How to retain your unicorn talents in 2023?

"And then they lived happily ever after."??

Indeed, it is an excellent ending for a fairy tale.???

But, in reality, it is just the beginning of an adventure ride with several unknown hiccups and adrenaline-rushing moments in its path. For this journey to be successful, it requires a lot of communication, adjustment, trust, understanding, and whatnot.???

Similarly, hiring and onboarding unicorn?talents to your organization doesn't always guarantee a happily ever after. Akin to any relationship, many pieces are involved in this puzzle that can make or break this journey.??

Most people decide to bid adieu to their jobs, increasing employee turnover when these pieces fail to fall in the right place. According to a recent research study published by Zippia, low compensation, unpleasant office culture, unsupportive bosses, lack of career advancement opportunities, and flexibility are some of the main reasons for employee turnover.??

So, now the question at hand is, how can you lower employee turnover and retain your unicorn talent???

In this edition of Skillology, we will address this matter in detail. Let's begin!??

Flexibility can be a game changer??

From offering flexible work schedules to creating a four-day week culture, there are a plethora of ways to bring flexibility into workplaces.??

Along with this, remote work culture is more like a cherry on top when it comes to?flexibility. Although remote and hybrid work has been around for quite some time, they gained fame during the pandemic. And, no doubt, we can say that they are here to stay.??

As per a recent Gartner study, 52% of participants in this study stated that they would reevaluate their current employment if their organization didn't offer flexibility. In the same survey, 16% of the participants said they would quit if their company shifted to work-from-office full-time. Therefore, integrating flexibility can be one of the best ways to build employee retention and improve employee satisfaction.???

By the way, while opting for flexibility, don't forget to consider your industry, and job type, as one size doesn't fit all in this case.??

Money matters??

"You have to spend money to make money." It is a phrase thrown out often, especially regarding businesses. So, to make money, providing your employees with fair compensation is integral. If not, they could seek other opportunities.???

Therefore, while revising salary packages, employers have to consider employee performance, job role, labor costs, cost of living, inflation, etc. Along with competitive compensation, offering other benefits (such as health insurance, retirement plans, and paid vacation leaves) and employee bonuses is essential. This way, your company can retain top talents, and it can indirectly cut costs too.???

Wondering how???

It is by reducing hiring costs (Would you like to learn more about the 2023 hiring trends? If so, click here!)?

A study from Gallup shows that when an organization is replacing a full-time employee with another, they would have to spend between half to twice the annual salary of the previous employee.????

So, in short, employee retention is a win-win for both the business and the employee.??

Prioritize mental health??

Did you know that companies worldwide face work-related stress-based losses of around $221 million annually???

Yes, mental health issues are real, and luckily, many organizations are focusing on them now to improve productivity, business growth, employee satisfaction, and retention. For some of us, remote work culture has amplified the situation.?

Therefore, companies are bringing in initiatives like awareness programs and support, medical leaves, insurance coverage and free health checkups, recreational activities, and team-building initiatives to improve employees' mental health and holistic well-being.??

Career development can be a deal breaker??

Lack of career advancement opportunities is one of the main reasons why employees quit their jobs. Therefore, to retain top talents, it is essential to form career development plans for employees. However, while doing so, ensure that it aligns with your company's business goals and objectives and the employees' aspirations and interests.????

Now, let's look at the different ways to facilitate career development within an organization, regardless of its size, location, and niche.???

• Initiate upskilling, cross-skilling, and reskilling programs for your employees???
• Provide opportunities for internal mobility???
• Conduct reviews, performance appraisals, mentorship programs, etc.???
• Create career plans, career trajectories, and progressions???
• Have open communication and transparency???

Nowadays, you can perform these tasks efficiently by making the best out of a skills intelligence platform.?

These are the top strategies to retain your unicorn talents in 2023. By the way, you can explore more on the topic from here!??

So, why not adopt these strategies and measures to improve employee retention and build future-ready teams in your organization??