Retaining Your Talent is Key to Your Success

Most organizations still have to keep a tight handle on budgets while finding creative ways to stimulate innovation. In Deloitte’s recent survey, the talent paradox from an employee’s perspective is discussed. The employee talent paradox looks at whether employees are truly satisfied with their jobs or if they are just staying in their positions because neither the economic environment nor the job market has improved.

Increasing employee satisfaction improves an organization by increasing productivity, innovation, and the retention and advancement of future leaders who know the industry and possess “critical skills.” In an increasingly global, competitive environment, retention is key.

The report mentions that employees cite lack of career progress and challenge as top factors that encourage them to search for other job options. When employees aren’t able to use their skills and participate in meaningful work, they begin to lose interest in their employer.

Interestingly enough, the number of employees surveyed who said they would stay with their current employer has risen from 35% to 80% this year. However 31% of these employees also said they were unsatisfied with their job. The slow economic recovery may account for this trend. The survey uncovered two categories of high risk employees who plan on leaving within the next 12 months: 1.) employees who have been working with an organization for less than two years and 2.) Millennials (age 31 and younger).

To keep your current talent and develop some of your organization’s future leaders, what can you do to facilitate retention and ultimately job satisfaction? The report makes several suggestions:

• Focus on high-risk employees:  Most of the employees surveyed who plan on leaving their organization have been there less than two years.  Work on developing programs to rapidly integrate these members onto the team. Consider a short-term buddy or mentor program. Other ideas include network maps and development plans. Help them envision how they can progress through the company and who else should they meet within the organization.
• Engage leadership: What is leadership doing to show they care? What kind of communications strategy is in place? Take a look at the last blog I wrote on engaging employees through sustainability programs.

Are your employees satisfied? If so, I’d love to hear how your organization is engaging employees. Leave your thoughts in a comment below.