Many organizations are still dealing with the economic fallout of the pandemic. Customers may have moved on, and employees could be thinking of a change, too.
But in tough times, you must fight hard to keep your top performers. Let’s explore ways to hold onto talent – through the good times and bad.
1. Share your vision for the future
If your organization is going through a difficult period or major change, share key information with employees early on. Be clear on:
The reasons why change is happening
Your company’s vision, hopes and expectations for the future
What is at stake if the change does not go ahead
How the organization plans to achieve its goals.
By creating a strong, persuasive vision for change, your top talent will have a reason to stay and see the benefits of change.
2. Communicate regularly and clearly
In times of uncertainty, employees may make assumptions – rightly or wrongly – about what’s happening. Some, including your top performers, may feel confused and worried about what lies ahead.
Regular communication minimizes the risk of losing vital people. So, managers must be prepared to:
Provide a consistent, clear message about what lies ahead
Answer difficult questions and concerns promptly and accurately. And to be honest if details are not available yet – letting employees know when they will be
Manage information gaps and minimize negative rumours or gossip.
3. Ensure leadership is united
You need strong, united leadership to keep talent committed and engaged. Your top performers will quickly spot if leaders are insincere or unsure. They should remain positive and demonstrate their commitment to the organization’s future. To do it, they should:
Remain visible and approachable during difficult times
Be open, honest and acknowledge they don’t know all the answers
Present a consistent, unified response to key issues and challenges.
4. Make retention a top priority
When market conditions are in a state of flux, talent management can often be forgotten as other areas take precedence. But keeping top performers gives your organization an edge.
Consider setting up a task force to address and lead retention issues. You can also hold managers accountable by linking retention objectives to their performance frameworks.
Managers have an essential role to play as retention champions. They can influence and encourage employees to stay by providing:
Exciting and challenging work
Structured career development plans
Coaching and mentoring
A supportive working environment
Regular recognition of employees' achievements through praise and positive feedback.
5. Be flexible
In times of economic uncertainty, you may have to do more with less, which places added pressure on employees.
That’s why you should check in with people regularly to make sure they're not feeling overwhelmed, and try to help them avoid working long hours and burning out.
Flexible working can help, letting people do their job around stress-relieving activities such as exercise. Flexible work also lets people work when they’re most productive and increases autonomy, which psychologist Dr Kevin Teoh believes is crucial to maintaining well-being and in tough times.
6. Conduct ‘stay’ interviews
You don’t just lose skills when employees move on, you lose money, too. Gallup gives a “conservative estimate” that the cost of replacing an employee to be two times their annual salary.
To avoid a run of exit interviews, try conducting retention interviews. Consult employees on how they’re feeling about the current environment, the issues that matter most to them, and what will encourage them to stay with you.
As well as making employees feel valued and appreciated, managers can use these meetings to assess individual development needs and create tailored retention plans.
Remember that when times are tough, employees will be thinking, ‘how will this affect me?’ So, managers should discuss how changes will impact people directly, as far as they are able to do so.
7. Be creative with rewards
It may not be possible to give out big bonuses in the current financial climate. Be honest with people and consider non-financial rewards such as:
Taking teams out for lunch or giving them an afternoon off
Giving monthly awards to hard working employees
Sending out well-being packs with little gifts.
These small gestures could be a big deal for people and help show how much you value them.
References
Teoh, K. The ABC of Managing Wellbeing in an Uncertain World
Croswel, L. Focus on learning and development to increase retention
Sujansky, J. (2008). How to Lead, Motivate, and Retain Key Talent During Uncertain Times
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