Efforts to retain top talent too often wait until leaders are worried or get word that important team members might leave the organization.
Leaders then scramble to design retention strategies that focus on compensation or perquisites to persuade those people to stay. In the process, leaders send the wrong message to top talent and often disenfranchise other critical team members who don’t receive similar awards.
Think about it. Those who do qualify for the special awards learn that the way to get more rewards in the future is to threaten to leave the team. And those who don’t qualify for the awards presume they are undervalued and will sometimes explore their options because of this signaling.
What a mess.
The best retention strategy is ongoing and begins way before anyone threatens to leave. Of course, it begins by keeping pace with competitive compensation and benefits, but it doesn’t rely on those ingredients to keep people satisfied and in their seats.
What retains talent is well-known but often underplayed in organizations. People want to be invested in.
Investing in the skills and talents of team members is the best retention strategy. The best people want to become even better. They desire the opportunities it takes to grow, develop, and to be promoted. They want to know someone is watching over their careers and thoughtfully thinking about what experiences, coaching, and mentorship will help them reach their potential.
In the best organizations, this is a conversation that is ongoing and never ends. Leaders select from a library of experiences, training programs, and skill-enhancing workshops to invest in making people better. Job rotation, development roles, and shadow assignments are also in the mix when it is practical.
When a team member feels leaders are tracking their careers and investing in them, they stay put. They will even turn down higher compensation elsewhere to remain at the organization that works so hard to develop them.
Retention in the best organizations happens every day, not just when people are close to the door.
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