Replacing a top talent in an organisation can be an expensive, that goes way beyond money.
It is no wonder that HR professionals spend countless sleepless nights analysing why people leave and wondering how to retain top talent.
The factors such as lesser pay scale, stocks or better work life balance have limited control over people leaving.
As varied as an individual requirement might be, what motivates top talent typically fall into three buckets - recognition, achievement, and personal growth.
While recognition and achievement can be tackled via continuous feedback, evolved performance management mechanisms and a sense of ownership, organisations struggle most in understanding and fulfilling the need for ‘personal growth’.
Organisations have to realise that what worked in the past is not going to work now and it is high time that they throw out their traditional approaches.
Classroom type training is no longer as effective as they used to be. Gamification, social learning and mobile learning are the current industry buzz words.
Glassdoor data reveals that among Millennials, the 'ability to learn and progress' is now the principal driver of a company’s employment brand.
This year, careers and learning rose to second place in rated importance, with 83 per cent of executives identifying these issues as important or very important. It is clear that ‘personal growth’ is no longer a factor that can be ignored.
It is also advisable to assign challenging work to the employees which enables them to implement what they have learnt.
Let your employees experiment, give them a free rein and watch the magic happen. If you do not, you might lose them to an organisation that does.
The motivation factors haven’t changed over time but how the factors are delivered have. It is important to maintain an ongoing conversation with your employees to know what’s working and what isn’t.
If this is done, your top talent will have lesser reasons to leave your organisation.
Courtesy: www.peoplematters.in
