Drive your business forward by hiring the best

Part Three

In previous issues I have looked at how to hire the best available talent. Today I turn to the top performers that you have on-board now, and look at a few ideas you can use to help hold on to them.

Think about it for a few seconds… if companies who are recruiting look for talent already in your industry, where do you think your competitors get their new recruits from? Yes, companies similar to yours, maybe even your company.

It is a generally accepted rule-of-thumb that around 15% of your existing staff are considering a career move at any given time. If you have a team of around 100 people, which 15 are sending their resumes out? Any of your rising stars?

On the basis that prevention is better than cure, here is a checklist of 19 actions you could take today to reduce your risk of attrition:

1. Make the link between corporate goals and objectives and the role of each of your employees crystal clear. It's called “Flying In Formation”.

2. Ensure your bonus scheme rewards individual effort, not just corporate results.

3. Develop a history of promotion from within – the old carrot and stick method, but let them get the carrot from time to time as this will be a tremendous help when you come to recruit as well as helping to retain the talent you have.

4. Involve employees in setting their own goals for the coming year. This gets what is commonly known as “buy-in” much easier than having to “sell” their goals to them as passed down from above. Also a goal set by an employee is more likely to be achieved.

5. Meet regularly to discuss progress, identify any shortfalls and take remedial action to keep people on track.

6. Have an open door policy so that problems can be identified early, discussed and “nipped in the bud”.

7. Provide specific training that will enable team members to develop skills that will add value to their function and therefore to the organization too.

8. Ask: “Is there anything else you need?” often and be sincere. Respond to any requests on a timely basis.

9. Develop good on-boarding procedures, like a “buddy system” for new recruits.

10. “Well done.” The two most powerful words in people management. Use them whenever the opportunity arises, and mean it.

11. Have a company organization chart so that everyone can see where he or she fits into the company hierarchy.

I remember one new recruit, in his first week, asking a well dressed individual who came and sat at his table over lunch: “So where do you fit in in this ‘Mickey Mouse’ outfit?” “I’m the President” he replied.

12. Promote employee wellness. A healthy employee is a productive employee and a productive employee makes you money.

13. If possible, offer flexible hours to accommodate lifestyle issues of so many working families.

14. Another lifestyle issue that goes a long way is allowing people to work from home if possible. Within the accounting and finance sector this is entirely possible.

15. Promote community involvement, support a favourite charity or popular good cause. Individuals like their employers to have a social conscience.

16. Help individuals with their professional exams. Whether it’s the CMA or CGA exams their sitting, financial assistance with these often pricks their conscience when they qualify and get job offers from competitors.

17. A day off on their birthday and a small gift for every member of staff can add to the caring employer image we all want to create.

18. Get some social activities going, away from the office and get people involved. Pick popular events and involve families and you soon get to know people that much better. This helps in the workplace later.

19. Keep people informed. If you don’t, the rumour mill will. Better that they hear news, good or bad, directly from you, even if it’s in the form of a newsletter.

So there you are, 19 simple ways to consider, any one of which will help to retain the rising stars of today and build a better business tomorrow.

Next time I will conclude this series with a look at how to let under-performers go.

© 2004, MFA Group.com