How to Keep Talent: The Five W’s (Part I)

By Simone Allan, director of Mondo Search and an EO Sydney member

Retaining talent is important. I have personally worked in the recruitment industry in Australia for close to 20 years and have found that staff retention may be difficult yet it plays a vital part in the long term success of any business.

Losing a new staff member is not only disruptive however it is also costly. The cost to replace a staff member can be approximately 50-100% of their annual salary. Take control by making retention a strategic issue and addressing the five W’s:

Work Challenge

The thirst for learning and the mental rewards are critical to your retention success. It is well documented that repetitive work creates lethargy and absenteeism. These are vital to Work Challenge success:

  • Job Rotation—Diversity of work e.g. from finance to sales etc.
  • Job Variety—New knowledge and new networks are all exciting parts to a positive job decision.
  • Job Enlargement and Enrichment—Assign tasks which require greater responsibility and create opportunity for the individual to achieve and make a meaningful difference
  • Managing Performance—KPI’s set on business improvements.
  • Instil a supportive team environment where it is safe to make mistakes and no idea is considered bad.

WOW Leadership

This is imperative in creating a productive and successful workplace, attractive to potential employees. Some smart leadership initiatives include:

  • Accessible Leadership—Having open, honest and transparent leadership as well as senior management accessibility increases communication and improves workplace relationships
  • Recognising staff at board meetings and awarding and acknowledging achievements at staff functions.
  • In addition to awarding staff achievements with gifts, vouchers, dinners, sending staff members to attend events as company representatives is a great way to acknowledge and empower your employees
  • Lunch or dinner with the CEO/GM as a reward for achievements also builds relationships and communication amongst your employees.
  • Team building and office events e.g. weekly barbecues—creates better workplace relationships and a strong culture of belonging

Categories: Best Practices Company Culture Entrepreneurial Journey

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