace culture must be at the foundation of your talent retention strategy. The best employee retention practices focus on making people realise just how lucky they are to hold their current position, and it's achieved in a variety of different ways.

Recognising & rewarding employees

Everyone is motivated by different things in their job, but something that has universal appeal is being recognised for good work. Sometimes, it's simply enough to be given a 'well done' for meeting or exceeding goals, but taking it one step further can reap substantial dividends in increased performance.

Monetary rewards can be an option whereby bonuses are given for exceptional performance. Whether talking about an annual, quarterly, or instant bonus, many see earning extra income by pushing themselves as a great job perk.
Paid time off, in the form of extra vacation or wellness days, is another carrot that can be dangled to incentivise your workforce. Days off are considered precious in most workplaces, and when more are provided in this way, it can be hugely motivating.
Professional recognition appeals to the competitive spirit within us all and evokes personal satisfaction from a job well done. Such an award could be a plaque, trophy, certificate or anything that can be displayed as a badge of honour.

Promoting inclusivity & diversity

Modern workplaces must offer a level playing field for every employee that's centred around diversity and inclusion. The top talent in any sector will naturally be drawn to companies that have a strong diversity equity and inclusion (DEI) ethos. In fact, any organisation with a reputation for not abiding by these principles will likely repel the best people.

As can be seen in MCI USA’s work with NCSEA, it’s important to develop and enforce policies that give everyone an even chance in the workplace. This includes unbiased recruitment practices, equal opportunities for advancement, and rapidly addressing any instances of discrimination or harassment.

Encouraging collaboration and teamwork

The notion that teamwork is important to a company's success is not a new one, but the need to continually encourage it in the workplace is still hugely relevant. Effective collaboration between teams and departments helps people gel and feel part of a large work family.

Team-building activities like regular lunches, drinks, outings, and structured exercises can work well. Your talent retention strategy might also include designing office spaces to encourage collaboration, such as break-out rooms, open-plan areas, and communal workspaces. The easier it is for your team to work cohesively, the better.

Offer competitive compensation and benefits

It goes without saying that top talent is often attracted to companies that pay the highest salaries. As such, offering competitive salaries needs to be a priority. The simplest way to ensure you're paying at the right level is to benchmark the salaries you offer against what your competitors are paying for similar roles.

Of course, salary is only one element in any compensation package, meaning that offering robust benefits is equally important. That means you should be looking at providing your employees with comprehensive health insurance, retirement plans and possibly even wellness programs. Perks like these are often expected and can have a big, positive effect on your staff turnover rates.

Offer excellent career development opportunities

The last thing you want is for your employees to feel like they have to move to a different company in order to progress their careers. That's why any good talent retention strategy needs to include plenty of opportunities for professional development and progression.

Schemes like Continuous Professional Development (CPD) and mentorship can be very helpful in motivating employees to stay and grow with you.

Ensuring your employees enjoy a good work-life balance

Another aspect that any effective talent retention program needs to prioritise is ensuring that your employees enjoy a good work-life balance. The key to having a healthy, productive, and engaged workforce involves giving people space to breathe, as they're far less likely to experience fatigue, burnout, and stress.

Even the most dedicated employees need downtime, and it's essential to a person's well-being and overall job satisfaction. Rested people are typically more positive and enjoy higher levels of morale, and a strategy that focuses on it fosters loyalty and mitigates absenteeism.

A range of measures can be introduced to this effect, including:

Compressed workweeks—Working extended hours each day can allow employees to enjoy a longer weekend and spend more quality time with their families.
Remote work options—It's never been easier to work off-site, and doing so spares your staff the stress of commuting when it might not always be needed.
Flexible working hours—Allowing employees to decide when they work their allotted hours is a valuable ability that also improves job satisfaction and overall contentment.

Companies known for facilitating flexible working options conducive to striking a healthy balance are certainly more attractive to top talent and can give you a significant advantage over your competitors. It's also a great way to keep your existing employees happy, motivated and committed to the cause.

Effective leadership and management

The best employee retention practices have great leaders at their core. Working on the front line, they're crucial in fostering a positive work environment while encouraging engagement and loyalty. As such, you must provide leadership training covering the main competencies like team development, communication and conflict resolution.

When managers communicate transparently, openly, and honestly, they breed trust and credibility while making employees feel informed and valued. This also helps manage expectations and foster a sense of security and belonging.

Conflict management is also a critical part of talent retention, as it ensures that team disagreements are dealt with fairly and swiftly, preventing good people from leaving your organisation unnecessarily.

Holding onto your best people with the best employee retention practices

As we've covered, holding onto your best people is not just about paying the best salaries. While compensation does play its part in your overall ability to attract and retain the best talent in your industry, a well-constructed talent retention strategy must also focus on effective leadership, career development, recognition for a job well done and the provision of a fair and equitable workplace.

At MCI, we have the experience and expertise needed to create an employee engagement strategy that allows organisations to develop positive workplaces that foster loyalty and ensure people don't want to leave.

To find out more about us and what we're able to do, take a look at our full range of services that cover all aspects of engaging and inspiring people. Alternatively, why not get in touch with our team today? We'll make every effort to show you from the first moment that your success is at the centre of everything we do.

MCI Content Team

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