I stated a new show on Netflix this past weekend; I’m not going to say which one because my husband is already is giving me enough trouble. However, as embarrassing as it is, I can’t stop watching. I started Saturday and I am already 15 episodes in. The story follows the lives of 5 couples, one of which features a stay-at-home mom that was once on top of the corporate ladder.
Ok, so where am I going with this?
A particular episode caught my attention as it discussed something that I read all too often about at work. In the episode this character is looking for a nanny but not just any nanny. She wants the best for her kids. What does she do to find her? Instead of calling a service, she heads to the park and scopes out the ‘talent’. Her friend finds this atrocious but she defends her actions and explains it’s just business. She goes on: In the corporate world you don’t wait for the talent to walk through the door, you go out and find it even if that means stealing it. If employers (in this case the other moms) treat their talent right then they have nothing to worry about.
This episode gave a perfect example of the competition surrounding talent and the factors that go into it such as: company culture, employee engagement and employee satisfaction.
Why Employers Should Start to Worry?
Finding talent is hard but keeping talent can be near impossible. But why? This is a relatively new trend. So what has changed between now and even a year ago? Three Things:
1. The Economy
The first factor is the economy. Although not great, it is improving. In a recent study on turnover, it was released that there is a correlation between a good economy and voluntary turnover rates. Unhappy employees feel more comfortable leaving their jobs if they think a better job is waiting for them. When the economy is bad, most people just want to put food on the table but as soon as things start to improve employees want more: perks, culture and satisfaction.
2. The Employers
Employers are willing and ready to fight for top talent. Many companies have caught on to the importance of company culture and the benefits of happy employees. Today a job doesn’t just come with salary, a benefits package and a cubicle.
Examples of company culture from 3 of the Top 10 Places to Work for in 2014:
3. The Talent Shortage
The truth is there is a ‘skills gap’ right now. Meaning that employee – the one that stands out, the one you don’t want to lose is even more valuable than ever before. With a talent shortage, employers are desperate for talented workers. Be sure you are ready to play ball because if you can’t make your employees happy someone else is willing to.
How to Keep Your Talent?
Nothing guarantees that your talent will stay with you but some things are worth more than money. Right now a lot of companies are in danger of losing top talent because they don’t know what they are doing wrong. Get out of the danger zone with these 5 tips from hiring experts:
- Be Honest
This starts at with the job description and continues throughout employment. Employees need to trust their employers to be truly comfortable in a position.
- Hire Smarter
Use the hiring process to find the perfect candidate. Once you have interviewed, screened and narrowed down your pick, start wooing. Prove you are the right choice for the candidate. Remember as an employer you are being interviewed too.
- Have a Plan
According to an article in a popular HR blog, HR Bartender, 86% of workers leave their jobs because of a lack in career development. Additionally, 75% of people are willing to use their own time to invest in learning opportunities. So have a plan for your employees. Share your vision and let them know they are going somewhere with your company.
- Listen to Your Employees
Employees want to know they have a voice. An article in Forbes addressed this issue, saying companies should use something called the ‘Stay Interview’. This is just where an employer gives and receives feedback to make a more ideal workplace for their employees. The interviews should be informal and help in build trust between the employee and employer.
Finally, show an interest in what your employees have to say. Engage with them and work together to create the right work environment for you and for them.
Have more tips on retaining top talent? Please share with us in the comments below.