Employee Retention

3 Strategies for retaining top talent in 2020

retaining top talent-1

Retaining top talent will become an even bigger challenge for South African companies in 2020, as the gig economy continues to grow and employees weigh their options carefully in terms of career stability, work-life balance and growth opportunities within the companies they choose to align with.

Is your business ready to hold on to your star players in the year to come? 

While there are many business owners out there who’d like to think that the scarcity of work in South Africa should be enough motivation for employees to stick around (despite the fact that they may be overworked, under-resourced, uninspired and wholly disengaged), it turns out that the South African workforce is not, in fact, about that grin-and-bear-it life.

According to recent statistics, over half of young employed South African professionals are job-hunting and looking to change employers within the next year, while 33% feel that a positive employee experience was not a priority at their company.

That’s a big fat eeeeeek right there. Disengagement red flags waving all over the show. 

DOWNLOAD:10 Steps to building a successful employee recognition program

So, what is a forward-thinking company to do if they wish to address their company culture in order to retain the best talent? We thought you’d never ask. Here are three tried-and-tested strategies that will help you to address turnover rate and boost your bottom line simultaneously. 

Here are 3 tried and tested strategies for retaining your top talent in 2020.

Let's get started.

 

1. Relook the way you hire 

If you want your A-team to stick around, it stands to reason that you have to employ the right players from the start. See, here's the thing - not every person suits every company. Humans are unique and businesses are unique; it's important to find the right cultural fit if you want to stop the dreaded churn. Here's how: 

 

  1. Provide a proper job description. Not only is the job description a tool that will eventually underpin your ability to track employee performance, it's also a step-by-step explanation of what the job will entail. Or at least it should be. 
  2. Plot out opportunities to upskill and advance. If you let new employees know that there is room for growth right from the start, they'll have an idea of what they can aim for, making them more likely to strive to succeed. 
  3. Check for cultural alignment. Assess candidates to see if their values and beliefs are in alignment with your company's. Psychometric assessment tools are very valuable in this respect. 

READ MORE: A toxic work culture is bad for business - here’s how to improve yours

 

2. Determine what motivates your people

In order to create a work environment that attracts and retains the right talent, you need to understand what motivates your people. In the workplace, there are three distinct types of motivation you should track (this can be via direct interviews, annual surveys, pulse surveys, etc.). These are: 

 

  1. The need to be sustained. These motivators include wages, pay rates, medical coverage, retirement benefits, etc. 
  2. The need to relate. This is where recognition and reward come in - it breeds healthy competition and boosts productivity. 
  3. The need to grow. The opportunity to be empowered in terms of skills development, a sense of autonomy and the ability to derive a sense of accomplishment, etc. Which of these are most important to your workforce? Find out. 

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3. Give your employees plenty of room for growth

Your next step should be to develop an employee development program at the hand of the information you gleaned from your investigation into the motivators that fire up your people. Do so by: 

 

  1. Considering business goals to ensure that you grow the necessary skills and competencies that support long- and short-term business objectives. 
  2. Checking in with your employees to find out what their personal goals are and comparing these to the skills and competencies you wish to develop in your team in order to find the sweet spot. 
  3. Assessing capability and readiness to upskill before implementing any processes. 
  4. Finding training and development options that suit the needs of your enterprise as well as those of your employees.

READ MORE: Your 6-step guide to creating an employee development plan

There you have it - three fool-proof strategies that will definitely pave the way for improved employee retention in 2020. Looking for the crib notes?

Here you go!

 

  • Start with the way you hire - provide a proper job description, plot out opportunities for advancement, and check for cultural alignment. 
  • Get to grips with your employees particular motivators in terms of sustainability, relatability and growth. 
  • Provide the opportunity for skills advancement by aligning business goals with employee goals, assessing capability and readiness and finding suitable education and upskilling channels. 

Employing these strategies will most definitely lay the groundwork for some exceptional employee engagement and boost your employer brand while you’re at it.  

When it comes to retaining top talent, it’s HR tech like bountiXP that will set your enterprise apart. Simply click the button below to get started 👇

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