Attracting and retaining talent is not an easy problem for businesses. If the organization does not meet its aspirations, the possibility of job-hopping will be very high. So does your enterprise know how to retain and nurture talent? Let’s find out with BEMO in this article.
1. The reasons why talent leave the business
To develop a talent retention strategy, businesses need to identify the factors that influence their decision to leave.
Typically, excellent employees will leave a company because of the following factors:
- Unsecured career paths will be the first factor that causes them to leave the business after a period of working. Employees aspiring always want to achieve success in their careers. Unless directors consider them for a higher position, they will look for new opportunities from outside.
- Unattractive benefits are another reason why talent stops dedicating to the business and looks for rival companies in the same industry. Perhaps, they find it unfair that they give a lot and the reward in return is only equal to the average employee.
- The boss lacking leadership ability also affects the employee’s job-hopping proportion, because they cannot accept a superior is inferior to them. They will find themself disadvantaged, and as a result, they will search for organizations with more outstanding leaders.
- Enterprises’ lack of work support tools is considered to be the reason for leaving many employees, because when the scale grows, the workload is more, and processing in the traditional way takes more time.
These are the top factors affecting employees’ decision to switch jobs, and what should businesses do to retain talent? Continue reading below.
2. How to retain talent?
The connection between talent and business is not only a labor compromise but also a long-term alliance to help each other grow. But not all businesses know how to retain talent properly.
So, to be able to retain talent, businesses should:
- Defining a clear career progression path – That means the business must have a clear job description, provide specialized training courses, and provide job quality assessments as committed. They will be motivated to stick around and know that the business always creates conditions for them to advance.
- Talented leadership – Enterprises should let employees know the leader’s ability so that they always think that they can learn and improve their capacity when working with talented superiors. Therefore, businesses need to have a talented leadership team, this will be a strength to attract talented people to contribute their efforts.
- Clear business orientation – No talent wants to work for an organization that has a vague intention because they think their dedication to business activities is meaningless and frustrating for them.
- Improving welfare – When welfare increases, the business grows, this tells employees that they have contributed to that growth. But businesses should remember, always be fair when rewarding based on the employee’s dedication and ability.
- Building corporate culture – If the business has a uniform culture, it will create conditions for employees to connect, exchange and stick with the business more. So they will consider the business as their second home to dedicate and work to the best of their ability. Businesses can organize annual extracurricular activities, trips, general rules for everyone…
- Establishing an overall management system – Building a uniform, convenient and modern working system like ERP will help employees of different departments complete work faster, minimizing the risk of errors. This tells employees that the business is innovating continuously in the digital transformation era, and they see this as a professional working environment to contribute talents.
The above are effective ways to retain talent that businesses need to consider. Retaining talent is a long-term process, so businesses should be patient to show them the value of joining the organization. And digital transformation is also an important factor for businesses to develop more and attract more talents.