Remember the “Great Resignation” of 2021? Although experts say the days of record-high attrition rates are over, demographic changes mean today’s labor market is still tight – and companies face a constant challenge of not just attracting, but retaining their top talent.
It’s not surprising that employee retention is a top priority for managers and HR leaders. In our work with our partners, we’ve seen that there are 7 key things organizations can do to ensure talents stay with them for the long term.
1. Define your core narrative
A clear, concrete and credible core narrative that aligns with your organization’s values and vision is crucial in attracting and retaining top talent. Once you’ve defined your core narrative, clearly communicate it to inspire employees and connect them with the organization’s mission and purpose.
2. Invest in employee development
Across various studies, a consistently high number of employees say they will stay longer at a company that invests in their careers. And companies that create a culture of continuous learning will also benefit by closing skill gaps in their workforce, and increasing employee engagement and innovation.
3. Foster strong networks
Building a strong network across silos within your organization increases opportunities for collaboration and problem-solving that keeps employees engaged. We’ve also seen how building meaningful external networks with stakeholders increases innovation while helping employees to grow professionally and expand their knowledge.
4. Embrace diversity and inclusion
Diversity and inclusion are not just buzzwords; they are essential for retaining top talent. Create a workplace culture that embraces diversity, encourages different perspectives, and ensures equal opportunities for growth and advancement. Not just because it leads to more innovative problem-solving, but also because people are more likely to stay in an environment that values their unique contributions.
5. Establish an internal talent pipeline
Nurture internal talent by identifying potential leaders and providing them with opportunities to grow within the organization. Offering promotions, stretch assignments, and hands-on challenges to solve problems within your organization can help retain top talents who can see a clear path forward for their careers.
6. Nurture company culture
A positive and engaging company culture is a powerful tool to retain top talent. Foster a sense of belonging and camaraderie by organizing team-building activities, recognizing achievements, and creating an open and transparent communication environment. Encourage collaboration, innovation, and healthy work-life balance to ensure employees feel satisfied and motivated.
7. Communicate transparently
Open and transparent communication is vital for building trust and retaining top talent. Regularly communicate company updates, goals, and challenges to keep employees informed and engaged. Encourage two-way communication channels and provide opportunities for feedback and suggestions to make employees feel valued and involved.