Your body has three immune systems, the most powerful being the one that rejects foreign tissue.
That intruder cell has made its way into your body, and your immune system sings a battle cry: “This is not like me, and I am not like it!” and works to eliminate it.
Much like your immune system, your company employs a force of people who work together — each of them as a cell within a body.
But, when a new employee leaves that force as quickly as they arrived, it’s safe to say that maybe they never really fit in, or maybe you as a business owner, need to assess the quality of your working environment.
To increase talent retention, you need to first and foremost stop letting in that foreign tissue. Stop hiring individuals who aren’t a good fit.
But how, you ask, do we attract and retain top talent that aligns with our brand identity?
From the wise words of Roy H. Williams, “branding is nothing more than corporate culture made known.” In other words: your people are the essence of your brand. If your employees aren’t satisfied, neither will your customers be.
In this article, we’ll explore why talent retains and why talent leaves so at the end of reading this, you’ll have the tools to keep your top talent from becoming tomorrow’s Exodus.
Talent Retention: What is it?
Talent retention is the process of keeping talent (quality employees) within an organization.
This can be done through a variety of means, such as developing talent pipelines, offering training and development opportunities, and creating a positive work environment.
By retaining talent, organizations can ensure that they have the skilled workers and the brand culture they need to stay competitive.
Why Quality Talent Retention is Important
There are many reasons why talent retention is important. For one, it ensures that your company has a pipeline of skilled workers to meet its future needs. Additionally, retaining talent can help improve morale and employee engagement, as well as reduce turnover costs.
Talent retention also maintains a company’s competitive edge. In today’s global economy, companies need to be able to attract and retain the best talent to stay ahead of the competition. By retaining top talent, companies can maintain a strong workforce that is capable of driving innovation and growth.
Ultimately, there are many employee retention benefits, and a high staff retention rate is essential for ensuring that your company has the skilled workers it needs to succeed in the future. By retaining talent, you can improve your company’s culture, competitiveness, bottom line, and overall success.
Are you a residential home service company looking for ways to improve your recruitment and retention strategy?
At Wizard of Sales®, we’ve helped countless home service companies attract top talent and keep them around for the long haul. We know what it takes to talent a company for success.
Book a demo with us today to get started!
Why Top Talent Retains
To boost employee retention and attract talent, you first need to figure out why people care to stay at their jobs in the first place.
According to SHRM’s Employee Job Satisfaction and Engagement research report, employees identified these five factors as the leading contributors to job satisfaction:
- Respectful treatment of all employees at all levels: Employees who feel respected by their leaders and colleagues are more likely to be engaged in their work and feel a stronger sense of loyalty to their organization.
- Competitive Compensation: It’s no secret that employees want to be paid fairly for their hard work. This is in line with both the internal and external job markets.
- Trust between employees and senior management: A strong relationship of trust between employees and management is critical to engagement. Employees need to feel that their leaders have their best interests at heart and are transparent in their decision-making.
- Job security: In an uncertain economy, job security is top of mind for most workers. Employees who feel secure in their jobs are more likely to be engaged and productive.
- Opportunities to use their skills and abilities at work: Employees who feel like they are using their skills and abilities at work are more engaged than those who do not. They need to feel like they are challenged and growing in their roles.
Why Quality Talent Leaves
Losing talent is always a difficult pill to swallow. But when it’s high-quality talent, it can be absolutely devastating to your business.
After all, quality talent is hard to come by, and losing it can set your business back significantly. So, why does quality talent leave? Here are four of the most common reasons:
The first reason why quality talent would leave an organization is dissatisfaction. When talented employees are dissatisfied, they will look for opportunities to use their talent elsewhere.
There are a few key reasons why dissatisfaction can lead to talent leaving an organization:
- They feel like their work is not meaningful or impactful.
- They do not feel valued or appreciated by the organization.
- They do not have a good work/life balance.
- They do not feel challenged in their role.
- They are not given opportunities to grow and develop within the organization.
So ask yourself, are you doing everything you can to keep your talented employees satisfied? If not, they may soon be looking for the exit.
Conflicts or Negative Experience
The more your employees are facing conflicts and negative experiences in the workplace, the more likely they are to leave.
To improve worker retention, it’s important to address these issues and resolve them in a timely and effective manner. However, what many businesses truly struggle with is actively working to prevent these issues from ever occurring again.
One of the best ways to do this is to create a work environment that is built on trust, respect, and open communication. By fostering these positive qualities, you can help reduce the likelihood of negative experiences and conflicts occurring in the first place.
If conflicts or negative experiences do occur, it helps to have an effective system in place for handling complaints and concerns. It also means being willing to listen to employees’ feedback and take it to heart.
Only by actively working to prevent and resolve these issues can you hope to keep your quality talent from leaving.
A Predetermined Plan to Quit
When it comes to quitting a job, most people don’t just up and leave without any sort of plan. In fact, many people have a very specific plan in mind for when they want to quit.
For some, it could be due to themself or their spouse becoming pregnant or getting a new job advancement opportunity. Others may have had a recent death in the family or be going through some other sort of major life event.
To keep these employees around, you could increase rewards tied to tenure or create a more family-friendly workplace. For example, you could offer more flexible hours, extra paid time off, or more generous parental leave policies.
These things can show your employees that you are paying attention to what their needs are and that you are willing to make changes to help them out.
Much Better Opportunities
To keep talent retention high, you’ve got to offer them just as much or more value than your competitors. Keep in mind that the more quality you offer, the more quality talent you’ll attract.
The first step in making your company that shiny object everybody wants, is to create a better work environment. You can do this by ensuring that your employees have access to the best resources, providing them with ample opportunities for growth and development, and offering a competitive salary.
Additionally, providing great benefits, offering flexible working arrangements, and cultivating a positive company culture are all key retention strategies.
By doing all of this, you can create a work environment that is much better than what your employees can find elsewhere.
If you are left with anything today, leave with these key takeaways:
- Talent retention can improve your company’s culture, competitiveness, bottom line, and overall success.
- Talent retains when they feel respected, are paid well, trust the company, feel secure, and can utilize their unique skills.
- Talent leaves when they are dissatisfied at work, face conflicts or negative experiences, have a predetermined plan to quit, and see more valuable opportunities elsewhere.
Once you are able to identify the reasons behind your company’s talent loss, you can put policies, principles, and procedures in place to help mitigate it.
Achieve Employee Experience Excellence
Talent retention is a foundational element of a successful business. By understanding what engages and motivates your employees, you can create an environment where they want to stay and contribute their best work.
At Wizard of Sales®, our C.O.R.E Playbook offers a better, more effective way to line up your communication and culture into a single unified selling system that will allow your business to not only survive but thrive.
We aren’t a guru braggart that spouts trivial opinions or unhelpful guesswork. Our proven system provides you with operational excellence immersed in the science of persuasive communication.
To learn more about how we can improve your talent retention and more, book a demo with us today!