Retention is an important issue for human resources. Indeed, young talents tend to be fickle and to flit around to see if the grass is greener elsewhere. In other words: to see if they can get a better salary or better working conditions in another structure. But a departure can be costly to a company. Discover our tips for retaining top talent!
Why retain top talent?
💡 According to a Randstad survey released in May 2022, 1 in 3 executives plan to change companies in 2022. And according to France Compétences, 25% of working people in the private sector have undergone a reconversion in the last 5 years. Added to this is the generation Y, which is on the move. Indeed, less than 20% of them plan to stay in their job for the long term.
Gone are the days when employees spent their entire career with a single company. Today, professionals accumulate and vary their experiences, whether for reasons of salary, work atmosphere, opportunities or life choices.
👉 However, the departure of an employee is expensive! Indeed, it involves recruiting a replacement and all the process that goes with it. It is better (and more profitable) to retain and retain your best talents. This will allow you to :
- Limit the costs: of recruitment, training and integration of a new recruit.
- Limit the loss of expertise: if an employee leaves after 10 years in a position, a part of the company is gone (with its knowledge and know-how).
- Avoid losing (loyal) customers: this point is particularly important for sales positions, for example.
- Avoid de-motivating other employees: seeing one person leave the company can lead to a domino effect. Other employees may want to follow suit.
How to retain top talent ?
1. Corporate culture & employer brand
To attract and retain your talent, you need to work on your employer brand and corporate culture. Young employees (and mainly millennials) are now looking for meaning and flexibility. They are sensitive to the values, history and authenticity of a company. Make the quality of life at work (QWL) an asset for your employees by investing in work/life balance for example.
💡 To do this, feel free to:
- Offer telecommuting on a regular basis for those who want it or even 4-day weeks.
- Be flexible for employees with children.
- Offer wellness workshops, telemedicine services, good health insurance…
- Offer your employees a pleasant work environment: plants, healthy snacks, a tea or coffee box…
💡 To wit: many candidates say they check a company’s reputation before making their decision or even applying.
2. A fair remuneration
Compensation isn’t a crucial point in setting yourself apart from your competitors. But it is an important element for millennial candidates. The salary you offer your employees should be fair, if not slightly higher than what they might find elsewhere. You can offer a bonus if the position allows it or offer them the opportunity to negotiate their salary.
3. Strengthen team cohesion
There is nothing like team cohesion to keep your employees loyal. Indeed, young talents are much more loyal to their team than to a company. Each employee spends more than 8 hours a day with his colleagues. The atmosphere at work is therefore extremely important. It all comes back to the quality of life at work, which offers a real competitive advantage. Having a good understanding with your teammates motivates, engages and builds loyalty to your company.
💡 To strengthen your employees’ sense of belonging, feel free to:
- Organize seminars.
- Propose team buildings.
- Plan lunches outside your premises.
4. Natural prospects for professional development
A career path must be in constant motion. And it is up to you to make your teams evolve. In some professions, skills become obsolete quickly. It is therefore important to update your knowledge. In others, it is important to develop soft skills to improve your skills.
💡As you can see, it’s up to you to provide a consistent training path that is tailored to your employees’ needs to avoid turnover.
👉 Indeed, retaining the best talent means encouraging them, helping them progress and supporting them in their professional development.
5. Effective onboarding
It is well known that you have to start off on the right foot! The integration period is crucial for any new employee. They must have access to everything they need to take charge of their position in an optimal way and feel integrated quickly.
👉 Onboarding is a key step. It’s up to you to take care of your integration path within the company with, for example, the presentation of your teams, the support in taking up the position, the presence of a mentor or even a training of software or hardware. This will allow your new employee to better understand the processes and tools, but also to have a better vision of the culture of your company.
In conclusion, it is up to you to put in place an HR strategy and policy to retain your talents in order to guarantee an attractive quality of life at work. This way, your employees will be loyal to your company.