Nowadays, employers face the very challenging task of not only growing numbers but also how can you retain talent in your company.
Retaining quality talent in a company can be a very challenging task. Nowadays, employees not only want to grow, but they also want to be in a company that provides them with certain benefits to make them feel valued and recognized. According to the website Business News Daily, “Every business wants to attract and retain the best employees, but this is often easier said than done. A 90% retention rate and a 10% turnover rate are considered “good,” but a 2021 Bureau of Labor Statistics report found an average annual turnover rate closer to 57%. This means that the fight for talent is tougher than ever before.”
We spoke with experts in our company, and this is what they had to say:
Valentina Villa, Hubtek’s People Experience Director, stated that retaining quality talent is crucial for the long-term success of any organization. Once you have hired talented individuals, it is important to create an environment that fosters their growth, engagement, and satisfaction.
Valentina shared some aspects that may help in retaining talent:
- Provide a Positive Work Culture: Cultivate a positive work environment that promotes collaboration, respect, and open communication. Encourage teamwork and foster a sense of belonging.
- Offer Competitive Compensation and Benefits: Ensure that your employees are fairly compensated for their skills and experience. Offer attractive benefits packages, including health insurance, flexible working hours, and opportunities for professional development.
- Provide Opportunities for Growth and Development: Employees value opportunities to learn and grow within their roles. Offer training programs, workshops, mentoring, and coaching to enhance their skills and help them advance in their careers.
- Work-Life Balance is also important: Promote work-life balance by encouraging employees to maintain a healthy equilibrium between their personal and professional lives. Offer remote work options or flexible hours whenever feasible. Encourage employees to take care of their physical and mental health with activities.
- Recognize and Reward Performance: Recognize and reward employees’ achievements. Implement a performance management system that provides regular feedback and evaluations. Offer performance-based incentives such as bonuses, promotions, or public recognition, to motivate and retain top performers.
- Encourage Employee Engagement: Ensure that your wellness and development area creates strategies and activities for employees to develop a sense of belonging to the company and their work team.
- Strong Leadership: Develop effective leaders within your organization who can inspire and motivate employees.
- Conduct Exit Interviews: When employees do choose to leave, conduct exit interviews to gain insights into their reasons for departure. Use this feedback to identify areas for improvement and make necessary changes to retain future talent.
Mariana Valencia, Hubtek’s Sales Director, affirms that finding the right person for your company is not an easy task, but even harder to keep them around once you have found them.
“I think that the most important thing for a company to retain their employees is to have a positive work culture; a positive and very inclusive environment where employees feel valued, respected, and supported. We need to make sure we encourage open communication, collaboration, and teamwork. It doesn’t have to feel like a competition every day, and it is important to consistently recognize and appreciate each of the contributions and achievements of your employees. We also need to adapt to the new trends and generational changes and promote a work-life balance. Think about the employee’s well-being and offer them a flexible work arrangement, either a remote or hybrid position, and have wellness programs.”
She summarized by reiterating that, in general, it is important to have a very strong culture in your company.
Finally, we heard from Andrew Gulovsen, Hubtek’s CMO. He thinks that retaining high-quality talent comes down to a few key factors:
- Within the cultural component – that people feel empowered to perform, ask questions, and take necessary risks. They need to feel that they have the support to make decisions, appreciated those that bring success, and be given the proper feedback and development when challenges arise.
- There must be both clarity and consistency with regard to behavior and expectations and an understanding of rewards and consequences for respective fulfillment or deviation from each.
- There needs to be a pathway of development, whether as an individual contributor or within a team system, people need to have a plan of advancement and development from the organization, that aligns with the investment they are making to the organization. Just as business needs and goals change and grow, so do the people along with it.
- Compensation – first, compensation must be fair and equitable, incorporating salary, commission, and other related benefits that bring value to the individual. While money is a key component, each person places value in different areas of the compensation plan.
- Stability/Clarity – markets and external forces bring uncertainty. The organization’s agreement with an employee/partner/associate should recognize how, when, and where those forces affect the business to minimize and eliminate any surprises.
Ultimately, all of these factors come down to respect. Respect for the individuals who make up the team, who build the departments that run and grow the business.
To learn more about Hubtek Services, click here.