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How do you retain different types of talent in your organization?

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Talent retention is a critical challenge for any organization, especially in a competitive and dynamic market. How do you keep your employees engaged, motivated, and loyal to your vision and goals? How do you recognize and reward the different types of talent that contribute to your success? In this article, we will explore some of the best practices for retaining different types of talent in your organization, based on their skills, preferences, and needs.

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Charity Hughes, SHRM-SCP

Fractional Chief People Officer / EQ Optimization and Culture Architecture / People Capital Champion / Organizational…

1 Identify your talent segments

The first step to retain different types of talent is to identify them. Not all employees are the same, and they may have different expectations, motivations, and aspirations. You can use various criteria to segment your talent, such as performance, potential, skills, roles, interests, or personality. For example, you may have high-performers, high-potentials, specialists, generalists, innovators, or leaders. By identifying your talent segments, you can better understand their strengths, weaknesses, and drivers, and tailor your retention strategies accordingly.

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Nidhi S.

SPHR
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The goal is to identify individuals who not only possess innovative qualities but also demonstrate the potential to drive positive change and contribute to the organization's growth and success. 9 box grid, innovation competency grid, cross functional project performances, feedback. Agility and adaptability to change are some techniques to help identify this talent.

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Charity Hughes, SHRM-SCP

Fractional Chief People Officer / EQ Optimization and Culture Architecture / People Capital Champion / Organizational Development & Talent Engagement Expert / Leader & Steward Linking People to Strategy / CHIEF Member
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Many elements can coexist in each employee. For example, a high-potential generalist, an innovative leader, etc. We must be mindful not to lose the human element by slicing and dicing our employees into tight data categories. It’s also notable that employees are often chameleons. A high performer this quarter may not be one next quarter, and vice versa.

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2 Customize your retention strategies

The second step to retain different types of talent is to customize your retention strategies. One size does not fit all when it comes to retaining employees, and you need to offer them different incentives, opportunities, and support, depending on their segment. For example, you may offer high-performers more recognition, rewards, and autonomy, high-potentials more development, mentoring, and career paths, specialists more training, resources, and challenges, generalists more flexibility, variety, and collaboration, innovators more creativity, feedback, and experimentation, or leaders more influence, vision, and empowerment. By customizing your retention strategies, you can increase your employees' satisfaction, engagement, and loyalty.

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Nidhi S.

SPHR
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Once the HIPO employees are identified you do not want to loose them. Different approaches work for different individuals. The approach could be monetary or non monetary. Some employees need opportunity for growth, constant challenging opportunities, honest feedback and recognition. While for some monetary rewards, flexibility in work, recognition are crucial to keep going. What do your employees need will depend on their preference and what clicks them.

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Charity Hughes, SHRM-SCP

Fractional Chief People Officer / EQ Optimization and Culture Architecture / People Capital Champion / Organizational Development & Talent Engagement Expert / Leader & Steward Linking People to Strategy / CHIEF Member
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Knowing your employees as individual people allows you to tailor your offerings. In order for levers to be motivational and effective, they need to be individualized for the different members of the workforce. What a 25 year-old single employee wants and needs is very different from a married 50 year-old with kids.

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3 Communicate your value proposition

The third step to retain different types of talent is to communicate your value proposition. Your value proposition is the unique combination of benefits and opportunities that you offer to your employees, in exchange for their contribution and commitment. It reflects your culture, values, and goals, and it differentiates you from your competitors. You need to communicate your value proposition clearly and consistently to your employees, and show them how they fit into your vision and mission. You also need to listen to their feedback and expectations, and adjust your value proposition accordingly. By communicating your value proposition, you can build trust, alignment, and retention.

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4 Foster a positive work environment

The fourth step to retain different types of talent is to foster a positive work environment. Your work environment is the physical, social, and psychological setting in which your employees work. It influences their well-being, productivity, and performance. You need to create a work environment that is safe, comfortable, and conducive to learning and growth. You also need to promote a work environment that is inclusive, diverse, and respectful, where employees feel valued, supported, and appreciated. You also need to encourage a work environment that is collaborative, innovative, and fun, where employees can share ideas, learn from each other, and celebrate successes. By fostering a positive work environment, you can enhance your employees' happiness, motivation, and retention.

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Charity Hughes, SHRM-SCP

Fractional Chief People Officer / EQ Optimization and Culture Architecture / People Capital Champion / Organizational Development & Talent Engagement Expert / Leader & Steward Linking People to Strategy / CHIEF Member
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The positive impact of fun and friendship is powerful. Numerous studies have shown how this element keeps employees “sticky” with their companies and improves engagement, collaborative work, and overall retention. Employers should actively work to promote an environment where these elements can flourish.

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5 Monitor and measure your retention efforts

The fifth step to retain different types of talent is to monitor and measure your retention efforts. You need to track and evaluate the effectiveness of your retention strategies, and the impact of your value proposition and work environment on your employees' behavior and outcomes. You can use various metrics and indicators, such as turnover rate, retention rate, engagement score, satisfaction score, performance score, or feedback score. You also need to collect and analyze data and feedback from your employees, and identify the factors that influence their retention or attrition. By monitoring and measuring your retention efforts, you can identify the gaps, strengths, and opportunities, and improve your retention practices.

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Mark Licke-LION

Solutions Consultant | Business Development | Talent Acquisition\Management | Recruiting | Staffing | Customer Success | Always open to opportunity conversations | No banner = Fewer bots
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You should also consider engaging with an outside and independent organization that can perform an assessment of what you are measuring. In this case retention, In our experience we've found there's a disconnect between what employees do versus what leadership thinks they do. Unless that gap can be narrowed retention will always be an issue.

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6 Review and revise your retention plan

The sixth step to retain different types of talent is to review and revise your retention plan. Your retention plan is the document that outlines your goals, objectives, strategies, and actions for retaining your employees. It is based on your talent segments, value proposition, work environment, and retention metrics. You need to review and revise your retention plan regularly, and adapt it to the changing needs, preferences, and expectations of your employees, as well as the changing market conditions, trends, and challenges. By reviewing and revising your retention plan, you can ensure that it is relevant, effective, and sustainable.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Charity Hughes, SHRM-SCP

Fractional Chief People Officer / EQ Optimization and Culture Architecture / People Capital Champion / Organizational Development & Talent Engagement Expert / Leader & Steward Linking People to Strategy / CHIEF Member
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While we want a talent management strategy that will promote retention, we should remember that some level of turnover is healthy for both employer and employees. It allows new ideas and fresh perspectives, increased diversity and skills, and it benefits employees who don’t have a path for additional growth within the current company situation.

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How do you retain different types of talent in your organization?

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1 Identify your talent segments

2 Customize your retention strategies

3 Communicate your value proposition

4 Foster a positive work environment

5 Monitor and measure your retention efforts

6 Review and revise your retention plan

7 Here’s what else to consider

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