Managing people

How to retain high-performing talent

Retaining good staff is not all about salary. If you’re serious about retaining your top people in a competitive marketplace, you need to get smarter about the employment package you’re offering.

The benefits of keeping your top talent reverberate across the business – in customer satisfaction, product sales, satisfied coworkers and reporting staff, effective succession planning, and deeply embedded organisational knowledge and learning.

10 tips for proactive management of top talent

1. Think beyond wages: implement strategies to attract and retain good staff

Identify what factors would make staff want to stay in your employ and create flexible employee benefits around these issues. Clearly define what is on offer from the outset.

Consider offering:

2. Provide up-and-coming staff the opportunity for professional development

Consider offering:

  • mentoring opportunities by more senior and experienced staff to up-and-coming talent to take an active role in the leadership team and influence the business’ direction

  • greater exposure to key development areas the employee is interested in.

3. Utilise the essential skills and experience of your mature-aged employees

Consider offering:

  • strategies that best utilise their skills, experience, passion, loyalty and commitment e.g. coaching and mentoring young and less experienced staff. 

4. Provide all employees the opportunity to develop their skills, knowledge and qualifications

Consider offering:

  • ongoing training and education via conferences, seminars, workshops and apprenticeships.

  • initiatives to help employees grow their skill set.

5. Be a true “employer of choice”

Consider offering and encouraging balanced and flexible working arrangements for all staff.

6. Create a culture of trust and employee engagement

Encourage your good staff to feel accountable for staff turnover. Empower them with the ability to make decisions and a difference in this area. 

7. Ensure roles, responsibilities and expectations are clear

Employees need to understand clearly what‘s expected of them, their objectives, and where they fit into the company’s vision.

8. Ensure employees feel they can speak their mind freely

Listen to your employees – they are often at the coalface and can bring a new perspective to the table. Develop a transparent management strategy and talent leadership approach that encourages people to speak up.

9. Utilise employees’ talents and skills

Talk with employees and learn about their talents, abilities, skills and aspirations. Offer them opportunities to showcase their knowledge and skills.

10. Select the right people when hiring

Use behaviour-based testing and competency screening to find the right fit when hiring.

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