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Read time: 2 mins
Let’s be honest—retaining talented staff can sometimes feel like trying to keep a cat in a bath. 😹🛀
It’s tricky, unpredictable, and can leave you feeling more than a little frazzled.
But the good news is that keeping your best people doesn’t have to be such a struggle.
That’s what we’re covering today:
What best-in-class businesses do to retain great talent, with practical ideas to make it easier for you to do.
Let’s dive in:
RETAINING GREAT TALENT IN YOUR BUSINESS
Here’s where a lot of businesses go wrong: they don’t know what their people want.
Not everyone stays in a business for the same reason.
In your team, you could have:
- Someone with big potential that you've invested heaps of time and energy in
- A high achiever who's always wanting more
- Millennials that you just haven't figured out yet
- Someone who isn't motivated by money
The list is probably as long as there are members of your team.
The trick to retaining them?
Get to know what they care about.
Then meet those needs in a way that also aligns with your business goals.
Here's what we mean:
1. Get to Know What Your People Care About
- Take the time to understand what each person values most.
- This is where consistent 1 on 1s come in handy — where you regularly check in with your top performers to learn what keeps them motivated (and what might drive them away).
- By understanding their individual drivers, you 1) show you care about them and 2) can better meet their needs.
2. Get Clear on What You Need From Them
- While meeting your team’s needs is crucial, it’s equally important to be clear on what the business needs from it’s staff.
- Make a list of the most important business goals you need each individual in your team to achieve.
3. Match What People Care About to Business Goals
- Review your compensation and benefits packages, considering what staff members want and what your business needs.
- Don't solely focus on the financials - understand what really drives your team members (feeling appreciated, feeling part of a company they believe in, having a mentor, etc.)
- Set up win-win solutions to keep staff happy & benefit your business.
Bottom line: one size does not fit all when your aim is retaining talent.
Understanding your team’s individual motivations and aligning them with business goals can be the difference between retaining top talent and watching them walk out the door.
Need help designing a talent retention strategy that works?
Let’s chat!
Speak soon,
Lynne & Steve
TLDR:
- Retaining talented staff requires understanding what each individual cares about
- Regularly conduct stay interviews to learn what keeps them engaged.
- Offer professional development opportunities to help them grow.
- Align their needs with the business’s goals for a win-win.
- Review your strategy for retaining talent, matching what staff want and what your business needs.
- Reach out if you need help with your staff retention strategy.
When you're ready, here's how we can support you further:
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