For businesses to survive the tough economic times, investment in human resources makes the best money sense. Besides attracting top talents, HR professionals also need to focus on employee retention in order to ensure sustainable development for the company.
People job-hop for new opportunities to climb up the corporate ladder, hence it is essential for HR managers to have a clear career path for their employees as soon as they join the company.
Designing a career growth is not just about offering a promotion, you need to take into account your employee’s personal goals as well. Here’s a fact: millennials care more about career enrichment than salary when asked about their motivation to work. Therefore, a company that provides more learning opportunities will also see better employee engagement.
Here are the 5 most effective ways that you can enforce in your talent management strategies in order to retain your top performers.
Set equal goals among team members and the leaders
A traditional corporation tends to apply a hierarchy down to everything. Although different departments are responsible for different matters, it’s important to share your business objectives with everyone so that there won’t be any conflicts. The discussions behind the meeting room should be open to the whole team (to some extent) to encourage ideas contribution.
Every team member should understand how their work affects the overall success of the company. Don’t forget to give your staff the recognition that they deserve to encourage them to strive for greater achievements.
Create a sense of ownership in the team
The best way to recognise someone’s full potential is by getting him or her involved in the decision-making process. Your coaching can only bring a person so far, you need to give your team member the authority to make certain decisions that are directly related to their tasks too.
Creating a sense of ownership in the team will also help to mould the future leaders within your organisation. A good leader is not the one who performs the best, a good leader is the one who can help their team members do the best job. So don’t just rely on the management team, ideas usually spring from unexpected places.
Support personal career goals
It is true that every position is an integral part of the company, but not many bosses really care about their staff’s career aspirations. Oftentimes, your employee’s personal goals are very different than the business’ goals. And once the gap stretches too far apart, you’ll lose valuable employees.
Career satisfaction is among the main factors that influence someone’s decision to commit to an organisation. You need to ensure that everyone is given equal opportunities to fulfil their career goals besides hitting the monthly KPIs. Don’t force your team to invest 100% of their time and effort in building your dreams.
Be open to professional training courses for your employees
Personal development program should always be in your talent management handbook. Good employees are your greatest assets, so why not investing in them? They are like pearls; the more you polish, the brighter they will shine.
This initiative is related to our previous point, offering everyone the opportunities to upgrade their skills means supporting their career growth.
Make every performance review a coaching session
Traditionally, employment performance review happens annually and oftentimes, it only serves as KPIs assessment to determine an appropriate promotion or salary increment. Perhaps it’s time to change this evaluation method because let’s face it, how much of an impact that a brief review has on someone’s performance after all?
It’s understandable that bigger organisations may not be able to conduct hours-long performance review sessions for each and everyone. But the head of each department should be able to sit down with their team members to go through their strengths and weaknesses.
Every employee possesses different strengths so the standard KPIs don’t necessarily reflect their true capabilities. If you feel dissatisfied with your staff’s work results, don’t immediately deduct their salary, try to identify the obstacles that are holding them back and help them improve instead.