General 3 years ago

How Do We Retain Top Talent?

By OrangeHRM Nov 20, 2019

An organization’s Human Capital is one of its Biggest Assets, therefore ensuring retention of top talent becomes all the more important.  

When a good employee leaves, productivity could drop, morale within the team suffers and colleagues will have to put up with increased workloads. There will also be recruitment and training costs for the new hire and onboarding a new hire is not at all easy, the transition period can be quite costly to the organization as well.

Losing a valued employee provides an important learning opportunity for organizations if leaders are willing to reflect on and identify the root cause of such a loss. However, in most instances, managers and HR professionals are too busy with damage control that they fail to conduct a thorough postmortem to help them understand what happened and what corrective action is needed to prevent similar occurrences from taking place in the future.

Some organizations do have an exit interview process that should, ideally, shed some light on how employee retention could be improved. However, even when conducted genuinely, these interviews tend to have some serious shortcomings. Especially in cases of ghosting or impulsive quitting, a worker may depart before their organization has the opportunity to conduct an exit interview. It is also a known fact that most employees are not direct or open at an exit interview.

Retaining good employees begins and ends with the trust placed in them. Leaders who don’t trust their employees generally tend to micromanage them, always questioning their judgment and getting them to ask for approval on everything they do. However, high performing employees don’t basically require this level of supervision. They tend to thrive in environments where there is a high level of trust and empowerment.

Most leaders who have a problem with trusting their employees end up creating restrictive work environments that leave employees feeling stressed, anxious and unable to do their best work. These good employees don’t like to work in an environment where they don’t feel trusted by the management.

Attracting and keeping great employees, begins with the leadership and management of the organization. Their responsibility as leaders is to trust and guide their teams and to support them in their roles, thereby letting them shine. When leaders learn to let go and trust their teams or subordinates, they will they will deliver at unimaginable and totally unexpected levels. They will not only attract but retain, better employees who are motivated, enthusiastic and produce great results.

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The answers to the biggest people problems in the present day lies in how best we understanding our workforce. Through insights gained from HR Technology, we know where the employee is at, and how they feel about their experiences.

In today’s world, organizations need an HR Management System in place that is effective and capable of adapting to changing workforce demands such as personalization, shifting skill requirements, hiring and retention in a tight talent market, and different generational needs in the workforce.

Managers and leaders now have people insights at their fingertips that can help them offer the right opportunities at the right time to the right employees, and individuals can receive advice on career development, learning and workplace tasks that are more targeted to their needs.

Organizational leaders need no longer drive blind because HR Technology now gives them the necessary insights to make key people decisions, keep their workforce engaged and ultimately retain top talent.

Selecting the right HR Management System is the first step towards building a high-performance high-quality work culture and true success and business value can be realized when the system is fully adopted and made use of optimally by employees in your organization.

The HR Management System designed by New York-based HR Software Company OrangeHRM, having studied and comprehended the importance of identifying, nurturing and retaining top talent has developed 05 comprehensive modules that include:

  1.  Recruitment,
  2.  Onboarding & Offboarding,
  3.  Training,
  4.  Performance Management
  5.  Succession & Development

These modules cover all the important areas required to effectively manage employee life-cycle.

All modules in OrangeHRM’s portfolio, including the above, are designed to serve as individual or stand-alone solution, giving you the flexibility to purchase only what you need, thereby paying for only what you use.