Two crucial factors in retaining talent

08:59 | 06/10/2014
With the recovery of the economy, creating a retaining procedure for key employees or senior positions is crucial to maintain a competitive advantage in the market. Recruiting is hard, but retaining the best talent is harder. If you are struggling with this issue, pay most serious attention to these two issues to keep your key employees and attract talent.

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-Define your company culture and live with it

Company culture and business performance always go hand in hand. It’s crucial that you understand your desired culture, as it may result in a measurable and positive change, in the form of integrity, customer satisfaction or teamwork. Make sure you and your subordinates live with these values every day, turning them into life and working style of your enterprise.

Let’s take General Electric (GE) as an example of the successful application of “integrity” as a core value. After releasing their Business Ethics programme during 2004-2005, they issued clear and detailed guidance on working styles, behaviour and attitudes. GE is recognised as setting a benchmark of high ethical standards in its operations. It is also admired because it is demonstrating how social and environmental challenges can become an internal driving force for innovation.

-Provide a growth path for everyone

Make sure you provide your staff with a development path, especially the great ones, giving them a clear vision of their own career future. Talented employees join your company to grow, learn and do new things. Hence, provide them with the opportunity to do these things to stabilise your HR and business performance.

Few companies have paid enough attention to this issue. Research by the Society for Human Resource Management (SHRM) showed that the employees polled were not satisfied with four factors relating to training and career development, which are crucial for their long-term commitment.

A human resources expert stated that a well-structured career development plan can be beneficial to both employees and business owners. It is important that you not only give them the plan, but also provide support systems so that they can achieve their goals.

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