As manager, it feels great when a promising, exciting candidate accepts a job offer to work for you. However, a smart manager also knows that in today’s competitive job market, it’s just as important to retain talent as it was to hire the right person for the job. In order to keep your employees loyal and happy for the long haul and avoid quick turnover, here are some rules for managing talent you should be following.
1. Conduct frequent performance reviews
A majority of work is moving towards project-based assignments and collaborations. If this is the new model of operation that your employees are working with, does it make much sense to only have performance reviews at the end of the year? And what if they may be working with different teams and leaders from one project to the next? Having one manager conduct an evaluation once a year seems hardly effective. Because of this, more and more managers are moving to a project-based evaluation system in order to focus on more immediate and more timely feedback that can help employees be more agile, course correct, and improve on their overall performance.
2. Offer professional coaching
The most forward-thinking companies now invest in professional coaching and development of their managers and promising employees. By offering professional coaching early on in an employee’s career, the more likely they will be shaped into better and more effective managers. This is advantageous to the company to build a succession of capable managers, but also provides challenges and future career paths for the employee to progress and succeed within the company over the years.
3. Discuss growth opportunities
One of the main reasons employees give for leaving their current positions is the lack of growth opportunities. Help manage and retain your talent by offering transparent and attainable growth within the company. Ensure that managers are speaking to their employees to help determine each individual’s priorities and goals, as well as develop plans on how to align career aspirations with the needs of the company so that everyone understands the company values them, their work, and is willing to invest in their future.
4. Encourage and celebrate diversity
A good driver for success and high performance is a diverse team that spans a wide range of backgrounds, expertise, viewpoints, and experiences. Help expand and diversify the workforce, not only through the hiring process, but also by fostering the idea that each team member should be looking for ways to challenge and stretch themselves professionally. Push your employees to work on a wide range of projects and with a diverse group of people.
5. Give employees a sense of purpose
Research has revealed that having a sense of purpose in their work is a major factor in attracting and retaining talent in the office. To help cultivate a strong notion of “we” in the work they do and why they do it, include employees in discussions concerning business goals and practices in order to create a strong collective pride as part of the corporate culture so that employees feel invested in the success of the company. This will also help them develop an understanding that the success of the business is tied to their own success and vice versa.
