The pandemic has had a huge effect on businesses retaining talent. This year alone, more than half of HR respondents (53%) have reported a major increase in the turnover rate.
Covid has led to a year and a half of lockdowns and working from home. The impact has made many employees rethink what they want out of work and life.
That’s why now more than ever companies will want to ensure a successful talent pipeline. They will need to create a leadership development strategy ASAP for the future of their business.
The 3 Strategies to Retain Top Talent:
If companies still want to thrive in this new work environment then they need to do these 3 things…
1Give a sense of purpose
If your employees don’t feel like they have a sense of purpose at your organization then why would they want to stay?
It’s important that you give a sense of purpose to each and every one of your employees. This helps them feel wanted and creates a loyal bond with your organization.
This sense of purpose starts from the top. It should be up to senior leaders to inspire and give this sense of purpose to the employees who work under them.
2Have and support strong leaders
Has your company has experienced a high turnover recently because of the pandemic? If yes, then it’s critical that you support the strong leaders within your organization.
Having strong leaders who are effective at delegation and making good, quick decisions helps significantly with recovery in your company after having employees leave.
Some roles can’t be replaced by automation. Empty spots in your business are a good opportunity for you to see where you can best automate work or tasks and hire only for crucial roles.
But don’t rely on automation to save your organization. Strong leaders will be your key to effectively managing your current and future employees.
3Keep employee satisfaction a high priority
Another important strategy to take is to have managers who are always keeping a finger on the pulse of employee satisfaction. This will be another key role to have in your company even long after the pandemic.
It’s crucial to make employees feel like their managers care about them. This significantly helps retain employees for their entire careers.
But high satisfaction goes beyond just retaining employees. When people feel like the organization they work for takes care of their wellbeing, they are actually 2x times less likely to quit and will be much more productive.
Put it to the test and retain top talent
Implement these 3 key points in your development strategy and you can expect to quickly start seeing your leaders decreasing turnover rates and increasing employee productivity.
Your leaders will become more effective and better prepared to face any challenges they face. They will also be able to acquire and keep top talent in your company for their entire careers.