8 Best Ways To Win Over and Keep Top Talent
Practically everyone has heard of The Great Resignation, where many employees who got used to working from home during the worst of the pandemic refused to return to full onsite work.
Instead, they opted to resign and look for other jobs that would allow them to continue working remotely. On their end, they see the advantages of saving money on gas and transportation, food, clothes, and other expenses associated with onsite work. Some also find it less stressful when they don’t have to interact with others at the office. There are also many other factors why an employee may decide to leave a firm.
But how can one retain retail talent, especially those that fall under “indispensables”? These are the ones who contribute a great deal to a company’s productivity, success, and competitiveness. How can an employer convince them to stay?
First, it’s important to find out how to retain talent by discovering what attracts jobseekers and makes them stay.
Second, it’s valuable to know how to increase the retention rate of employees in your organization by crafting a win-win situation for both sides. Once employers are ready to sit down with their employees and talk to them about staying, consider the ideas below.
How to retain talent
1. Offer opportunities for skill-building and training.
Ask: “How would you like to undergo training/attend a seminar?”
Many employees genuinely want to do better at their jobs and contribute materially to the organization’s success. Employers can help them and also spur their company’s growth by investing in training and skills development, not just for some but for all.
One dealbreaker for many workers is when they see that only a chosen few are given the chance to better their skills. To avoid this, ensure that your training schedule includes something for everyone. Having employees with updated skills also puts your company on the road to greater competitiveness.
Get started with our upskilling and retraining checklist for employees.
2. Provide paths for career development.
Say: “You have the potential to become a supervisor one day.”
Employees want to feel they truly belong in an organization, and one way to help them with this is to show that they have a chance to climb the corporate ladder.
Identify career paths appropriate to each person, and give guidance on how they can manage the journey and reach their dreams. Consider assigning mentors who can share advice and life stories that will help employees learn and grow as workers and individuals.
3. Make a ladder for compensation increases.
Say: “This position earns this much along this timeframe.”
Workers will become more motivated when they know that their hard work is compensated appropriately, and that there are clear and definite guidelines for the proper increases along the medium- and long-term. It gives them something to work toward and look forward to.
Ensure also that your organization’s compensation framework, with its incremental increases, are clearly explained to employees and new hires for transparency.
4. Build a better bonus scheme.
Say: “We offer bonuses with certain milestones and achievements.”
Everyone loves to receive a gift or a little extra something, especially on special occasions. For many Filipinos, Christmas is an important time of the year when gift-giving is expected. Consider giving holiday bonuses and gifts that your employees will be happy with, and create other times of sharing throughout the year such as summer, the start of the school year, and company milestones such as anniversaries and founder’s birthdays.
Be sure also to reward employee achievements with bonuses along a set scale, for fairness.
5. Allow more remote work days.
Ask: “Would you like to work from home more often?”
Sometimes employees feel stuck in a rut working in an office, or they have things to attend to at home. Traffic is also a perennial problem in the Philippines, especially during rainy days.
Consider giving employees who do mostly knowledge management work the opportunity to work completely remote or go onsite only a few days a week or even a month.
The pandemic showed that it is possible for an organization to thrive working almost fully remotely, as was the case with BPOs in the Philippines – the industry grew 10.6% in 2021 compared to 2020. As of January 2022, the average ratio in the industry is 64% remote work, while over 100 companies operate on a 90-100% remote working arrangement. Working from home is now part of the new normal way of doing things.
Also read: 5 Ways to Engage Your Remote Employees
6. Give perks and incentives.
Ask: “Does anyone want pizza?”
If there’s something that’s true for Filipinos, it’s that “an army runs on its stomach,” meaning free food is much appreciated in the workplace culture.
Consider providing those onsite with free drinking water, coffee, tea, and other beverages, as well as snacks and the occasional free lunch. Send the ones working from home e-cash, coffee shop gift cards, or food via a delivery service.
Ask employees what other little perks they would enjoy – bring-your-pet-to-work days, or an office cat? Free massages? A nap room? The sky’s the limit when it comes to the many kinds of perks you can offer!
Managing a remote team? Here are some ways to make WFH employees feel they matter.
7. Shower praise and recognition.
Say: “We really appreciate you and all that you do!”
Sometimes a little pat on the back is all that’s needed to spur a worker’s flagging efforts. We all need words of encouragement from time to time. Taking time to notice extra effort shows that you are interested in them and what they are doing. Don’t forget to mention employee achievements at office meetings, holiday parties, and in internal communications such as the organization’s newsletter.
Such “kudos,” as they are called in the U.S., are also best accompanied by tangible tokens of appreciation such as coffee shop gift cards, letters of commendation (that go into their 401 or personnel files), and plaques of recognition.
8. Connect with sincerity.
Ask: “How are you doing? Let me know how I can help you do better.”
To know how to retain talent means knowing how to build genuine, sincere relationships with employees. Showing true concern about their welfare and offering to help with their concerns lets employees know the organization has their back and truly wants them to stay and grow as individuals and as part of the group.
Strong relationships also make employees feel they truly belong in the organization, and this will make them want to stay and contribute their best.
Build for win-win outcomes
Knowing how to increase the retention rate of employees in your organization is important for your business to continue growing and thriving in these disruptive times. These eight ideas on how to retain talent will help employers remain competitive and flexible in the face of the challenges of today’s business environment.
For more insights on what Filipino employees look for in their work, download the Decoding Global Talent reports, created by JobStreet along with the Boston Consulting Group and The Network. This is your ultimate guide to work trends in the new normal plus actionable insights for employers.