The art of retention

At a time when hiring new talent might be a lesser concern as budgets are put under pressure, it is critical to ensure that the people in your employ are happy, working at optimal productivity levels, and continue to add value to your organisation. But retention is not as easy as it sounds, especially when you operate in a human/staff intensive industry, the bottom line is that retaining quality employees is indeed a challenge.

Playing on their needs

Organisations that adopt successful retention policies do so by playing on and understanding the needs of individuals, at a singular and group level. They are able to identify what an individual needs to survive in a work dynamic and then balance this with what affects them on a personal level.

It is important to look to more mature retention practices when attempting to embrace your own; most mature management models rely on Maslow's theory, or hierarchy of needs, as a mechanism to prioritise these desires. At the end of the day it is the little things that make the difference when working with the employee psyche and for the most part it is the first thing that is neglected.

Stability and security

A cornerstone of Maslow's principle, stability and security are the two things individuals look for at home and at work. It is a basic survival instinct and without it they often suffer undue stress that can have far-reaching effects on their work performance.

Again I refer to the little things, so when looking at answering the employee's need for stability and security ensure, that you have the tick boxes in the basics column checked. The timely payment of salaries, and paying attention to leave requests, are two aspects that can have a big impact.

Making your staff feel like they don't have to worry about the foundation work will alleviate a lot of their subconscious stress, and allow you to start looking at the bigger picture, while at the same time ensuring the work is being done.

Esteem

Not to be mistaken for ego, esteem and self-esteem adds to the value that individuals attach to themselves. When esteem is low, productivity is again impacted, as people's self-worth impacts the quality of their work, the speed at which they work, and the value they place on what they are doing.

One way in which this can be addressed is by modifying staff or project functions to create scope for decision-making powers at each individual position and then slowly increasing these to where the individual is comfortable with the task at hand. It is important to tie accountability to such authority, as it creates the perception of power and self-esteem.

When people feel they are in a position of power, or are making a difference you will be able to significantly curtail attrition, this is particularly relevant to staff who have been with you for a period of time, as giving them power over new entrants ensures that they feel they belong.

Training and intellectual growth

Stagnation is a fear of many an individual - it can be so crippling that people cease to work all together and run the risk of “turning pages over and over” without completing the task at hand. This aspect actually ties both stability and security with esteem, as creating learning opportunities for an individual allows them to realise their own future ambitions or at least map their personal development goals.

Opportunities in this area are a powerful retention tool as people display loyalty to an organisation that is willing to “invest” in their future. But this is where the most work from the employer is involved as you need to understand each individual's career plans and ambitions and tailor collective training programs that benefit them.

The big picture

By embracing retention you can even start harvesting your own talent, as the basic pillars of a retention policy also strive to unlock potential in your existing staff. By fostering the correct environment you may well start revealing treasures in your existing treasure chest.

So while you continue to tighten your belt, don't rush to bolt the door as people head for it in panic, rather work out a plan to ensure that your people want to stay, and your business offers an appealing environment for that new talent you may need when the economy swings back into action.