Retaining talent in a hot market

The Linkedin Global Talent Trends, 2020 research report section on internal recruiting trends shares that when organizations recruit heavily from within, their employees are 41% more likely to stay than if they don’t. Perhaps these employees also stay because their companies value the growth mindset. One of the clearest examples of this is Costco, which shares on their website, “We believe that Costco's future officers are currently working in our warehouses, depots, and business centers, as well as in our Home and Regional Offices.” I love the potential that Costco’s future executive boardroom may someday welcome the clerk checking my (long) receipt as I leave the store.  

As the report demonstrates, hiring from within helps keep employees at a company. However, it’s a bit of a catch-22. You can’t promote from within unless good talent stays around awhile. The key is to navigate this is to retain employees by keeping them challenged, working with a sense of purpose, and well-being. I love this quote from Microsoft CVP for HR, Chuck Edward, “None of us get to ‘own’ an employee. If someone’s hiring an employee from your team, that’s not poaching. That’s two managers collaborating for the win of the company.” I couldn’t agree more. Here are three strategies I use to retain talent: 

1.    Understand what motivates each employee. I listen, and check in with employees to ensure that their work experience is best aligned to their career goals, and whenever possible - their life goals. I’m looking to see that for the most part, our work together is the most valuable experience available to meet those goals. 

2.    Re-frame competing offers. Some employees reach out to the marketplace (or decide to respond to inquiries) to validate their career direction, or identify an opportunity with higher compensation, higher level of responsibility, or other perceived advantages. When an employee comes to me with an opportunity that might result in leaving my group or the company, I revert back to the first principle. Do we jointly believe that our team is offering the best work experience for them? While our peers or employees could find higher compensation elsewhere, when they consider purpose and alignment to their values and goals, they usually choose to stay. I’ve found that adjustments to just one part of the equation, such as compensation, merely delays the decision to leave by a few months. 

3.    Learn to let go. LinkedIn Research said it best, “Learn to let go and employees will stay.” What happens when an employee leaves the group or company? I can think of several positive outcomes. First, it expands all of our professional networks. Secondly, the person may have a great experience at the new job and reach their personal goals. Third, talent still on the team gets a new opportunity and get promoted from within. Lastly, I find that as personal priorities and motivations re-align over time, or after they've learned and experienced more, many employees re-join my teams. And I welcome them back whenever possible! It's so satisfying to watch a person I respect chart their path through their career, both when we work directly together for many years, and when our paths cross at different points.

Lastly, I think about how this applies to me and my own work, my retention. In order to be fully present at work, every day, I have to ensure my work is purposeful, motivating, and aligned with the experiences I want to accrue. I make adjustments when these get misaligned, and expect people on my teams to do the same. 

If you'd like to share, I'd be interested to hear if this resonates. Over and over, I find that values alignment, sense of purpose, challenge and learning, and a community that cares are what retain employees. These aren't the same as perks we may hear about more readily, but they matter deeply to each of us.