3. Add Talent Strategically You may feel motivated to retain “top talent” by building a so-called dream staff. “Marquee” companies, especially while they’re hot, enjoy an overabundance of talented people competing for jobs. People are self-motivated to stay, even in toxic environments, because there are lucrative or potentially lucrative stock options. The challenge isn’t so much physically retaining talent as keeping that talent fully engaged and performing at 100%. In smaller, less glamorous companies, attracting “top talent” takes a lot more work and at times is unaffordable, especially in terms of overall personnel administration. It takes a lot of marketing and selling to attract really good people in the first place. A critical success factor to retention is being realistic: How often do you hear a hiring manager say, “we’re a C+ company, no top performers, please.” If you lure a hot-shot but aren’t willing to invest in them for the long-term, it’s likely a setup for a short tenure. At any company, put out job descriptions that are accurate and sufficiently detailed. In interviews, dig deep to assess what the candidate wants immediately from the position they’re applying for and beyond that position to the future. Emphasize how employment with your department or organization can build their resume and professional credentials. It’s possible to attract exceptional individuals by acknowledging their potential contributions over the long term. Do your research on local, state, and regional salaries for similar positions and understand how the market is compensating professionals with the skills you are trying to attract to your organization. Realize that you may need to pay for the value you are looking for. If you can’t attract talent with base compensation, look for alternatives to build your total compensation benefits with bonus plans, paid time off, increasing or offering better health, dental, and vision benefits than your competitors, providing flexible and health spending accounts, providing retirement savings options with company matches, etc. In conclusion, retaining top performers is and will continue to be a primary objective for all businesses. The competition for highly talented employees will continue to be prevalent for the foreseeable future therefore leaders need an intentionally designed employee retention strategy in order to improve the probability for success for their organization. The essential elements to doing so include healthy, productive working relationships among team members; providing access to abundant opportunities for professional learning and career progression; and fostering a productive, positive company culture.
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