For many companies, the post-COVID recovery continues to be slow progress. At the heart of companies’ struggle to revive their profitability is the high turnover of talent. The job market is highly competitive with more employees quitting their jobs and moving to organizations that provide them with the opportunities and environment they desire, and some employees are just being their own bosses.
Without the right talent pool, your company will not be able to provide quality care and outperform the competition. A widespread truth is a fact that HR and talent functions must be constantly evolving to attract fresh talent and keep high potential and committed individuals on staff. A committed, motivated, and fulfilled workforce helps your organization to grow, and are often your best brand ambassador.
But how do you achieve this level of engagement? The answer is talent optimization!
What is talent optimization?
Talent optimization is simply a process of aligning your business strategy with people strategy for optimum results—in essence, your organization’s ability to increase the impact of your programs through enhanced employee satisfaction, without jeopardizing your organization’s goals and values. Business leaders leverage talent optimization frameworks to create effective talent acquisition and management plans, manage talent risk and liabilities, and introduce technology to support the streamlining of their talent operations.
The four key strategic areas of talent optimization are:
- Talent acquisition
- Talent retention
- Succession planning
- Strategic talent planning
To maintain a competitive edge, you must implement talent optimization strategies that align with your business strategy. A happy employee results in an increase in ROI, retention rate, and productivity (we can make this a quote asking readers to click for a retweet in the article).
Top 3 retention-focused talent optimization strategies that work and how to implement them
There are several strategies to use in optimizing your talent retention, but we will be sharing just three in this post. Let’s get into it.
Offering the right incentives
Incentives mean a lot to employees. From bonuses to rewards, fun gifts to profit sharing, you name them. These incentive programs are essential in boosting employee productivity, performance, and morale. Why is this strategy important? The Predictive Index 2022 report shows the No. 1 driver of retention is benefits. According to a report from Gallup, highly engaged employees are less likely to leave an organization that appreciates them and encourages their contribution.
Companies are often challenged when it comes to developing captivating incentives and employee perks. How do you know and choose the right incentives that are aligned with your workforce growth and engagement? It is important to understand this process to avoid activations that look good but don’t work.
PRO TIP: If it isn’t helping your workers improve in areas they desire to grow; they will accept the incentive and still leave anyway. Performance Reviews and Surveys are a great solution to pair strategy and professional development goals.
How to implement this strategy: Collect adequate people data:
Data is very crucial in making an informed business decision. Start by collecting data about your workers to understand their needs, strengths, skill gaps, cognitive abilities, culture fit, knowledge, personality, and personal goals. This process starts before you post that opening on job boards, right through to after you’ve acquired the talent. The employees can also help you to answer the incentive question, just ask them what they want.
Evaluate their performance and analyze the data you’ve collected. With the information you have, you can make decisions on the best and most impactful incentives to offer—don’t be blindsided, ultimately, any incentive program should advance your business strategy.
This talent retention strategy works and leads to low turnover.
Blog Link: Creating Measurable KPIs that Strengthen Your Workforce
Anchor Employee Survey Services
Training and upskilling
The importance of training cannot be overstated. The stats are available to confirm how vital this is for employees. One of the major reasons people quit their jobs is the lack of career advancement opportunities and training. This downloadable Report shows that “retention rates rise 30-50% for companies with strong learning cultures”.
Training and upskilling are optimization strategies you can use to keep your employees engaged and motivated. Set up a learning culture that fosters their growth. It can be quarterly training programs, and workshops like [Anchor LMS] that assist in improving their skills. The more they improve, the more confident they become and the more effective in their role. This translates to revenue increase and retention rate.
READ: 5 Easy Ways to Motivate Caregivers to Refresh their training
As stated in the first point, use data analytics to determine the appropriate training for your workforce and prepare them for the future. You are at liberty to tweak this strategy on an ongoing basis.
If you need professional support visit our talent optimizer page for further action.
Developing A Growth Mindset in your employees
According to Harvard Business Review, “personnel at organizations with growth mindsets are 34% more likely to experience a strong sense of commitment to the company”. A growth mindset is essential for employees who want to be successful in their careers. This mindset involves a belief that one’s skills and abilities can be developed through effort and dedication.
With a growth mindset, employees are more likely to be motivated to learn new skills and to persist in the face of challenges. They are also more likely to be resilient in the face of setbacks. Organizations that foster a growth mindset among their employees are more likely to be successful. Such organizations create an environment that supports learning and development. They also provide opportunities for employees to stretch themselves and take on new challenges.
Employees with a growth mindset are better equipped to deal with change and adapt to new situations. They are also more likely to be innovative and embrace new ideas.
Organizations that encourage a growth mindset among their employees are more likely to be successful in the long term. Such organizations create an environment that is conducive to learning and development. They also provide opportunities for employees to challenge themselves and take on new responsibilities.
How to implement this strategy:
Though output is important, the reality is your team will not have the capacity to achieve your desired output without the requisite guidance and skill development. Revamping those job descriptions and ensuring that each employee is clear about the goal of their function, giving them the tools to win. Inquire today about the Anchor Competency Assessment focused on skill development that will improve output.
To thrive in today’s competitive world, you must embrace talent retention as it offers numerous benefits for your business and accomplishes strategies to get your company continually advancing. Optimizing your talents proffer numerous benefits for your business and accomplish the revenue returns you want. The truth is it requires the right talent to lead the charge.
Front-line employees are the backbone of service delivery. We assist our clients to build the right framework to onboard, source, nurture, and reward the best caregivers. Building a motivated workforce requires that you focus on talent acquisition and talent retention. Get started by learning about our talent optimizer assessment today.