5 Reasons your top talent will stay
Every person has their own unique talents and strengths. Talent builds company performance once the individual is placed in a space where his talent can flourish. The challenge is not to keep your talented employees from quitting, it’s to create a culture that they love so much, they would want to stay. People are often a company’s most valuable asset, and losing your most talented employees can be expensive.
But the truth is, putting together a committed team is a science. A successful team is built on trust, admiration and mutually beneficial strengths. If you imagine a relay team, there is a specific place for each team member and you can only win the race when the team works in coordination, each completely owning their position in the race. Even if the team has the fastest individual runners, their success depends on teamwork.
In a recent panel discussion at Bloomberg, SVP for Google’s People Operations, Laszlo Bock said: “For most people work’s just a means to an end. It’s a way to make a buck and it doesn’t have to be. Work can have meaning, it can be empowering, it can be something where you feel like you’re actually doing something for the world. Whatever your job is.”
What do you have to do to make your team stay? Start by motivating your team to look at their place within the company as more than “a means to an end”. You might think a higher pay cheque or better benefits will make the difference, but millennials in the workplace are more focused on truth, authenticity and a community than money. The pay cheque is simply not what’s driving employees anymore, which means companies need to take a long hard look at their business as an organisation to create a sustainable future for their team.
The reasons people stay at a company:
- The people they work with
Think about a team, family or tribe – the people that work together need to enjoy one another, admire one another and have similar values. They need to be a team. Encourage talent, achievements and social interaction so that your team can get to know one another on a personal and professional level to help form this connection. Team building exercises or regular interactions outside of a daily work routine will also help build these relationships.
- Meaningful work
One of our internal mantras is, make it matter. Whatever your team takes on, connect it and make it matter in your own unique way. Connect your work to a cause, and start by identifying and communicating the why of your company. To build a sustainable culture, build your team with people who relate to your company’s why or share a similar why, which will donate meaning to the work, helping your team to move out of the “means to an end” mindset. (The Why Engine, CEO edition by Ridgely Goldsborough, ESQ)
- Being part of something bigger
The days of closed doors and communicating to your team on a need to know basis are over. To get total buy-in from your employees, make your team part of the business’s successes and failures alike. Be transparent about your business. If they feel that they are helping to build something bigger than their title, they will work harder and contribute better work because their work will be for something greater.
- Clear goals and expectations
Setting goals help us to establish clear expectations to work towards. Also, achieving goals give the sense of achievement and helps to encourage your team. We set annual goals per team member, including professional and personal goals. These goals are then set into KPIs to help track process and achievements. It helps to implement monthly check-ins with managers to encourage and find ways to help reach these set goals. It’s evident how these goals are clear objectives set out per team member and it’s rewarding to see them reach their goals.
- Opportunities and rewards
Reward your team for their goals reached and whenever they go the extra mile. Rewards help incentivise hard work and show that you notice their contribution to the business. People also stay at a workplace where they are encouraged to grow, so implement learning, studying and personal or professional growth opportunities. Offering growth opportunities shows that you are invested in their future.
Culture is key to drive top performance and personal feedback, positive reinforcement and incentives are just a few of the ways to motivate your team to perform at their best. Start by positioning your team for success and let the rest flow from there. In next week’s insights article, we share how to position your team for a successful start to help you recruit the best talents for your team.