Boost Talent Retention Without Breaking the Bank: A Strategic Approach

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Did you know that according to LinkedIn’s 2023 Workplace Learning Report, 94% of employees would stay longer if a company invested in their career development? This is great and so easy for companies to do!

As some of you may know, I started my Master’s Program for Executive Coaching and Organizational Consulting in September at NYU. Last month, in my Business Communications Class, I was asked to put together a proposal based on a challenge that workplaces are facing today. I decided to write a proposal about talent retention and to look at ideas to retain talent without increasing compensation. It is an interesting analysis and I thought I would share my proposal as it can be used at any company for any team.

It’s actually quite simple. You just need to think about what people want when they come to work each day. They want to feel valued for the work they do, they want to be recognized and they want to continue to add value every day.

So how do organizations make that happen? Well it begins with a plan. Let’s take a look at what I’m proposing.

This is a plan with a goal of retaining talent, increasing employee engagement, strengthening the leadership pipeline and fostering a culture of continuous learning

Here is a high level overview of my strategic plan:

1. Coaching and Career Planning -

   • Provide skills assessments such as Myers-Briggs or Hogan. These assessments equip managers with the tools to work with individuals on their team, leveraging their strengths while also addressing areas of development. I took Myers-Briggs recently and it not only gives your strengths, but your blind spots which is very helpful.

   • Once the manager has this assessment, you can work with employees to put together an individualized career plan which you can review at weekly 1:1 meetings to talk about progress. These 1:1 meetings can become more like coaching sessions to help employees succeed.

2. Leadership Development -

   • There are a few things managers can do to develop their employees. One very easy thing to do is create stretch assignments. These assignments offer employees a chance to stretch their skills and gain exposure to senior management. This not only increases employee engagement, but it also helps management identify strong candidates for promotion. Harvard Business review highlights that employees who work closely with senior leadership feel more valued and are more likely to stay long-term.

3. Work-Life Balance and Flexibility -

   • Since the days of COVID, more people feel the need to have a better work-life balance and enjoy the flexibility that firms offer in a hybrid environment. Companies can start trusting people and stop tracking them.

   • Managers should create capacity reporting to understand where employees need more resources. This is such a great tool for managers to be able to understand how they can stop employees from burning out before it is too late and the employee leaves the firm.

These are just a few of my ideas on ways that managers can retain talent without having to spend a lot of money. There are so many easy ways that companies can keep employees engaged and feeling valued by implementing non-monetary programs.

What do you think about these strategies? What ideas do you have to improve employee retention?

Let’s all share some ideas so that we can continue to improve workplace culture. I predict the future of the workplace is more focused on people creating “people-centric” cultures.

Here’s to your success!

Best,

Rene