Welcome to the second part in the series that dives into further detail about effective Talent Management. In this blog we look to explore the exact reasons why your current staff want to remain in your employment and will turn down external offers to stay with you.
This can be broken down into a few simple categories:
The reasons to work for you (remuneration):
The basic and most obvious is of course that your staff are paid fairly and in line with industry standards. Ensure you keep an eye on the market place though as salary brackets change more often than most people think, especially at the more junior end.
Is your holiday entitlement correct as well? Most companies we work with offer approximately 25 days and this is a fair amount, so if you offer below this, ask yourself whether people are being put off by this. Plus look to increase this over time, to reward loyalty.
The reasons they know you care (additional contractual benefits):
Agencies are notoriously poor at offering additional contractual benefits as a rule, so consider the following; do you give your staff their birthday off as an additional holiday day, do you offer any kind of medical insurance (we are worked very hard after all) and is the pension contribution the absolute minimum or can the percentage you contribute be higher?
The reasons they love you (softer emotional benefits):
Often extremely underestimated but managers are often pleasantly surprised with the positivity that is returned from a few simple gestures; chocolate at Easter, a thoughtful Christmas present, pick up the bar tab on occasion. They don’t have to be bank breaking items but they all add up to people knowing they are appreciated and included.
Also make sure either you as a manager or a dedicated staff member is nominated, that everyone feels they can turn to for more emotional support. This is usually part of an HR role but if you don’t have this role, ensure someone is available. The emotional state of your staff cannot be underestimated.
The reasons they won’t leave you in the lurch (future promises):
This is usually for the more senior members of your staff who, if they left, would have a crippling effect on your business. Ensure that they feel a sense of commitment from you – EMI share scheme participation, profit share scheme and personal development training to name but a few. If titles are important as well, ensure their seniority in the company is reflected and celebrated. In return ensure that they have at least a 3 month notice period with you so if the worst did happen then at least you have time to find a replacement.
If you would like to talk to Scout further about Talent management, to put in place some of the above suggestions, we are more than happy to come in for a chat to help you ensure your best remains your best!
Rebecca and Damon x