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Retention: Keeping The Best Talent In Difficult Times
The Retention Challenge
These difficult times – economically, competitively, and operationally – are creating multiple challenges for companies of all types and sizes. One of the most pressing challenges is ensuring that the best talent stays in the organization in order to accomplish more with diminishing resources. This "do more with less" challenge creates a greater demand for companies to ensure they are keeping highly talented people in all of the right seats on the bus. So how do you retain the best talent in these difficult times?
Understanding Retention
The best way to start addressing this challenge is to first understand what drives retention. One recent survey (Love 'em or Lose 'em: Getting Good People to Stay, Kaye and Jordan, 2008) asked 17,000 employees why they have stayed in their organization. The top three reasons in order were:
Exciting work and challenge
Career growth, learning and development
Working with great people
It is not surprising that the common theme in these three reasons is engagement. Companies that 1) ensure employees have interesting work to do, 2) provide a career direction and developmental resources, and 3) create a strong team environment have a stronger likelihood of retaining their employees.
This finding is consistent with research BHI has found on the major drivers of engagement and confirmed by The Conference Board summary of factors influencing employee engagement. By establishing a career management program, companies 1) make the work more compelling, 2) create a line of sight that shows employees their career possibilities, 3) generate opportunities to grow, and 4) provide more tools for employee development.
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