Is it hard or easy to retain talented people who are committed to the business for a long time?
Attracting and retaining talent is a complex problem for businesses. If the organization does not meet the needs and aspirations of employees, the possibility of job hopping will be very high. So do your businesses know how to retain and develop talent? Let’s find out with BEMO.
Table of Content
1. Reasons why talented people leave the business
In order to develop strategies and policies to retain talent, businesses need to identify the factors that influence their decision to leave. There are four main reasons why great employees leave a company:
- Career advancement is not guaranteed:
This is the first and most important factor that causes employees to leave the business after a long time of attachment. Ambitious employees want their careers to grow, so when the path to advancement seems unclear, or when they aren’t considered for promotions after having contributed for a while, they become frustrated. They are forced to look for new opportunities from outside.
- Benefits are not attractive
A good employee is aware of his or her abilities and motivations. It is likely that they will look for a new job if they feel the benefits are not worth their contributions.
- The boss lacks leadership ability
Talented people often have new ideas and want to pursue career opportunities. Employees with weak leadership capacity will feel unable to work with the leader for long periods of time, not agreeing on methods and ideas. Moreover, weak leadership can also cause additional obstacles in the working process, making employees feel overburdened and constrained.
- Businesses lack support tools
As the business expands and grows, the amount of work will increase. If following the old process, the job processing process will be time-consuming, prone to errors, and a waste of human resources. This will put more pressure on employees, making them feel like they are going backward in the current era of digital transformation and revolution 4.0.
The above are the top factors affecting the employee’s decision to switch jobs. So what should businesses do to retain talent? Read on below.
2. How to retain talent?
Talent and business are connected not only by labor compromises, but also by a long-term alliance to grow together. Businesses need to follow these steps to retain talent, but not all know how:
- Define a specific career path
The career advancement path must be clearly defined, professional training must be provided to employees to improve their skills and professionalism, and personnel evaluation must be accompanied by employee improvement plans. This will help employees feel more motivated and engaged when they are confident that the company always creates conditions for them to advance.
- Talented Leaders
Showing employees the ability of leaders will motivate and inspire employees. When employees work with talented leaders, they will feel like they’re constantly learning, they’ll be able to develop long-term and they’ll be encouraged to grow. Therefore, businesses need to focus on building a talented leadership team with both professional and soft skills. The company will be able to attract talent in this way.
- Clear business direction
Without prior planning and research, no talent wants to work for an organization with a vague, ever-changing business orientation. As a result of “rainy mornings and afternoons,” employees will become quickly discouraged, feel that their dedication to business activities has no meaning, and are no longer motivated to stick with it.
- Improve welfare
Improved benefits mean that the company is doing well, which shows employees that they have contributed to that growth. In addition to salary and bonus, social benefits and benefits for employees’ families play an important role in retaining talent. Whenever you reward employees for their abilities and dedication, be fair.
- Building corporate culture
The enterprise will be able to engage, exchange, and retain employees if it creates a uniform culture. The business will feel like a second home to the employees, from which they will dedicate themselves and work their hardest. An enterprise should have a clear business philosophy, set general rules, organize annual extracurricular activities, company tours, and emulation activities.
- Set up the overall management system
Building a uniform, convenient and modern working system like ERP (Enterprise Resource Planning) will help employees of different departments complete work faster, reduce risks and mistakes. This also shows employees that the business is always innovating and they can perceive this as a professional working environment worth contributing talents.
The above are effective ways to retain talent that businesses can consider. Talent retention is a long-term process, so businesses should patiently develop a professional organizational system, showing employees the value of joining.