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In any company, a lot of work and planning goes into bringing top talent onboard. Whether it is through college recruiting, weeding through resumes, employee referrals, or bringing in employees from other companies, the hard work is rewarded when a valuable employee is added to the staff. However, landing the employee is just the tip of the iceberg in the constant battle for top talent.
A common pitfall of employers is that they are content with bringing in an employee who can make an immediate impact in the company or to fill a void in their staff, rather than hiring for the long term. In doing so, they often forget the reason the void was there in the first place.
Exiting employees can provide valuable feedback to employers, because they can point a company toward ways to improve upon their relationships with current employees. When an employee is hired, they enter into a "contract" with the employer that assumes a mutually beneficial relationship.
Like any relationship, an employee-employer affiliation is bound to have its ups and downs. Keeping the relationship on the upswing usually requires companies to go beyond providing outstanding benefits, compensation packages, or office perks. But companies that can master management of the relationship usually retain the talent that they worked hard to recruit and minimize adverse turnover.
Developing Career Tracks
One common concern heard from unhappy employees is that they feel 'pigeon holed.' While managers may have seen potential for growth, or hired the employee to fill a certain role with no room for growth, more times than not, the employee was never told these things at the outset. An easy fix to this common pitfall is to develop a career tracking or pathing approach. A career track or path allows the employee's manager to lay out possible future growth opportunities for the employee so that they can see where their career may take them within the company.
Although laying out such a longer-range development approach may seem simple, the entire staff needs to participate in creating the program and should be willing to have an open line of communication along the way to foster success within the company. Supervisors should provide guidance to their direct reports, while also being available to field questions from employees.
Merit Raises and Promotions
Another opportunity to retain talent comes during promotion and merit pay decision cycles. To keep the playing field fair and level for employees, the company should install a 360 degree review process at least once a year. This process allows employees to review themselves, co-workers, and supervisors. With the reports in hand, management teams can calibrate employees across levels against each other to determine performance-based promotions and compensation increases.
While it may serve as a measuring stick to where the employee is among their peers, the 360 feedback and calibration process also allows employees to reflect upon themselves and see areas where they could improve. Employees can also use these reviews as a motivator. If they did not get a raise or a promotion, they can work on the developmental areas that were highlighted so that they can move up the corporate ladder or get the raise that they desire. It also motivates individuals who get the bump in salary or position to work harder to continue to succeed.
While the Golden Rule may seem old hat, it is actually a principle that all successful companies have ingrained in their culture. By treating the entire workforce in a fair and just manner, these companies keep the majority of their employees in good spirits.
Ai-Li Lim and Colleen Fuller are directors of VistaPrint's human resources department. VistaPrint, www.vistaprint.com, is the leading online supplier of high-quality graphic design services and customized printed products to small businesses and consumers.
author: By Ai-Li Lim and Colleen Fuller