How to establish effective retention strategies that stick
Business leaders are always looking for solutions to improve their employee retention rates, as their ability to successfully hold onto top performers has wide-ranging implications that can affect the organization’s performance in multiple ways. Most observers are aware of the significant financial ramifications of employee retention, but what is much less discussed is how the concept has a direct impact on the quality of the management throughout the organization.
It’s certainly possible to hire great managers from outside the organization, but employing effective retention strategies can position your company to have a solid core of outstanding managers throughout numerous business units that will drive your success going forward.
Retention allows managers to develop within the company culture.
Savvy HR leaders always stress the importance of searching for company culture fit during recruitment interviews, and its importance cannot be overstated. If your organization has a robust and well-defined company culture, then it’s imperative that you search for candidates who will be well-suited to thrive in that environment, and who will embody the values of the organization at all times.
When you are able to retain your top talent and grow managers from within, they will have had even more time to embrace the specific attributes of the organizational culture. As they transition into management roles, they will teach newer employees about the value and importance of the company culture by example, resulting in an even stronger culture as time goes on.
With excellent talent retention comes consistency in training methodology and execution.
Efficacy in training is one of the most crucial skills that successful managers need to master, as a comprehensive and well-executed training program is essential for getting the most out of your employees. It actually forms the basis of a closed-loop scenario for improving your company performance. Effective training leads to better employee retention, and retaining your employees allows them to spend more time learning how to train others according to company protocols.
That isn’t to say, of course, that training methods shouldn’t evolve over time. Innovative managers should be looking for opportunities to improve training processes and bring new ideas into the fold. But through retention, your managers will have a thorough understanding of the core principles and techniques that the company values, and how to best incorporate their prominence into training sessions.
Retaining top talent leads to managers who excel in performance evaluation.
One of the difficulties of performance evaluation is that there is no one-size-fits-all solution that is optimized for every type of employee. Managers often have to spend significant time working with their team members before they arrive at a deep understanding of how to best manipulate the company’s performance evaluation techniques for a particular employee’s benefit. By keeping your employees with the company, your managers will have the added benefit of working with their team members longer and maximizing the value of your performance evaluations.