When it comes to talent strategy, it’s not always about looking to recruit outside your own company. You also need to focus on retaining the top talent you have, keeping them happy and making sure they stay invested in the success of your company. This week’s 5 for Friday brings you articles about retaining and re-recruiting your top talent.
- Retain Stars with “Stay Interviews.” Business Management Edition: “Many organizations conduct exit interviews with outgoing employees. But exit interviews are overrated. Most people who quit their job are angry, disgruntled or ambitious. If they’re angry, they may speak irrationally. Disgruntled staffers tend to lose perspective. And ambitious people may hesitate to speak frankly because they don’t want to burn bridges and ruin their chances for rehire later. Instead of putting too much stock in exit interviews, conduct ‘stay interviews’ with current employees.”
- 16 HR Metrics Smart HR Departments Track. Globoforce: “Retention is another area many HR departments are already tracking. These stats might range from simple average tenure to metrics like 90-day retention rate, monthly or annual turnover rates and average turnover costs. This is also where many companies collect data from exit interviews. It isn’t enough to have a high retention rate, if you’re still losing key talent. Use HCM tools and recognition data to identify and flag your key contributors, cultural energizers and future leaders, and then look specifically at your retention rates among those groups.”
- Winning “the War to Keep Your Employees” Requires Re-Recruiting Your Top Talent. ERE: “Management must periodically approach top talent and recruit them again (re-recruit) just as if they were a new external prospect. Although I coined the term ‘re-recruit’ more than 20 years ago, it is still an effective retention tool today. Its basic premise is that you must re-energize your best employees every few years either by redesigning their jobs or offering them a new one that is clearly superior to what any external recruiter might offer them.”
- Boomerang Employees –The Untapped Secret Talent Market. Recruiter.com: “In today’s talent-sensitive climate, mission-critical employees are like gold dust and can be the make or break for certain projects or initiatives in your business. Therefore, can an organization really afford to overlook the precious talent pool of former employees as found in an alumni group? Organizations spend thousands trying to find employees that fit the culture and/or molding current employees to the desired culture, yet your alumni provides you with a ready made culture fit pool of talent.”
- 5 Ways to Help Fix the Employee Engagement Blues. TLNT: “Encourage a community. Supporting teamwork and bonding amongst employees is a big component, increased employee engagement can relate back to employees feeling a sense of camaraderie in the office. In fact, Gallup lists having a close office friend as one of the top questions in determining engagement. By encouraging employees to bond at work, you’re increasing team performance and engagement, and only helping your bottom line.”