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Talent retention is a true challenge for many businesses. In a world where employment is constantly changing and is more diverse than ever, it is easier said than done to remain competitive enough to keep your employees. As it is hard to grow when you always have to recruit and train new employees, a talent retention strategy is essential.

This strategy can look quite different from one place to another, and adapting any tips to your team is fundamental. That said, here are nine proven elements for effective employee retention.

Strategic Recruitment

Retaining talent starts with recruitment. When recruiting, keeping a long-term vision is essential. The right person for the role from a technical point of view might be different than the person who will stay and grow within your business for decades.

Focusing on soft skills can be an efficient way to identify candidates who will stay, and this can include a genuine interest in the brand, the sector and their career goals. Professional capacities are indeed important, but remember that many skills can be acquired on-site, including experience.

Engaging Onboarding

From the start, make sure the employee feels welcome and supported. To do this, starting the communication process and sharing essential information as soon as the person is hired can be beneficial.

For example, make sure that the new employee has their IT and internal communication channel access right when they start. Sharing materials about benefits, policies, processes, and other work-related documentation could be done even before the person starts. This will help build trust and a feeling of transparency.

However, be careful not to overwhelm a new employee with information. If you wish to make everything accessible all at once, support them with a roadmap or a contact person who can help them. Once on-site, finding a good balance between learning and doing can be strategic.

Setting clear short-term goals and receiving proper feedback is also very appreciated in terms of onboarding practices.

Proper Compensation

Money isn’t always the main reason for someone to leave their job, but it does come up as a major factor in many cases. The first layer of proper compensation is to ensure the salary is competitive and fits the skill levels and experience of the person.

Having a clear and shared plan to increase salaries is also very effective in retaining talent. This way, people can know exactly what to expect in the future.

If the current budget isn’t sufficient to increase salaries, think of other strategies that can be beneficial, such as RRSP, bonuses, paid time off, generous insurance, etc.

Perks and Advantages

Apart from salary, there are many benefits and original perks that can improve retention. Anything that can help your staff genuinely want to keep on working with you can be considered. General working conditions are important, as well as vacation time and insurance. Other things like free coffee and snacks, free parking, organized transportation or even a game room can be possibilities.

Keep in mind that perks have to be interesting to your staff. Some things can be great in theory but won’t have much impact if it doesn’t appeal to the employees. One strategy could be to survey your team for ongoing challenges they face in their lives and find a creative way to solve them. For example, if you have a lot of new parents on your team, having an on-site daycare could be a huge plus, as well as a flexible parental leave policy.

Don’t hesitate to suggest and try things out.

Possibility of Growth

Listen to the ambitions of your employees; where do they see themselves in 5, 10 years? How can you support them? Are there existing positions within the company they could aspire to? Are there new roles that could be created?

Many people change jobs once they hit a wall when there’s no further possibility of growth. By knowing your team members’ ambitions, you can prevent them from leaving.

Another interesting strategy is to encourage professional development, whether it’s organized within the business or not. By having access to extra training, everybody wins. The employees gain precious skills and feel more fulfilled, which inevitably improves productivity for the company.

Encourage Mentorship

Mentorship is an excellent way to drive engagement while ensuring the skills of your more experienced employees are shared with recruits. It can be part of the onboarding process but can also be done between existing staff, whether for a new role or to gain extra responsibility. Mentorship is rewarding for both parties.

Focus on Communication

Communication within a company is very important for employees’ satisfaction. As a leader, don’t hesitate to be proactive and find different channels to ensure information is shared properly. After all, internal communication is a lot more than a monthly newsletter and a few meetings. Also, make sure there is a way for your team to be able to share their feedback, ideas or updates. This can be done in many different ways as long as communication can go both ways.

Think of Wellness

Mental health, burnout and work-life balance are all subjects that can be ignored in today’s workplace. Wellness can be part of a general benefits plan, with things like insurance-covered massage and therapy. Adding personal days off can also be good practice. Think of what your team needs to feel good and to reduce their stress.

Celebrate the Wins, Big and Small

A reward program brings significant value to a team. Communicating wins from a team or individual, even if it’s just an official mention on your intranet, can be effective. More tangible rewards are always appreciated and can take many forms: paid days off, bonuses, quality stationery, games or show tickets, etc. You can conduct an internal survey to get a better idea of what your team would enjoy receiving.

Retaining Your Talent: A Strategic Investment

Talent retention isn’t just about salary or benefits. It’s primarily about understanding what motivates your employees, providing growth opportunities, and fostering a stimulating work environment. By adopting a human-centered and strategic approach, you build a committed and high-performing team.

Need support in structuring your talent retention strategy? At Exploratio, we help you develop solutions tailored to your company’s reality. Contact us today to learn more.