In this month’s Hot Topic, we explore how to keep hold of top talent whilst creating a working culture that will enable our best and brightest to thrive.
Can’t get no satisfaction
To win the war for talent, we must first understand the motivations underpinning our talented employees’ decision to move on to new pastures. Whilst we could speculate on all manner of causes, more often than not it comes down to one thing: dissatisfaction. Consequently, rather than relying on our reactive capabilities (e.g. attempting to formulate solutions after the talented worker has stated their intent to leave the organisation), we must instead focus our energies on enhancing our proactive prowess through identifying some of the salient sources of dissatisfaction that may be fueling our employees’ ambitions to take their talents elsewhere.
Sources of dissatisfaction
A lack of balance: Navigating the precarious balance between our working and personal worlds continues to be a source of dissatisfaction for our employees (especially as these lines have become increasingly blurred in the wake of the remote working revolution). Research shows that few managers respond adequately to increasing demands for flexibility that would help achieve greater harmony between an employee’s professional obligations and personal interests.
An absence of meaning: There is a compelling body of evidence to suggest a strong link between meaningful work, performance, and employee retention. Nonetheless, only 17% of employees are believed to be highly engaged in their work. Should your talented workers fail to find an intrinsic sense of meaning and purpose within their current role, you can be certain they will seek to find it elsewhere.
A misalignment of styles: Whilst we are all aware of the classic adage “People don’t leave their jobs, they leave their managers”, are leaders and managers truly doing all they can to keep hold of their top talent? In short, probably not. In fact, many of our employees (particularly those from the millennial generation) may become quickly disillusioned with working practices should those in positions of leadership fail to take the opportunity to show an active interest in the person behind the employee.
Top talent management
Before allowing ourselves to become disheartened over the prospect of losing top talent, remember this is not just a battle, it’s a war. Rather than accept defeat, we must view the fight to keep our top talent as a long-term challenge to be embraced. With this perspective in mind, it’s crucial we turn our attention toward key recommendations that have been evidenced to help our most talented employees find fulfilment and achieve excellence within their current role.
Recommendation 1 - Focus on individualised development: A one-size-fits-all approach to professional development is rarely effective, especially when dealing with an employee with a unique skill set. Focus on the creation of tailored courses of action which reflect what is most important and meaningful to your talented workers. Part of this developmental process will also necessitate you creating your own Continuous Professional Development pathway, so you remain in the best position to help your employees make full use of their professional capabilities. Your unique approach to professional development should be so highly bespoke that your competitors will struggle to replicate it.
Recommendation 2 - Foster challenge, meaning, and purpose: Alongside an emphasis on tasks that provide an intrinsic sense of motivation through providing opportunities for experience, growth, mastery and stimulation, seek to foster a greater sense of trust and autonomy through encouraging job sculpting behaviours, which will allow your top talent to fulfil their professional responsibilities in a manner that most closely aligns with their core values and embedded life interests.
Recommendation 3 - Remove progression ambiguity: Whilst the talented worker strives for meaning and purpose, they are also deeply motivated and ambitious. Ensure a clear progression pathway is mapped out for your talented workers to remove any ambiguity surrounding the specific behaviours, competencies, and objectives that are required for them to progress within the organisational hierarchy. The clearer the pathway to progression, the more enticed top talent will be to traverse it.
Recommendation 4 - Reward appropriately: Rather than having to rely on asking your top performers: “What can we do to make you stay?”, seek to ensure they feel valued to the point where you would question, “Why on earth would you want to leave?” You’ll perhaps be unsurprised that those who feel they contribute most to an organisation tend to believe they should be compensated appropriately. Whilst we should always seek to introduce avenues of motivation that extend beyond the financial, don’t be naive in thinking that a belief in a company’s vision or an enjoyment of one’s role is simply enough to keep your best performers satisfied. They will expect to be paid what they’re worth.
Action Point
Consider which of these key performance management practices you believe will be most beneficial in helping to keep hold of the top talent within your organisation and why.