HR consultants understand talent as a characteristic of people whose capabilities are committed to improving the organization.
Therefore, a talented professional is an employee committed to the company who puts his or her skills into practice and makes the organization achieve the best possible result. Therefore, the ability to work, the commitment to the company and the capacity for action are the 3 fundamental pillars that make up talent.
A company's success is determined by how productive its employees are, so it is vitally important for organizations to properly address the needs of their employees, as well as recruiting new talent. However, many companies lose sight of this and end up seeing their best people leave for their competitors.
Talent retention is a competitive and productivity gain for companies compared to other companies with higher levels of employee turnover. This is due to the organizational problems caused by staff turnover, such as lack of employee engagement and lower productivity.
Although there are companies where talent retention is natural, thanks to a good balance between monetary and non-monetary incentives, in most cases, it is necessary to implement talent retention strategies to make employees want to stay with the company.
First of all, a number of myths about why employees leave need to be debunked, as talent retention strategies are often neglected due to the false belief that an employee's departure is due to reasons beyond the company's control, but this is often not the case.
- The employee has not been able to handle the pressure of the job.
- Competitors have offered him a better salary
- The worker does not know what he wants
- The march is due to problems with the chain of command.
- The company believes it cannot measure employee loyalty because it does not have the tools to do so.
These myths about why employees leave often delay the implementation of talent retention strategies, but this delay in correcting the problem may also be due to the company's inability to see and correct employee dissatisfaction. The following are some of the characteristics of dissatisfied employees:
- Low productivity: a worker is not a robot and therefore his productivity may vary over time depending on his motivation.
- Questioning the company's objectives: if the employee does not feel aligned with the company's objectives, he/she is likely to leave the company.
- Lack of enthusiasm for their work: if an employee is not motivated by their projects, it could be because they are considering leaving the company.
Despite the problems and high costs caused by staff turnover, sometimes the departure of underperforming employees makes way for more suitable profiles for the challenges faced by the company, so we must not only focus on retaining talent, we must also pay attention to attracting it.
8 keys to retaining talent in your company.
It is very important for any company to have an ongoing plan for attracting and retaining talent, as these factors cannot be managed in an isolated and ad hoc manner, as they are a key pillar of growth and differentiation from the competition, especially in such a competitive world with so many changes.
To prevent the best professionals from leaving your company and, in turn, to attract the best to your company, you must design a plan that establishes strategies to be implemented and applied on an ongoing basis and not as isolated, one-off actions.
So, in order for your company to be more competitive compared to your competitors, we propose you to put into practice 6 key points when it comes to retaining and attracting talent for your organization:
- The first thing to bear in mind when selecting new employees is to look for people who share the organization's values. At the same time, take into account the personal talent available for the position to be filled, as well as their potential to take on new challenges.
- Once you have a new employee in your company who shares the company's values and has potential, it is necessary to design, plan and foster a good working environment, as an employee's first days in the company will be key to his or her future development. Take note of their situation in the company and use this information to make the company a more comfortable place for both new and long-standing employees.
- In turn, in order to maintain a good working environment within the company, it is necessary to establish work-life balance plans; this is the second of the determining factors that lead an employee to leave his or her job, after economic conditions.
Therefore, paying attention to this criterion will give you a competitive advantage over your competitors. For example, for employees with children under 3 years old, the childcare voucher could be a good conciliation measure.
- A key part of this process also has to do with the economic conditions and the possibilities for professional growth. On the one hand, the main reason for a person to leave a company is usually because of a better salary at a competitor, but the possibility of growth that employees have within the company also plays an important role in this decision.
Although it is believed that good pay alone is enough to retain talent, money is not everything. Growth opportunities, a good working environment and the alignment of the interests of the company and the employee are key to making employees decide to stay.
- Active listening with employees is one of the most useful forms of retention as it serves to channel the frustrations of employees so that they are listened to by their managers and by management, and therefore employees will feel listened to by their superiors.
Setting up private spaces (employee bulletin boards, chats, etc.) so that employees can communicate permanently with their managers can be a good way of listening and maintaining effective internal communication between employee and manager. An asynchronous communication that allows an effective, open and flexible relationship.
OpenHR's HR software enables private spaces for employees to communicate permanently with their managers.
- Making a good onboarding process. The term "onboarding" literally means "boarding" in English. When we talk about this term in organisations we usually refer to the process through which members of the company start a new journey in an organisation.
This means that not only do employees in a company adapt or learn the company's internal processes, but they are integrated into the company's culture within a common framework.
In this sense, according to some studies it is estimated that a good employee induction process increases the chances of employees staying with the company by up to 58%. Focusing especially on the first day on the job, and offering the user a complete experience is fundamental to retaining and retaining the available talent.
Determining what the new employee needs to know, offering certain information about the position, defining internal and external references, holding regular meetings, or consolidating the relationship between the coach/mentor and the new employee are some of the keys to successful onboarding.
On the other hand, it is also important not to forget to cover the first day, especially without forgetting to follow up, or to build an action plan with milestones for key dates. But above all, we must always take into account the new employee's perspective and the help that technology can offer us.
- Employee Experience Analytics. Analyze different KPIs and be clear about the objective that leads us to collect these data. Talent retention, engagement, sense of belonging, .... All these KPIs can be analyzed during the employee's journey throughout their working life in order to know the state of our employees.
Although it may seem very complex, we can obtain even a single KPI with 2-3 touch points or points of contact with the employee.
Of course, obtaining this data cannot be a static process that lasts only once, but must also be extended over time to see how it evolves and how the Employee Experience changes.
Thanks to this data, we can establish an improvement plan and know if there is something we can correct. It is important to have an Employer Branding strategy to reinforce your actions. Companies with identifiable values and a strong corporate culture have an advantage over their competitors.
Emotional pay for talent retention.
Although pay will always be at the center of employees' priorities (even more so in these uncertain times), emotional (or non-pay) pay is becoming increasingly important within organisations.
Salary has long ceased to be the only factor in retaining or attracting talent. Today, other factors such as flexibility, and taking into account their personal, professional or family needs, have become key to motivating employees.
In this sense, an employee with a positive emotional wage will be aware that the company takes care of his or her personal needs related to health and well-being. Moreover, it boosts employees' productivity by helping them to reconcile their personal life and work. Moreover, the employee will have a good image of the company and the working environment will be more positive when the company offers opportunities for self-development and improvement through training courses, coaching programmes, languages, etc.
So, after seeing what emotional pay is and its main advantages, we can look at some of the most important examples of emotional pay for employees:
- Time flexibility.
One of the most important changes that have taken place in companies in recent times has been to stop giving importance to the stipulated working time and to focus on working by objectives. The objective is not to work 8 hours sitting at your desk, but to know that we are getting closer to the objective. It is the end of "presence" in favour of improving productivity and confidence in employees.
Mapfre, one of the most recognised insurance companies in Spain, allocated in 2021 more than 180 million in social benefits for its employees. Among them, especially noteworthy is the flexible working hours, with entry between 07:30 and 10:00 and exit from 16:00.
Teleworking, being able to work from wherever we feel most comfortable, helps us to better reconcile work and family life, to save costs, and to feel more productive. Thus, it has become one of the benefits that has attracted the most employees and is having the most value.
The negative view (especially on the part of companies) of its implementation delayed its implementation. However, the Covid 19 crisis blew everything out of the water. Now, both employees and companies are beginning to realize all the benefits it brings.
- Training and development.
Training and developing programmes that allow employees to grow within the company contributes to talent retention. Opportunities for growth or promotion will make employees happier in their jobs.
On the other hand, the company will gain more skilled employees, with renewed knowledge that will enable them to better adapt to changes in the workplace.
- Social benefits.
Insurance, bonuses, discounts, retirement plans, childcare,.... Facilitating access to social benefits such as these helps to compensate in cases of lower financial remuneration, which, in some cases, may even equal fixed compensation.
Health programmes, for example, are increasingly valued by employees, who already know the importance of caring for and promoting a healthy and balanced lifestyle to improve their health. In this way, companies can help their employees to access online medical consultations, psychological care, fitness, nutrition and healthy eating programmes.
With more than 4,000 employees, Mahou San Miguel has set up different workshops such as the Nutrition School, mindfulness courses and physical activity programmes to improve the health of its employees.
The company also has the CUIDARME Health portal, which focuses on improving the physical and emotional health of its professionals, complemented by the development of the Happiness Area.
Being grateful, acknowledging their work, or speaking politely, can help to motivate and incentivise employees themselves.