Human resource professionals know that recruiting is a costly process, but it’s well worth it when you find top talent for your company. Once you’ve accomplished this goal, however, the challenge becomes retaining those employees. When the recruiting process is over, talent management becomes key, and these tips can help keep your employees from jumping ship.
Universum’s Global Workforce Happiness Index study found that nearly half of American workers believe they could get a new job that matches their compensation level within six months. Sometimes, they do so because they feel stagnant at their current position. Providing methods of self-improvement, in the form of online training courses, company-wide group training or bringing in training consultants, is one way to keep experienced hires on board.
If you’re not up front about everything during recruiting, you could pay for it later with a lost employee. If you’ll need a worker in a certain position for a long time before even considering promotion, let him know.
The Global Workforce Happiness Index study discovered that 28 percent of American and Canadian employees have considered moving to a competitor within the last year. If workers feel they weren’t briefed on the actual role they’d be playing now and in the future, they’re likely part of that population.
See: Science Claims Happy Employees are More Productive
Professionals understand that their services are provided in exchange for a paycheck. Sometimes these jobs are thankless, but they shouldn’t be. Whether it’s something as small as a handwritten note or something major, such as providing stock options, a little acknowledgment goes a long way in keeping employees happy.
Happy employees mean higher profits, and many companies have taken this into account when it comes to talent management. Costco, for example, provides numerous benefits to its employees that Walmart simply doesn’t bother with. Because of this, Costco saw an 8 percent growth rate in 2013 compared to Walmart’s 1.2 percent.
Look beyond the typical pay and health benefits. Google, for instance, provides gratis gourmet snacks, free rides to work, extended time off and a host of other benefits. Of course, this is necessary since two-thirds of employees in the tech industry feel they could find a job with similar pay within just 60 days of searching.
It’s a hectic time for talent management. “The Global Workforce Happiness Index” reveals that 49 million more workers will leave their jobs in 2018 than in 2012. This makes employee engagement and happiness essential, and if you follow even a few of the aforementioned tips, you increase the likelihood of holding on to your best.
See also: Are Current Employee Reward Programs Aligned to Make Hourly Employees Happy and More Productive?