Top Tips: How to retain talent in uncertain times

Assess
In uncertain economic times, communicating your company’s current strategic position is paramount in reassuring employees and aiding retention. Focus on open and continuous communication throughout the organisation. Align your objectives with those of your workforce. And ensure your employees feel valued for their hard work in achieving these goals. Include factors such as your short- and long-term business goals; plans for expansion or diversification; the wider market in which you operate; and the diversity and quality of your workforce.

Consider
Gain indepth understanding and evaluate what your business stands for. Ensure you successfully communicate this message to your employees, potential employees and the market. This will give them an insight into your company’s core attributes and strengths, and will help prevent talent shifting to competitor. Randstad research has shown the top factors for successful employer brand, from an employee’s perspective, include: knowing their job is secure; that they’re working for stable, financially healthy organisation; and the culture and working atmosphere is positive, supportive and enjoyable.

Review
Remember to consider the broader political, social and technological environments within which your organisation may need to succeed, and gain fundamental understanding of the current economic environment, both local and international. Planning for your company’s future workforce five or 10 years from now will help ensure you meet the ever-changing needs of your customers and employees. It’s all about adopting an ‘outside-in’ perspective to successfully plan for the future.

Integrate
Integrating talent management into your core strategic and workforce planning processes will help attract, retain and engage staff in time where your employees may be uncertain about their job security and progression. Create individual career paths to allow your workforce to grow and increase engagement. Increase on-the-job training and development opportunities so employees are continuously learning thereby creating culture of excellence. Focus more on coaching and mentoring relationships as this is what many people are looking for today to build their knowledge, skills and capability more effectively.

Offer
More than ever, employers need to recognise the importance of adopting flexible work practices, as it’s major factor in successfully retaining talent in the workplace today and in the future. Randstad’s recent research shows that of the employees who don’t currently have remote work options available to them, 68 percent say the idea is appealing or very appealing. The future workforce will be blended environment of permanent, virtual and transient teams of people, all using technology to communicate and work remotely. This can bring substantial cost-savings. To enable productivity and business success, focus on developing culture of trust and accountability as employees enjoy more remote work options. M

Paul Robinson is the director (NZ) of specialist recruitment & HR services company Randstad.

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