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Industry News: How Employers Can Improve Talent Retention

By July 16, 2018 July 21st, 2018 No Comments
Industry News: How Employers Can Improve Talent Retention

After releasing its 2014 Global Human Capital Trends survey, Deloitte followed up by conducting another survey. This time, it polled over 2,500 companies and HR professionals in over 90 countries. Reaching across a broad range of industries, the survey found that leadership, talent retention, HR skills, and talent acquisition were the main concerns. The survey’s findings revealed that over 25% of respondents reported that retention and engagement were “highly urgent” issues, and 20-24% said that talent acquisition was “urgent.” However, the findings also showed that retention is not owned by one department; it is a shared responsibility of “HR, top leadership, and all levels of management.”

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Global Talent Acquisition and Retention

Deloitte noted that employers should reassess their engagement strategies to better focus on attracting employees and cultivating a work environment that is both passionate and compassionate. That is, once an employee is hired, leadership and HR should work to create this environment to set the tone for what is expected—and what employees can expect from their employers. By working together, executives, HR professionals, and leadership stand a better chance of tackling this challenge. This reflects what Sarah Stoddard, a senior public relations specialist at Glassdoor, told CNN Money:

“It’s a job seeker’s market right now. That means employers need to work a little harder to find and retain talent. And when you boil it down to what employees are really looking for, it is traditional benefits with a strong company culture—one that really values employees.”

To cultivate the compassionate and passionate work environment that Deloitte outlines, developing a strong company culture can help employees feel sense of purpose and connection with both their job and their colleagues. In turn, this helps workers feel a sense of loyalty to their work and company.

Trust, Growth, and Communication as a Recipe for Talent Retention

Trusting employees and the decisions they make is key for leadership that wishes to empower its employees. When there’s a level of trust and understanding among employees and all levels of leadership, employees feel a greater sense of value and purpose in their work. This can be a useful approach for fostering growth and satisfaction among employees. Growth can come in the form of online or in-person workshops, training opportunities, or in-house projects that push employees to expand and improve their skillsets.

Employers who wish to improve retention should also make an effort to regularly speak with employees—not only to get a sense of how they are feeling about their role in the workplace, but to keep employees abreast of what is happening at the higher levels of the company. This is also an excellent time to acknowledge employees’ efforts and achievements.

Avoiding High Employee Turnover

Communication is integral to employee retention. But it’s the kind of communication that is of equal importance. Forbes notes specifics that can help struggling employees; not least among these efforts is a mentoring program. When a struggling employee is paired with an experienced employee, it can lead to fewer feelings of frustration and improve the employee’s performance. Additionally, feedback from a colleague (rather than leadership) may be better received and applied. Overall, when employees feel valued, have a sense of pride in their work, and feel that they can communicate with both colleagues and leadership in an open, honest manner, they are less likely to seek employment elsewhere.