The year 2022 marked the start of the ‘war for talent’ for many companies. Filling specific positions proved and remains a challenging task. One contributing factor is an ageing population: for every 100 people leaving the labour market, only 82 join. This forces companies to find alternative approaches to retain or attract top talent, often in the form of attractive salaries and bonuses. As a manager, how do you ensure that your valuable talent is not bought away?
Retaining top talent by offering perspective
While it may be tempting to offer higher salaries and more fringe benefits, in 2023 this will no longer be enough to retain your top talent. With broad indexation, higher pay alone will no longer be a decisive motivator. It is crucial that you provide perspective in addition to an adequate and market-compliant salary. Offer your talents opportunities for personal development and growth within the organisation. Top performers strive to constantly grow and further refine their skills so as not to miss any opportunity. As a manager, you can ensure perspective by considering three key elements: feedback, purpose, and personalisation.
In this blog:
1. Feedback
Feedback should not be missing to retain top talent. Feedback is a crucial tool within any successful team and organisation. It is not only about identifying areas of performance that need improvement, but also about recognising and appreciating strengths and successes. Here are some reasons why giving feedback to your team is invaluable:
– Growth opportunities: Feedback provides a valuable opportunity for team members to learn and grow. Constructive criticism can give them insight on how to improve their skills, while positive feedback boosts their self-confidence and encourages them to develop further.
– Performance improvement: Clear and honest feedback enables team members to optimise their performance. They can focus on specific areas that need improvement and work purposefully to overcome obstacles.
– Engagement: Providing regular feedback makes team members feel engaged and valued. They understand that their contributions are noticed and that they play a valuable role in the success of the team and the organisation.
In short, feedback contributes to a positive working environment in which team members can grow, perform and contribute to the success of the organisation. It forms the bridge between individual efforts and organisational goals, and contributes to a culture of collaboration and improvement.
2. Purpose
Purpose includes elements such as learning, listening, empathy and service. As a manager, it is very important to integrate these aspects within the working environment so that your talent actually feels engaged with the organisation. This creates a sense of being at home within the company, making it harder for competitors to lure them away.
A clear and meaningful purpose is an essential aspect of attracting, retaining and motivating top talent within your organisation. Here are some reasons why having a clear goal is so important:
– Direction and Focus: A clear goal provides direction and focus to your top talent. It allows them to understand where the organisation wants to go and how their contributions contribute to it. This helps them focus their efforts in the right areas.
– Meaningful Work Experience: Top talents want to work on projects and goals that are meaningful and have a positive impact. A strong purpose creates a sense of meaning and purpose in work, making talents feel more connected to their tasks and contributions.
– Motivation and Energy: An inspiring goal acts as a source of motivation and energy. It encourages top talent to engage and strive for excellence because they understand how their efforts contribute to achieving something greater.
– Innovation and Creativity: A clear goal encourages top talent to come up with innovative and creative solutions. They are encouraged to think out-of-the-box and explore new approaches to achieve the set goal.
– Measurable Results: A clear goal makes it possible to measure performance and evaluate results. This provides valuable information to determine whether the organisation is on the right course and to make any adjustments.
What should you do as a manager:
– Make sure your employees keep learning, both professionally and personally. Feed your talent’s curiosity with engaging education, training, webinars and other learning tools.
– Keep active listening. Not only can your talents learn from you, but you can also gain valuable insights and feedback from them.
– At a time when a good work-life balance is increasingly important, show empathy and recognition for these needs as a manager.
– Make sure you have a service-oriented attitude and make the necessary resources available to your talents.
3. Personalisation
In addition to the feedback and purpose aspect, personalisation is key. Give your employees the space to shape their jobs in their own way. After all, every employee has unique qualities, talents and interests. Encouraging “job crafting” will keep your talent curious and motivated, which plays a crucial role in retaining top talent.
Here are some reasons why personalisation is key within retaining top talent:
– Individual Development: Employees who have the opportunity to align their tasks and responsibilities with their strengths and career goals often experience a sense of personal growth and development. This contributes to their professional identity and career progression.
– Strengthened Involvement: When employees feel they are seen and valued as individuals, their commitment to work and the organisation increases. They feel more connected to the company culture and mission, leading to long-term engagement.
– Diversity and Inclusion: A personalised approach can help promote diversity and inclusion within the organisation. Recognising different backgrounds, skills and needs creates an environment where everyone feels welcome and valued.
– Increased Productivity: When employees have tasks that fit well with their strengths and interests, they tend to be more productive and efficient. This leads to better results and performance at individual and team level.
– Less Burnout and Stress: Personalisation can help reduce work-related stress and burnout. Giving employees the space to adapt their workload and tasks to their abilities and limits helps them cope better with pressure.
Conclusion
In the tumult of the 2022 ‘war for talent’, retaining and enhancing high-quality talent is more than ever a strategic imperative for modern companies. With the challenges of an ageing workforce and the constant search for the best professionals, organisations need to find innovative ways to attract and retain top talent. While attractive salaries and bonuses may be attractive, it has become clear that these alone will no longer be enough in 2023. A new paradigm of top talent retention has emerged, and this is characterised by perspective, personalisation and feedback.
By using these elements as a manager, you strengthen the bond between your talent and your organisation. As a result, top talent will stay with your company longer and be less likely to move to competitors.
Extra tip: Creating an ’employee journey’ is the first step in understanding your employees. Dive deeper into the needs of your team and individual employees and apply a personalised approach. This is essential to retain top talent.
Need input and advice on personal growth and development paths? We work with your HR professionals to ensure that talent gets to the right place in your organisation, with the necessary support and resources. Give your talents the opportunity to develop within the organisation by offering them access to a development centre or talent scan. This way, we not only stimulate job satisfaction and engagement, but also the efficiency of your working capital.
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