3 Top Tips to Retain Talent

As I travel around facilitating workshops and attending industry events, I am frequently asked: How do we retain talent? I will share three proven strategies below on how to grow and develop a team that wants to stick around for a career.

Nurture and Develop

Employees feel valued when their employers invest in them. According to a 2019 LinkedIn Learning Report, 94% of employees would stay longer at a company that invests in their career development. How's that for ROI?

Developing your talent also gives you a competitive advantage in your industry. Studies show that employees who are growing will help grow their companies' revenues and profits. These increased funds enable employers to offer higher wages, which is a proven strategy for retaining talent.

Nurturing is another way to say that professional development is a journey, not a destination. Your talent needs to continuously learn and grow their technical skills and emotional intelligence. Caring for your team by intentionally scheduling frequent learning opportunities from diverse sources will encourage them to actively participate in their growth and development.

Create Engagement

Employees who are satisfied with their training are more likely to be engaged at work, leading to a 59% lower likelihood of turnover. Engaged employees are effective employees; they have higher productivity levels. Lower turnover creates a cohesive team, and cohesive teams perform better and meet objectives with greater success.

The Tuckman Model of Group Development identifies the four stages of group development: Forming, Storming, Norming, and Performing. A team with low turnover will spend most of its time in the performing stage. Most employees want to produce results for their employer and team. Being part of an engaged team boosts morale and increases employees' desire to stay.

As I propose in my article Team Building For Purpose , team building is an excellent way to build rapport and create engagement with your talented team. Team building will inspire action and have a lasting impact on the health of the team. When team members feel they are part of the whole, they will be less likely to leave their beloved team.

Reward and Recognize

Recognition is a powerful tool for retaining talent. Human beings have a natural desire to be recognized. I often say, what gets recognized gets repeated. As your team participates in workshops, online learning, team building, and other development activities, it's crucial to recognize their achievements.

Acknowledging and rewarding your team for spending the time to improve individually and collectively will positively reinforce their efforts. This will increase their individual value and their value to the organization.

Be specific in your recognition. For example, during a one-on-one with a direct report, you could say, "Lydia, I noticed you completed the communication training on our learning management system. Thanks for taking the time to complete this valuable course. Could you share a few lessons you learned?" Being specific and inquisitive is much more effective than a simple "Thanks for completing the required courses on communication."

In Conclusion

Employers that prioritize employee development through effective training programs are more likely to retain talent and achieve long-term success.

If you found this article useful, you're on your way to improving the retention of top talent. Learn more leadership tips by tuning in to the Build Your Success Podcast.

Connect with me on LinkedIn: www.dhirubhai.net/in/brianbrogen

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