How to Retain Top Talent
One of the greatest concerns of managers today is how to retain top talent. It is no longer enough to be able to attract qualified people: You have to be able to hold onto them.
Few companies could have realized how radically the behavior of their employees would change when they so explicitly proclaimed that no one had a job for life. At first, these former employees were terrified; but, in the 20 years that have passed since then, people have gotten used to the idea, and in increasing numbers are acting like the free agents – the independent contractors – that they have become.
Managers thought that people would work even harder to hold onto their precarious positions. Instead, they discovered that many were quite happy to leave at the end of their contract. The “no job for life” mantra had taken the sting out of changing jobs frequently, even in mid or late career.
So, what can managers do? How can they retain top talent in their companies? Here are five suggestions:
Create an environment in which entrepreneurs can flourish
It’s a funny thing, but the very organizations that say they want people to think like business owners do all they can to prevent people from behaving like them. Typically, they want those that work for them to just do what they’re told to do and avoid taking risks. Entrepreneurs, however, are known to do the opposite. They do what they’re told when it suits them, do what they want if it seems like a better idea to them, and frequently take risks.
Share what you know
One of the most misguided statements ever made is that knowledge is power. It is not! At best, it is potential power, because unless action is taken on the basis of what is known, the knowledge might as well not exist. The manager who withholds information may believe that he or she is more powerful as a result; but doing so doesn’t prevent others from acting. It only stops them from potentially acting in a particular way. They still may act on the basis of their limited or faulty information, and these actions may create outcomes that are worse than doing nothing at all.
Focus on outcomes, not process
When managers insist that work is done in a particular way, they stifle creativity and innovation. “The way we’ve always done it” is laughable in today’s fast changing world, and it’s considered to be more of an excuse than a reason to the skilled and educated workforce of the 21st century.
I’ve had managers tell me they don’t want people to innovate. My question to them has been, “How will you know when it’s time to change? Do you just let them run off the cliff like lemmings until you begin to notice?” If you expect the people who work for you to be flexible, whether it is in the number of hours they work, short notice changes to their schedule, additional work, etc., then you have to be flexible enough to allow them to accomplish their work in a way that is best for them. As long as they get the work done on time to the required standard, it shouldn’t matter how they do it in most cases.
Build relationships
Those with talent often have more than one offer available to them at any one time. You can blow your chances of getting them during the interview process. Even if you do get them, they may later recall how badly they were treated and consider their position with you as temporary while they look for something better.
Some managers have a reputation for trying to patch up months or even years of poor relationships at the time that they receive the resignation letter, often making promises of more money or anything else they think will persuade a person to stay. The time to start holding onto people begins as soon as they walk in the door – on the first day – and quite probably, before that.
Honor your commitments
Always remember that a promise is a promise. It is not an intention if nothing goes wrong between now and when you’d planned to fulfill it. Managers not only represent the company but, like everyone else, they are the company. When a manager makes a promise, the company makes a promise. For example, if a manager says that performance bonuses of a certain amount will be given when people meet their targets, then the company cannot renege several months down the road just because their earning weren’t as high as they were expected or because some unexpected expense suddenly arose. It’s one good reason why good companies have contingency funds.
If there’s a chance that you won’t be able to keep your promises, then don’t make them.
If you practice these five suggestions, they will set you apart from most other companies. You will attract top talent and be more likely to keep it.
