How Will You Keep Your Top Talent?
Post-pandemic turnover has already begun. How are you going to keep your top talent?
Compensation plans are often the first retention tool employers consider and we’re already seeing large firms raising salaries. Yes, competitive, fair salaries are critical to keeping an engaged, productive workforce, but they aren’t enough. Research tells us that when people are paid within industry norms and earn enough to pay their bills, compensation is no longer their highest motivator.
What, then, are the key factors that keep employees from seeking greener pastures? The Gallup organization strongly – and positively – linked the following five questions to retention:
- Do I know what is expected of me at work?
- Do I have the materials and equipment [and knowledge/information] I need to do my work right?
- Do I have the opportunity to do what I do best every day?
- Does my supervisor, or someone at work, care about me as a person?
- At work, do my opinions seem to count?
With these five questions you can build a roadmap to retention. With diligence, you can follow that roadmap to help you retain the most valuable asset of any professional service firm, your people.
Have you delineated clear expectations of your people, both staff and professionals? Do your practice group leaders and managers know how to consistently communicate those expectations? Do you have tools to identify people’s strengths and coaching programs to develop those strengths? Do your leaders and managers know how to leverage individual and team strengths? Do you have a culture of caring, where people have an opportunity to be heard and to influence outcomes?
We have a variety of methods and tools to help you answer “yes” to these questions. Please contact us if you would like to discuss how we can help you improve your firm’s retention.