Human capital, rather than technology, is your biggest asset.
Why aren’t you investing in retention?
The most in-demand skills today are communication, teamwork and customer service according to Pearson, a learning company. A recent NatWest study shows that almost 30% of businesses struggled to replace employees they had lost last year. Refine the way you retain your talent so that you don’t lose them.
Adopt an Inclusive Culture
In their latest culture survey PwC found that ‘strong cultures drive better business outcomes’ in fact 67% of respondents said that culture is more important than strategy or operations. Leaders play a crucial role in establishing workplace culture. By creating an inclusive culture you will start attracting and retaining the right people in your organisation.
Leaders need to start with a clear vision for their culture, driven by their strategy, needs and goals- the north star if you like. Then proactively measure, adjust, and close misalignments.
Culture doesn’t arise magically as many senior leaders think, it’s something that needs to be designed and progressed. Culture is about a series of decisions we make every day about how we interact together as people. It’s the way things get done with purpose. Then measure the KPIs that matter for your organisation. We need to do better as leaders and role models for sustainable growth.
It comes from the top.
Provide growth opportunities for employees
According to Mckinsey 94% of employees leave because of the lack of growth opportunities. You can ensure that employees last longer in your company by showing that you are willing to invest in their professional development. This includes facilitating their education to acquire new skills and succession planning for more senior roles in an organisation. Top talent develops a sense of loyalty when you as an employer invests in your career growth. Make it a priority to invest in your workforce’s professional development. Allow time to attend virtual conferences, provide coaching reimbursement or pay for continuing education and sponsor programs for leadership development.
Practice efficient and open communication
Communication is more important than ever with hybrid and remote work. No matter where your direct reports work, they should feel comfortable coming to you with ideas, questions, and concerns. Employers who communicate efficiently with their staff have more mutual trust.
As a leader, you need to help promote timely, constructive, and positive communication across the team. Check in with each team member regularly to see how they’re doing and how they’re feeling. This leaves them feeling heard, valued and respected. Maintaining an open culture makes your organisation more attractive to top talent and improves employee value proposition.
Pinky Ghadiali, CEO & Founder, Netwomen