Implementing refined processes to attract viable candidates will always prove incredibly beneficial, but without an idea on how you plan to retain employees, your efforts will become relatively futile. This means that it is of utmost importance to brainstorm and determine the methods that you will use to build relationships with top talent, allowing them to grow alongside your company. While this may take trial and error during the first stages, once you have drilled down your techniques for retaining top talent, you see an instant return in not only the quality of the service you offer but also loyalty to your brand.
An Expert Guide To Retaining Top Talent
Now more than ever in the current climate, having the peace of mind that you can rely on your workforce is vital. Regardless of whether you have opted for downscaling your team or are in a position to expand, minimising your employee turnover rate is essential, especially if you have top talent on board who have the potential to strive in your organisation.
In the UK, the average turnover rate stands at 15% a year; however, this differs based on the industry. For instance, those in fields such as legal and accounting tend to hold a lower turnover rate as individuals typically spend their career working for the same organisation. Private sector companies, on the other hand, including retailers and call centres, have the highest turnover rate as many often transition between roles before staying in one position later in their career. Although it may seem easy to accept the ‘norm’ in your industry and prepare for a constant flow of employees, trying to retain those who have the potential to strive should remain a key priority.
With this in mind, having worked with a wealth of clients in varying industries, our recruitment consultants in Milton Keynes and across the UK have found that through implementing the same handful of processes, you can dramatically reduce your turnover rate. We have put these together into a guide which will run through the following five steps:
- Streamline The Onboarding Process
- Provide Clear Paths For Growth
- Consider Graduate Scheme Opportunities
- Create An Strong Company Culture
- Delegate Top Talent Management
Your efforts to retain top talent must begin the moment that they enter the application process – remember, first impressions always count. In fact, according to a study by the SHRM Foundation, 70% of those employed have confirmed that they would be more likely to remain loyal to a company if they experienced a favourable application process. This means that your first step should be to begin streamlining your onboarding techniques, ensuring that each stage is smooth and efficient, making it as straightforward as possible for new starters to join your workforce.
There are many different ways that you can refine your onboarding process, and this will be made far more manageable if you work in collaboration with a recruitment company. As they will be responsible for shortlisting viable candidates, they will also be able to help you to put in place ways to settle in the latest members of the team. This may include developing schedules for their first day, breaking down in detail what they can expect, along with notes that they can take away and use on a later date. These should always be simple tasks to ease individuals into your organisation, as opposed to throwing them into the deep end and potentially creating a negative impression on your business. You should also consider varying the tasks given, some being guided and others self-guided; this will allow you to gauge whether they have the potential to take on higher roles in the future. For more tips on how you can create an effective onboarding experience, take a look at Entrepreneur.
Alternatively, if you require support in piecing together your onboarding plan, please do not hesitate to speak to our recruitment consultants in Manchester and the surrounding cities. They would be more than happy you to walk you through the most common methods used while adapting each to fit with the nature of your business.
Particularly those who are passionate about growing in their role will keep a careful eye out for continuous professional development opportunities when joining an organisation. It is for this reason that providing a clear path for growth remains one of the key ways to retain top talent, helping them to feel valued and therefore, will stay within the company to become part of its success. This also provides you, as the business owners, with more opportunities for internal hiring as although you may have to invest in the education of your top talent initially, you will then be able to offer them promotions as their skills develop. Internal recruiting continues to grow in popularly, offering an abundance of benefits such as cost-effectiveness, hire time reduction and less of a need for training. Individuals would already feel comfortable in your organisation and be familiarised with your core values, allowing them to get started on their new role without any hurdles.
The demand of your industry often plays a pivotal role in the type of development opportunities you offer, as well as the type of education. For example, if your field is technology-driven, then training on the latest platforms will prove incredibly beneficial. Whereas if you are more skill-based, then covering employees expenses to take additional courses to further their qualifications would be a better-suited option. Ultimately, the goal should be to provide every employee with room to develop, putting no obstacles in the way of their career progression which, in return, will allow you to grow a business filled with top talent.
An idea that may not be suitable for every organisation, yet can prove increasingly beneficial, is offering graduate schemes. Why? Because after studying a topic that they are passionate in for several years, graduates often share a unique drive for grabbing opportunities with two hands. They are eager for all of their hard work to be reflected in a permanent role that they can grow their career in, so are the ideal candidates for nurturing into top talent. Graduates provide organisations with the perfect opportunity to shape individuals into brand advocates who become part of your company culture. Their dedication to learning which has been built up throughout their education means that they can quickly adapt to your environment, taking on new skills and furthering their knowledge.
Along with their sought-after ability to readjust to meet demand, graduates often possess strong core transferable skills, which may be tricky to find otherwise. Highly desired skills in the workplace such as written communication, data analysis and problem-solving have all become imprinted into graduates way of working, meaning that you will have the peace of mind that tasks are completed thoroughly.
Company culture is a phrase that is often used without much substance; however, it is crucial in ensuring that you can retain top talent and allow your workforce to strive in their roles. By definition, company culture relates to the values, attitudes and goals that you share as a team, the key factors that shape your organisation and create a foundation for all other activities. There are many companies which have become leaders in the company culture game with Google, for example, who have built an exceptional reputation as a company that truly cares for their employees. Or Twitter, on the other hand, who base their culture on the value of teamwork, adapting even their office building to encourage staff to network with one another.
When beginning to shape your company culture, there will be a number of factors that you will need to consider. The first should be your level of communication as remaining transparent and open with your staff will help towards forming a sense of community, making others far more likely to be on board with the values of your organisation. This will allow employees to feel more secure and comfortable in their role as they will always be in the loop with the latest business updates, encouraging them to feel like an asset to the company. Another way to improve your company culture and boost morale is to ensure that you recognise and reward good work. While monetary incentives will never be turned down, you would be surprised how much a simple “well done” can make an impact on how staff feel about their roles. You should make a conscious effort to make employees feel appreciated and respected then in return, you will be far more likely to retain top talent. For more ideas on ways that you can reward your workforce, take a look at Insperity.
In order to nurture, retain and grow top talent, they will need a point of contact which will work as a mentor, someone that will spot opportunities and help them to progress in their career. Now, in most organisations, this role is delegated to line managers as inevitably, they will know the individual best and be familiar with their strengths and weaknesses. However, this may not always be the most effective route. In many cases, the line manager will be responsible for a particular department, which means that they will be keen to keep top talent in their field, so will focus solely on expanding their skills and knowledge in the specific area. As a result, top talent can be limited with their growth and may not always be introduced to their full scope of opportunities. To resolve this, we suggest looking further afield before deciding who will manage your top talent, considering both internal and external options.
If you are hoping to keep your talent management within the company, then general managers are most definitely those to consider. They would have more of a broad, unbiased view of employees, looking for opportunities with only their best interests at heart. General managers are also responsible for overseeing daily operations and implementing new strategies, which means that they will spot the potential for promotions much sooner than line managers.
Alternatively, if you wanted to leave your talent management to the professionals, then Focus Group would always be more than happy to point you in the right direction. We have teams across the UK, including recruitment consultants in London, as well as recruitment consultants in Leeds, you will be able to receive invaluable support on how to manage top talent successfully. Feel free to contact for more information on how we can help.
Building A Workforce Of Top Talent
Every organisation dreams of building and retaining a workforce of individuals who share a passion for the company, working hard to meet targets and allow your brand to strive. However, this is only made possible through implementing refined processes which will not only create a strong company culture but also provide quality employees with plenty of opportunities to grow. Ultimately, the goal is to develop a company that is desirable to work for, offering employees the resources they need to take the next steps in their career. If you are yet to attract top talent and looking for strategies to streamline your recruitment efforts, then we suggest taking a look at our previous article, which includes a guide to talent acquisition management.