According to the latest barometer on the performance of startups (Cabinet EY and France Digitale), 44% of structures mention difficulties in recruiting employees. The turnover rate is high because there are many opportunities for young talent. Once the difficulty of recruitment is overcome, retaining talent is a strategic part of your company’s management. Several levers exist to implement a talent management policy and encourage the retention of talent.
Optimal working conditions to retain employees
Quality of life at work is one of the biggest concerns of employees. You must integrate it into your talent management strategy and pamper your employees.
The new ways of working are an opportunity to retain your employees:
– Autonomy in time management: be flexible, let employees manage their time according to the objectives they are given. Presenteeism has no place anymore, especially in startups;
– The “digital nomad”: younger generations were born with digital technology, and remote work is increasingly common. Implement telecommuting, but maintain regular meetings. But be careful to maintain social ties: exclusive telecommuting is not the norm.
Compensation, a true retention tool for talent management
Some compensation policies, especially in large companies, may seem more attractive to your employees.
If you can’t compensate employees at market levels, it will be even harder to retain them. What elements of compensation should be included in talent management?
- Avariable portion subject to results: a standard in sales functions, however nothing prevents you from extending this scheme to all jobs in the company ;
- Equity compensation, a common practice in growing startups;
- Benefits in kind: underestimated, they are nevertheless favored by employees.
These benefits will compensate for lower compensation and motivate your employees even more, by offering them interesting compensation prospects.
Integrate your employees in the company’s decisions
An employee who is invested in the company’s policy will be more likely to be loyal to it in the long run. Don’t underestimate the importance of collaborative work within your retention and talent management policy.
Here are two ways to think about it:
– Survey your employees on their aspirations and conduct satisfaction surveys. Employees are in the best position to tell you how to improve the management of the company. By responding to their expectations, you will activate a powerful retention lever;
– Implement a collaborative management: the meaning of work is a recurring problem that you can circumvent by entrusting real responsibilities to your employees: the most efficient employees will reveal themselves and invest themselves even more. Delegation and autonomy must be an integral part of your operation.
By initiating these actions, you can create a virtuous circle: happier, more productive employees, and therefore loyal to the company.
Evolve the managerial practices of talent management
There is no motivation without dialogue. Retaining talent also involves the managerial relationship, which is of paramount importance by prioritizing two areas:
– Know how to listen: each employee must be able to express himself in a transparent way on his wishes, his points of satisfaction but also his difficulties. You can take advantage of informal exchanges between employees and managers to detect irritants and resolve them. Listening and caring will be the keys to anticipate employee dissatisfaction that could lead to a departure;
– Encourage a results-oriented culture: never forget to value your employees’ successes. It is important to support them in reaching and exceeding their objectives. To do this, you can take inspiration from Google’s OKR method, which allows everyone to see their daily contribution to the company’s results.
With these tips, and after a thorough reflection of your corporate culture, you can put in place an effective retention and talent management strategy.
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