Today’s human capital management combines factors that were barely taken into account years ago. These include the satisfaction and motivation of the employee, which have an extremely positive impact on the success of the company. To guarantee maximum performance and productivity, as well as a friendly working environment, companies should implement retention and engagement programmes with their workers, especially those with critical business tasks. In this context, technological tools such as social and collaborative intranets have shown their tremendous worth.
Talent retention provides numerous benefits to the business
Investing in the happiness of employees is an important lever for engagement and performance. It is not in vain that some studies, like the one from the University of Warwick (2014), show that a happy employee can be 12% more productive and, thanks to the positive emotions, this reduces stress and guarantees success.
How do you ensure an employee is satisfied and happy and, therefore, retain their talent? Some of the ways used by companies today include:
- Motivation of the workforce
- Solid business culture
- Understanding of the role of each employee
- Professional development
- Personalised career plan
Employee satisfaction also brings with it many benefits for the company. The following stand out:
- Increase in the employee’s engagement with the company (loyalty)
- The staff turnover rate declines dramatically.
- Enables the application of stable training policies, which improves the quality of the work and productivity of employees
- Facilitates the application of business development plans
- Costs of recruitment and training new staff are reduced
5 interesting ways of retaining talent in a company
An article from the corporate blog of the LumApps social intranet provides different strategies that companies nowadays can use to successfully retain talent and increase their employees’ engagement with the organisation:
According to the experts from LumApps, the 5 best ways of retaining a valued employee are as follows.
1. Improve internal communication
Companies must guarantee fluid internal communication both from management towards employees and vice versa. Experts in human capital management agree on the beneficial impact on the business and on the mentality of the employee who feels listened to and valued.
On a technological level, one of the best-fitting solutions is an intranet, like theLumApps social intranet. This type of software facilitates fluid and bidirectional communication (chats, forums, etc.) between management and employees, and reduces the dependence on formal meetings. Moreover, it enables surveys to be carried out among employees to find out their opinions.
2. Establish rewards and recognition policies
Receiving an adequate wage is what any employee is looking for, but it doesn’t guarantee their retention. There are many elements that do not constitute an economic advantage for them, but can be one of the most attractive ways of retaining them: social advantages and benefits, such as compensation plans. Another type of compensation are private health plans, tickets for events or additional time off, for example.
This type of compensation is an important additional boost for employees since they perceive it as a reward for their consistent effort. Furthermore, publicly thanking the quality of their work or their contributions increases their moral considerably.
With a social and collaborative intranet likeLumApps it is easy to share the basic information regarding compensation and benefits processes (requirements, description, etc.) with the employee, so they can set themselves objectives to achieve them.
3. Define the corporate culture
If the employee does not clearly understand the objectives of the business project, demotivation can start to make an appearance. There is nothing better than implementing an information culture in the business since it helps the employee to have a clear feeling of belonging to a project.
Thanks to this information culture, the employee clearly knows their place and their role within the structure of the organisation, as well as the way in which he/she can contribute to the project’s success. Therefore, this culture hugely facilitates employee retention.
4. Promote loyalty
When an employee is happy in a company, they will be its best advocate: they believe in the project and the values. For this reason, today’s organisations must foster internal actions that lead to the employee becoming one of their advocates.
Their work can open undreamed of business opportunities and guarantee the engagement of these employees at any time, which reduces the staff turnover rate.
5. Create an employee retention plan
Intranets such as LumApps are an excellent repository to store retention plans, where the different techniques and objectives for it are specified, which have to be easy to measure. These documents should only be accessible to managers, so they can align 100% with the retention culture of the company.
This plan should be designed from employees’ feedback regarding any aspect related to the business, as well as whether they like working for the company or not. An intranet helps to obtain this feedback with opinions through surveys, which can be anonymous.
LumApps: the tool for retaining valuable talent
We have been able to see the importance of talent retention programmes in companies and some extremely useful strategies to execute them, as well as the crucial role of technological elements such as an intranet.
For this reason, we include LumApps in our portfolio of products, one of the best allies for the talent retention strategy of your business. Along with its comprehensive features, this social intranet stands out for its integration with Google Workspace and Office 365.
Tell us your objectives for talent management in your organisation and together we will 100% adapt this productivity and collaboration solution so it perfectly meets the requirements of your business culture.
Shall we start?