One of the biggest challenges that companies face is they invest resources into people and spend time training people, who then eventually leave for a competitor or a different job. Millennials tend to jump from job to job.
So, the main question at hand is how do you retain that talent?
If you have brought in top talent and have a good onboarding strategy, you have to put a development in place of where that employee is going within the organization. This development plan should frequently be discussed monthly or even weekly with that employee over lunch, travel, etc. “Followupthen” is a great, free tool to remind yourself to revisit a topic with people in the future. Keeping these topics at the forefront of discussion communicates to your employees how valuable they are to you.
Culture and retaining talent are directly related to each other.
A significant part of retaining talent is building a culture where people are connected. If an employee feels a clear connection to the bigger purpose of the company, and also their coworkers, retention goes through the roof. If you don’t do this well, retaining top talent becomes an issue, and that threatens and impacts your company’s ability to make money. If you can switch the focus from micro-managing people and put it on developing new innovative technology and new products, you will be driving new business and growing the company.
Great culture will encourage your team to hold each other accountable so that you don’t have to. Most people get so focused on just the financial aspect, which isn’t the most important thing for people. You have to keep a holistic viewpoint.
“A-talent” people are naturally upwardly driven people. Most of them desire to grow, so, inevitably this leads to people competing for similar positions. If you have A-players on your team, you can expect to run into this issue. You have a better chance of out-competing your competitors with good culture and human capital in addition to good pay. Look at the top 20 percent of your employees and see how well you are retaining those people. Look beyond money to consider whether they love working for you and your managers and if they love the job. Those results will deliver the hard truth about your sales culture.
To listen to the entire podcast on this topic click here.