7 simple steps to retain your top talent

Long gone are the days where a job is for life. It’s 2020 and you’re not just competing with the sexiest start-up in your sector, you’re competing with the rise of the solopreneur. The likelihood is that over 20 percent of your current workforce is considering packing it in and going freelance as the cravings for freedom, control and saying no to the regimented cold and gloomy commute grow. For the first time, the majority of mid-level employees have never known not having the internet, driving the belief that “being the master of their own destiny” is no longer a fantasy, it’s an expectation.

Poor staff retention kills revenue and morale. If revenue declines, morale goes down. If morale declines, revenue goes down. It’s a vicious cycle, and it is ruining your company culture, productivity and results.

Here are seven simple steps not only to retain your best staff but to create a business that they truly want to be a part of, that they want to help grow. 

Be clear on your mission and values

This can be overlooked as corporate BS but mission-driven workers are 54 percent more likely to stay for five years (and 77 percent for one year). A solid corporate mission and values set can be used to create a real following. It sets the foundation for your culture - who you are, how you’ll show up, what you stand for. And we all know that culture can make up for a multitude of sins. People want to be a part of something bigger, they want purpose, it’s a company’s responsibility to provide this. For example, if the company mission is an exit (IPO, M&A) be bold about this, and let people know what’s in it for them. The board may set the ultimate mission, but the people should be involved in defining the values that are held to get there. 

Know your people

Actually listen to them, recognise that they’re human, unique, needy. Astute managers intrinsically know what their team members need, what will motivate and drive them, they know when to push them, they know when to tell them to rest. They’re the leaders that we stay for when the days suck and the recruiter InMails are looking a little shinier. Often this means providing great management training. Frequently, high performers are promoted to people manager positions but given no training in how to actually interact and lead a team.

Provide opportunities for mastery

Ambitious people want to continuously learn, develop and feel like they’re doing a great job. Clear expectations, goals and celebrations make people feel useful which is a huge motivator - as is knowing there is another level that you can help them reach.

Allow freedom to succeed their way

Of course, your way of running a project, completing a task or reaching a goal is the right way… for you. But that doesn’t mean it’s the only way. Micromanagement doesn’t foster creativity, innovation or motivation. Freedom does. 

Kindness and compassion create loyalty

Recruitment and training is expensive, looking after your existing staff is far more economically efficient. Invest in the people that you were bold enough to hire. This doesn’t just mean throw money at quarterly business reviews in fancy locations, we’re simple creatures - empathy, compassion and connection hold a far higher value. The return on investment that comes from honing these skills is far greater than the cost of recycling yet another batch of new recruits. 

Flexible working works

Moving past the fact that one in four employees have quit roles for greater flexibility, trusting employees to work when works for them is the best way to accomplish tasks in the most productive ways. Empower your people to work to when their minds and bodies are most switched on, forcing people to sit at a desk for 50+ hours a week drives presenteeism, low morale and poor results. 

Communicate, for real

91 percent of employees specified “communicating well” as the one critical skill that their leaders lack. Ninety-one percent. You can’t just tell your staff to communicate better - people have no idea what that even means, ironically, making the instruction redundant. Communication drives trust, connection, loyalty, productivity. It transforms criticism into constructive feedback. It transforms tears into gratitude. Employers must invest in refining communication skills at all ranks and through all forms - town hall meetings, mass emails, one to ones, a hallway “Hey Paul”.

The bottom line (of protecting your bottom line)

Ultimately, culture is king when it comes to staff retention. Everything you’ve read to this point contributes to creating something that fills people with purpose, pride, a sense of belonging, a way to develop, succeed and, crucially, connect and commit. 

It’s far easier to get ahead of this problem, to prevent its existence, than fix it.

Balpro is on a mission to make business better. Many of our clients come to us after losing too many great people, committing to these seven standards will prevent your staff turnover reaching a point of no return. And of course, we’re on hand if you need help getting started.