How to Retain Top Talent
We sponsored the 2015 CIMA Salary Survey which was sent to 10,000 CIMA students and 10,000 CIMA members. It takes a look at benchmarking, CIMA Students’ and Members’ recruitment needs, and most relevant to this post, their motivation to work. Below are some of the findings within the survey.
Flexibility in the workplace is a hot topic this year and the benefits package needs to evolve along with the workplace. You should look at perks that promote a better work-life balance – especially as 54% of CIMA members listed flexibility and work-life balance as their main motivator. Perks can include telecommuting, flexible hours, gym memberships, health insurance – anything that will promote that you’re dedicated to ensuring a more manageable day with their wellbeing in mind, and that you are open to modernising the usual work routine.
You need to coach as well as manage, and make sure your team are aware of any internal opportunities and how they could develop their career. Use appraisal meetings to gain insight into what they want, their aspirations and goals, and set targets and a progression plan to gear towards this. Team members who know their career could grow in the direction that they want will be likely to stick around for longer and try to exceed their goals. It’s important to make their prospects known; out of the51% of members looking to change jobs within the next two years, 36% said this was due to the lack of promotional prospects within their own employer.
Ensure your employees receive training, course refreshers, anything necessary to develop them so they find it easier to hit their targets and work efficiently.62% of CIMA members were planning to learn new skills within the next year to aid their career progression, so supporting this will demonstrate that you’re an employer who focuses on people. This will make them more invested in their careers, and by extension, in you as an employer.
What is the aim, what is the goal, what is the minimum you provide as a service? Work on deciding or updating your core values with your team, and display them for all to see. Bring everyone together as one around a common goal and hold discussions with them to ensure they fully agree with this and are invested in this. When your team knows what is expected of them and what they get in return, you will provide a definitive place to work which they can get excited about. 42% of CIMA members listed a good working environment as being a main factor in their motivation to work. Which should include...
Beyond pay raises and bonuses for your individual team members, reward them when they exceed. This could be in the form of company dinners, celebrations of work anniversaries, perhaps closing the office early after a particularly successful week, or allowing a late morning after completing a particularly arduous task. You can also do things like hold company-wide competitions with lucky-dip prizes for those who hit their goals. A “thank you” is essential, but tangible appreciation for a job well done can go a lot further as a reward when they have exceeded.
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