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What can Companies do to Retain their Key People ?

November 11, 2011 09:00 AM 1
Total Posts: 47
Join Date: August 14, 2006
Rank: Executive
Post Date: January 1, 1970
Posts: 47
Location: United States

What can Companies do to Retain their Key People ?

Hello All,

What can companies do to retain their key people?

1. Hire the Right People in the First Place
It sounds obvious, but in reality, many companies neglect this crucial first step. One way to cut turnover is to hire the right people the first time around. Start with a thorough and realistic analysis of what the different roles in your organization truly require with regard to knowledge, skills and abilities (KSA’s). After completing the job analysis, rigorously assess your prospective employees to find out whether the job, team and corporate culture you are offering are likely to meet their needs and tap into their strengths.

2. Focus on the Individual
Recent research in the area of transformational leadership indicates that effective leaders provide their employees with “individualized consideration”, eschewing a “one-size-fits-all” approach to employee motivation and instead providing each employee with unique guidance. Schedule frequent check-ins with each employee, keep the lines of communication open, give plenty of personal feedback, and make sure that their original positions are still energizing them. Behavioral assessments that yield insights into an employee’s natural strengths, needs and drives can be very valuable tools. For example, if your top sales rep highly values autonomy and independence, can you reduce the number of times per month that she needs to meet with her sales manager? Top performers are less likely to flee if they feel that they are truly valued as individuals.

3. Work the Data
Get into the habit of reviewing turnover rates on a quarterly basis. If the numbers are high or creeping up, dig deeper, putting to use all of the data that modern organizations typically track. Examine both “internal” and “external” drivers of turnover. Internal drivers refer to characteristics of employees themselves, such as their personality, intelligence, educational background, experience, job performance and promotion history. External drivers refer to conditions that reside outside of the person, such as the job market in a given city or the quality of one’s immediate manager. Mining your company’s data may reveal that what you thought was driving turnover actually isn’t—and that you can quickly intervene in “high-leverage” areas, often without significant financial expenditures.

A new relationship between employers and employees requires a different approach to employee retention. Bring in individuals who will thrive in the environment you offer, check in with them often, work with them individually, and use targeted metrics regularly to evaluate your success.