The New Era of Talent Retention
There is an abundance of talent retention articles but they always spiral back to the same old stuff. Strong company culture, good perks, and career progression. While the foundation of talent retention, these features often overlook more specific details.
Perks that helped retain older generations aren’t as efficient anymore. The new wave of graduates and millennials want something different. A stable pension, for example, is unlikely to draw in a fresh-faced graduate. With that in mind, we take a look at the changes you can make to future-proof your retention strategy.
Make an Impact
The Deloitte Millennial Survey found that the new workforce want one thing more than any, making a positive stamp on the world. 77% of millennials have involved themselves in a charity or “good cause” so it makes sense they would want their workplace to do the same. Whether you’re an SME or a Blue Chip, there are many ways you can improve your corporate social responsibility.
Fundamentally, people feel accountable for their impact on the world. If you want to retain graduates you should create an environment that fosters accountability. Encouraging the simple steps like recycling can be a great start. People believe businesses can be a source of positive change so use this ethos to help retain graduates.
Support Creativity and Diversity
Not every job is ‘creative’ but that doesn’t mean you can’t incorporate a creative element to it. Deloitte’s survey also found that millennials appreciate the time they have to spend on creative activities. Give graduates time to brainstorm new ideas. Or why not try reverse mentoring by allowing your new hire to teach management new skills.
In a similar vein, support diversity too. Think about blind recruitment strategies, use diverse interview panels, and check your algorithms. Supporting diversity fosters creativity. Plus, more graduates demand social equality so having robust diversity policies will encourage your ability to find top talent.
Support the Four
An article in the New York Times suggested that people need four core elements to aid retention:
- Value: Feeling cared for by your supervisor
- Purpose: Finding meaning and significance from your work
- Focus: Prioritizing one task at a time
- Renewal: Being able to take frequent breaks at work
It is a simple set of values that can easily be achieved. Graduates won’t have lots of industry experience so they want to feel secure and valued. No one wants a manager who turns their nose up to someone because they lack experience. Talent retention is about empathy. Managers need to have emotional intelligence so that they ask themselves the question, “What did we do wrong?”
If your managers don’t have emotional intelligence you should think about training. You’ll need to upskill your managers to cater to the new ear of talent.
Start a dialogue with the graduates and see what it is they actually want. We’re not saying you have to do everything they want, but it will create a stronger rapport between you and your talent. Here at ISL, we have anonymous surveys that help us collate data on what our employees really want.
Talent retention is an ongoing practice so these tips are not the be-all and end-all. But remember, employee turnover isn’t always a bad thing. Job hopping is commonplace now and while retention is important there is a lot to be said for new employees. Bringing new people into the organisation will help you gain a new perspective!