Among the most important elements of Talent Retention strategic components in terms of influence on the employee base are communications and feedback. This assumes that an organization has a talent retention strategy at all. Recent research shows that approximately half of employers lack any sort of plan.
Communications and feedback are two slightly different components of a Talent Retention strategy. Employees want communication: to be informed and included in the decision making process; either directly or indirectly. If communication is not provided, employees will feel left out, become disenchanted and leave the company. Turnover incurs significant costs in hiring and on-boarding replacements.
Then there is organizational feedback. Communication alone is not enough. Beyond feedback about personal performance, the organization must share information about itself: internal corporate goings-on, state of the business, and competitive information to name a few. Admittedly, not all employees are interested, but those worth keeping most probably are.
As documented by Chad Halvorson, CEO / Founder of When I Work:
“To quote the 2008 Yukon Bureau of Statistics Business Survey, workplaces that demonstrate the value they place in their employees and that put into place policies and practices that reflect effective retention implementation will benefit, in turn, from worker commitment and productivity.
The following are some examples of action oriented aspects of communications and organizational feedback in random order:
- Don’t Hide Behind the Open Door – Open Door Policies are great only if you, as a manager, practices it. Don’t say your door is always open to people and then don’t make time for those who want to make use of the policy
- Allow Them to Communicate Anonymously – However you can devise it, provide the ability for employees to speak their mind without having to worry about retribution.
- Check in Regularly – make it a habit the stop by for a desk side chat. It needn’t be for an extended period of time; just make it a requirement without the appearance that you are micromanaging. As a matter of fact, it needn’t even be about business. It is important to build a report with those who report to you.
- Provide more Positive Feedback – Feedback is often for remedial purposes. Feedback about the positive is important. The employee wants to know when s/he is doing well.
- Encourage your employees to give you feedback – it is equally important for a manager/employee relationship for the manager to receive feedback of any sort from the employee.
- Create a culture of open communication – in general, nurture the notion of open communication for all.
- Understand why employees stay – How often does management elicit reasons why people stay at the same company and even the same job? Just think of the value of such information.
- Communicate your business’s mission – All too often, companies don’t make their mission known to the employee. Employees want to feel as though they are a part of the business. It all starts with knowing what the business’ mission calls for.
- Create open communication between employees and management. As stated above, it is important to establish.