July 22, 2019
Performance Management 07 December 2016
5 Ways to Hang Onto Your Talent in a Recovering Economy
Gisel Malek
employee relations, employee retention

In a bad economy, companies have to cut costs to survive which can include cutting back jobs and hiring less. Now that the economy is starting to recover from the wrath of 2008, hiring is on the forefront of many companies’ agendas. As we all know, a bettering economy leads to more jobs, which could lead to people starting to look for better opportunities. 

The key thing to remember in order to retain the best employees is that it's not about the money as much as the relationships that your employees have with you, the company, and with their peers. 

You don’t know what you’ve got 'til it’s gone

This classic saying is incredibly true, especially when it comes to recruiting and the workplace. Identifying your employees’ potential is going to go a lot further for your organization. Many people, especially millennials want to be a part of something bigger and desire more responsibility. Look to your employees for promotions and expansion of roles. Trust them to take on new projects and to complete them to your satisfaction. When employees feel like they matter and that their presence is not going unnoticed, they not only are more likely to stay, they thrive! When management is actively involved in the needs of their employees, they will greatly benefit from it. The reason being is people are constantly searching even if they are not actively searching. In today’s world, with all the stimuli we have access to, it would be unwise to believe otherwise. 

Brains, like hearts, go where they are appreciated

Fair compensation can be amongst the most difficult topics for any company to discuss. Fair is typically the market value of the position that your employee holds. Many times when employees are trained in-house and growing with an organization, they can get overlooked for the skill-set and value they continue to bring. We’re a culture of hiring based on the experiences gained from other companies and the duration of one’s stay with them. What a lot of companies don’t realize is the employees they have need to constantly be growing, otherwise they will move on. The best way to hang on to the talent you have invested so much time in is to give them those raises they deserve, or they will find someone who will.

Birds of a feather flock together 

When considering onboarding someone new, it is obvious that it should be someone remarkable. Your new recruit should add to your team, making it stronger and better. This is not to say that you shouldn’t consider diversity because people that have a strong drive and work well with others can come from anywhere. The best way to determine if someone is right for your company is to interact with them before you hire them using video interviewing tools and to give them projects or challenges to work on to best determine their skill-set. Your strongest assets are your employees, so consider this to be the most important part of your employee retention process. 

I’ll scratch your back if you scratch mine

There is no way to stop people’s desire to grow and move on. You can limit it by following the aforementioned. However, “people leave bosses, not companies.” This is not a novel concept, but understanding that personal relationships are an easy way to mitigate this might be. When it comes to employee/employer relationships you want to cultivate an environment that supports open and honest communication. You wouldn’t expect less from your personal relationships, so why should the workplace be any different? Trust, loyalty, and respect are all reasons people would want to stay at any organization, so if they have that relationship they wouldn’t have a reason to leave their boss. 

Control leads to compliance while autonomy leads to engagement

Autonomy is one of the most important rules when creating a pleasant working environment. It’s not news that people do not want to be micromanaged and be told what to do. Micromanagement has a negative connotation to it and it’s mostly because it suggests two things - one, your manager is a “control freak” and second, they do not trust you. No one wants to work in such an environment! To leave your employees autonomous implies trusting them to do the jobs they were hired to do. While this is not news by any means, it can be a great thing for recruiters to remember. It’s easy to forget to trust your employees especially for millennials in power. Not only will backing off allow you to focus on what really matters and your business will ultimately flourish as a result, but it will increase productivity from your team members. People tend to hold themselves accountable and have a natural desire to do well, so trust the process. 

Retaining the employees you spend so much time and effort into acquiring should be a huge priority for your company; for more helpful ways to hire and keep your best talent, subscribe to our Talking Talent blog. 

If you want to expand your team, check out how ProSky can help you evaluate your next employee for the skills you want them to have!