Successful organizations focus on people as well as profits, built with talented staff that take action as co-owners of the business. Twenty-first century talent retention practices can build greater success in your organization. Here’s are 4 ways leaders can help this happen:
1) Check your “hire smart” bench strength & compensation
Nothing breeds success like talented staff and the ability to pay them at the going market rate. Nothing works right if you don’t have these two basics as your foundation. It’s hard to keep the great staff you have with lower market pay, and it’s hard to succeed with staff that are sub-par for what you need, and cannot adapt to what’s needed and next for your business.
Make sure your hiring process is top-notch using behavioral and performance based questions and follow-through. Don’t hesitate to make change if staffing mistakes have been holding your business back from success.
2) Tune how you give feedback, People Preference Matter First, GIVE the positive feedback. So many leaders do not do this. Whether you are a colleague, peer leader or supervisor, 75% of people like to hear specifics about their good work, AND 25% do not. Tune what you say to your peers and direct reports to offer, in general, a 5-1 ratio of positive as well as performance improvement feedback.
Based in recent research, the 5-1 ratio creates credible feedback that builds intrinsic motivation and high performance teams. For the other 25% make sure they have resources and your full support to develop and excel. They don’t need much more than that.
3) Have performance conversations
Performance appraisal is a relic from the 20th century industrial age. Instead, have ongoing, informal performance conversations for both groups and one on one.
4) Have a retention conversations
Retention conversations or “stay interviews,” a term coined from research by Dr. John Sullivan, a former talent executive, happen along with regular conversation with your peers and teams. These conversations include questions like:
• What do you like best about working here?
• What do you consider to be the best work you’ve ever done here?
• If you could do your best work of your life, what would that be?
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