140 - Retaining Talent
Talent Retention Strategies for Small and Medium-Sized Businesses
As a small or medium-sized business (SMB), retaining top talent is crucial to your success. In today's competitive job market, it's more important than ever to hold onto your best employees. However, retaining talent isn't always easy. In this article, we'll cover the first step to retaining top talent – hiring well – as well as current issues facing SMBs, the importance of prioritizing your company culture, and how to have purposeful conversations with your employees.
The first step to retaining top talent is hiring well in the first place. This means taking the time to find the right fit for your company, both in terms of skills and culture. Hiring well can save you the time and cost of training and onboarding new hires, and can help to reduce turnover in the long run.
One of the current issues facing SMBs is the tight job market. With unemployment rates at historic lows, top talent may be more likely to consider job offers from other companies. Additionally, the rise of remote work has made it easier for employees to consider job opportunities outside of their current location.
“People put up with all kinds of underperformance, no performance and disruption of their culture cause they’re reluctant to let people go.”
While hiring new employees can be a solution to filling gaps in your team, it's not always the best option. Recruiting and training new hires can be time-consuming and costly, and it can also have a negative impact on morale among remaining team members. Instead of hiring new employees, consider ways to retain your current top performers.
An effective way to retain top talent is to prioritize your company culture. A positive company culture can go a long way in keeping employees engaged and invested in the company. This includes things like open communication, a supportive work environment, and opportunities for collaboration.
Understanding your employees' "love languages" – the way they feel valued and appreciated – can also help with retention. For example, some employees may value praise and recognition, while others may appreciate monetary incentives or additional time off. By understanding what your employees care about, you can tailor your retention efforts to meet their needs.
It is important to understand what your employees care about is to have purposeful conversations with them. This means taking the time to listen to their concerns, ideas, and feedback, and showing that you value their input.
“Nothing will ruin a good employee as quickly as watching you tolerate a bad one.”
To have purposeful conversations with your employees, try to make it a regular part of your communication with them. Set aside dedicated time for these conversations, and make an effort to listen actively and show that you value their input. You can also consider implementing regular check-ins or performance reviews to provide opportunities for feedback.
A boss who takes the time to understand their employees and what they care about is more likely to be successful in retaining top talent. By showing that you value your employees and are willing to listen to their needs and concerns, you can create a positive work environment that top performers want to be a part of.
Retaining top talent is crucial for the success of SMBs. By hiring well, prioritizing your company culture, and having purposeful conversations with your employees, you can create a workplace that top performers want to stay with.
Don't underestimate the importance of talent retention – it can make all the difference in the success of your business.
It’s time for hiring again after losing that one employee for more money, or a better opportunity. But what if you never lost that employee in the first place and what if other employees are thinking about leaving too? There is a way to strengthen the confidence you have in the culture of your company that will keep the talent you already have. Listen today to hear exactly what Martin and Khalil have to say about it!
Show Notes
02:47 - The First Step Is Hiring Well
04:12 - Current Issues
06:21 - Hiring Isn’t Always The Best Solution
08:33 - Prioritizing Your Culture
11:19 - Love Languages In Your Business
12:17 - Strive To Understand What Your Employees Care About
14:07 - How Do You Have Purposeful Conversation?
15:53 - The Boss Who Truly Knew His People
17:55 - Conclusion
Quotable Moments
“People put up with all kinds of underperformance, no performance and disruption of their culture cause they're reluctant to let people go.” - Martin
“Nothing will ruin a good employee as quickly as watching you tolerate a bad one.” - Unknown
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