Over the Christmas and New Year break we all take time to reflect on life, work, and the world. We think about changes we want to make as we start fresh. We commit to diets, join gyms, start saving money and consider career moves. In the first few weeks of the year we see an increase in candidates approaching us. They've spent time over the break looking at their career and have decided it’s time to make a change.
Are some of your team looking to make a move? A new employee can cost your business up to 3 times their annual salary, just in their first year of employment. Finding quality talent is difficult and costly, so it pays to invest in keeping your team happy, engaged and satisfied.
What can you do to help keep the team you have and attract new talent? Here are some of things talent are looking for:
1. Trust & Transparency
Organisations and leadership that they feel they can trust. Transparency plays a big role in this. Whispering behind closed doors and secret meetings lead to distrust and restlessness. Confidentiality in certain circumstances is needed, but be as open and transparent as possible, and your team will feel included and valued.
9am-5pm, in a cubicle, 5 days a week just doesn’t cut it anymore. Working from home, versatile hours, hot desks, and relaxed dress code are a few options talent look for. Talk with your team and see if they are happy with the arrangements you currently have. A little more flexibility might help you keep some of your best team members.
3. Great Leadership and Leadership Training
Employees leave businesses because of their manager. Inspirational, motivating and engaging leaders are important for attracting and retaining talent. Strong leadership training can help inspire new leaders, align the leadership profiles, personal aspirations, and motivators of your leaders with your organisation’s objectives. Help develop your leaders so that they have the tools to make a positive, significant, and tangible contribution to their own performance and that of others.
Everyone should be a leader, not just those with manager or director in their title. Open your leadership training to any interested team members. Give them the opportunity to be a leader, no matter what their job title.
Coaching programs help you develop high-potential employees into leaders to ensure a solid talent pipeline of executives. Coaching can also enhance the leadership skills of your current executives, get in front of any behavioural problems and personal blocks that are inhibiting an employee’s success. Partnering with a third-party provider for coaching can ensure your employees feel safe and are able to be open and honest without threat to their jobs.
5. Career Pathway & Succession Plan
This can be a costly and time consuming process and needs to have a training and development plan in place to support it. When an employee joins an organisation, with these in place, it highlights that the business is investing in them for the long term. You have a clear progression plan for them within your business and will partner with them to develop the skills needed.
The benefits your organisation will reap from these things will far out weigh the cost and time investment. A reduction in turnover alone, can save an organisation hundreds of thousands of dollars. These things can also set your business up as an employer of choice.
Develop your team and create future leaders from within the organisation. Ensure your team is fulfilling its' potential, are engaged and feel valued. Invest in your team and their success and in turn your business’s success.
Want more information on Chorus Executive’s Coaching and Leadership Training services? Contact Peggy North on (03) 9698 8717 or firstname.lastname@example.org or Christine Khor on (03) 9698 8700 or email@example.com.