Retaining Your Talent Will Be Harder In 2015

March 4, 2015 at 1:11 pm Leave a comment

A recent survey by the Institute of Leadership and Management (ILM) has found that 37% of UK workers are planning to leave their jobs in 2015 – that’s almost double the figure at this time last year.  When salary increases have been suppressed for a number of years and now the job market is picking up, employers should not be surprised by this statistic. But are you ready?  Do you have tip-top retention plans for your tip-top talent?

A talented team is your most valuable and profitable asset. Happy and engaged employees are often the most motivated to contribute to the company’s business objectives. Losing a good employee has huge cost implications, as well as negatively affecting morale.  It can also have an impact on the skill level of your team so you need to do what you can to hold on to your employees.

Encourage Career Development

The ILM survey goes on to identify the reasons for wanting to move.  Although a salary increase is high, at number 2, the top reason is for career progression.   Even small changes, such as delegating tasks within the work place, are a fantastic way to help people to develop and reach their potential.  For example, assigning a high performing team member a task that might be out of their comfort zone gives them the opportunity to learn something new and feel that they’re trusted to contribute to the business in different ways. When used correctly, delegation is a great tool, which can help top talent to visualise the possibilities within the business they work.  With your support, taking on more responsibility will naturally lead them towards opportunities to progress.

Understand What Makes Them Tick

Around half of those surveyed said they would move for a ‘more interesting role’.  These people are motivated by the mental stimulation and challenge within a role, so they don’t want to be doing the same things day in day out.  I would suggest that, as a leader, you probably don’t want them doing that either, so take a look at the role and see how it can be developed to suit the individual and meet business needs.  Small changes can make a big difference, such as giving someone a project in a new area which helps drive the business in a different direction.

Work-Life Balance

Around a third of those surveyed want to spend more time doing things they enjoy away from the workplace.  This means when they are at work they will have more energy and enthusiasm for it.  Are you one of those leaders who measure success by how many hours people work or do you create a positive environment that invests in their well-being, both professionally and personally?  There are many small things that can contribute here, such as flexible work hours or gym memberships.

Better Management

A similar number of respondents said they would move for better management, and to be valued more in their role.   It is essential that leaders acknowledge people for a job well done on a consistent basis.  For those who like public praise, make sure the wider business sees what their contribution has meant.  Consider having an ‘employee of the month’ scheme (voted by the employees).  Open praise has a powerful impact on both motivation and staff retention.

The loss of top performers can have a devastating impact on teams, companies and customers. Thinking about retaining your top talent when someone has given you his or her resignation means that you’ve left it too late – they have already taken the emotional decision to leave. Managing talent is key, as is checking in on how the whole of your team is feeling about their day-to-day role so that you can intervene and improve things early on.

Staff retention and business success go hand in hand and it is an ongoing process that brings untold benefits to both your business and your customers.

If you need help identifying the motivators of your top talent get in touch and book your Team Motivation review today.

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Entry filed under: Motivation.

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Alan Adair

Contact Details

Alan Adair

Extra Dimension
Helping you and your teams to be more engaged, motivated and effective.

21 Pelican House
Stone Close
Poole
BH15 4GE

Tel 01202 830047

Email alan.adair@extradimension.co.uk

Website
www.extradimension.co.uk

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