Looking for talented people today has become difficult and so it is imperative that they be retained. This article lists some methods by which top talent can be retained using effective HR policies.
Top 5 Best Practices to Retain Top Talent
Companies today are poaching the best executive talent from their competitors using top of the line HR practices. Free agency seems to have changed the entire landscape of professional athletics as teams today are constantly fighting for top talent. So much so that the talent wars have reached the trenches of companies who are now taking off their gloves and aggressively poaching top talent from competitors at all levels, with scant regard of whom they are currently employed with. As employees now know that they have become free agents, who can demand the best packages, including perks and other benefits.
1) Give them a quality team
Top talent in one organization wishes to work with people who are better than they are solely for the purpose of their own development. The best talent wants to be part of a team which is full of great talent. The reason for this is not far to seek. Their development will depend on their colleagues’ knowledge. While working with the best talent, they will be challenged to do better.
2) Provide perks they value
The best talent expects to be treated that way. They like to be treated like they matter to the organization. Google offers their employees free car washes and oil changes in the parking lot while they are working. Other organizations offer facilities like free exercise facilities which help employees remain alert at all times. In one organization which provides a break room for its employees, an executive said that it was a profit center for his company.
3) Keep the Job Exciting
The biggest challenge for business leaders today is to keep the employees engaged. Competitors today are offering better opportunities that sound fantastic. Top talent today wants entertainment, excitement and fun in their job profiles and companies are compelled to make the job profiles more engaging by including these elements in them. If a manager is downtrodden that that will reflect in his team and top talent will always be looking for the exit door.
4) Challenge Them Regularly
Top talent today seeks to be involved in problem solving. They want to be consulted if their company is not able to reach their market share, not able to maximize their line efficiency, etc. Your best people enjoy the challenge of finding answers and want the opportunity to offer ideas and suggestions. When their inputs are used for innovations, they take ownership and pride in their projects and become more attached to your organization.
5) Morph Jobs
In the bygone era, people tried to hire employees to fit pre-molded job descriptions. Today, companies need to mold the job to suit top talent so that their top talent will get a free hand. Top sales people hate paperwork and therefore they should be in the field and not in their cubicles. Companies today are hiring the best talent, but are benching them for 20% of the time. This can be remedied by morphing jobs so that the employee gets the best from their day.