What can you do to retain talent?
Retention continues to be a challenge among professional service firms. What do people – professionals and staff alike – want from their firms? Following are some things people want and things you can do to engage and retain talent.
Money is more important in keeping people now than it has been in the past, for at least two reasons. First, living expenses are higher. Housing prices and interest rates make it difficult for many, including young professionals, to buy their first home. Cars are more expensive for the same reason and even the high price of groceries takes a bigger bite out of paychecks. Second, employees are asking for more money because they can get it. We’re currently in an employees’ market.
Working from home (WFM) has become an expectation. Some people love it more than others and want to work full time from home. Most want some physical connection with their workplace, but have come to enjoy, even rely on, the flexibility of working part-time from home.
?Culture has become more critical than ever. It’s always been critical, but during the pandemic people spent more time assessing what they want from their work and workplaces. Generally, only leaders at the top of your organization can make decisions about salary and WFH, but everyone can improve the culture of your firm and your team. Here are some of the things you can do:
- Be guided by values. If your firm has identified its shared values, use them to guide your decisions and behavior. Discuss them with your team occasionally and always act in accordance with your own values. It will be noticed.
- Be kind. Kind is becoming a leadership buzzword. It makes me smile, because employees have always responded well to kindness. This is a great time to remind ourselves, however, of the importance of kindness. We’ve been through a lot in recent years! Let’s all work to make our workplaces kind.
- Be appreciative. Say Thank you and compliment your colleagues and employees. When you do, be specific about what you appreciate. Thanks for getting that project done on time or I like the way you organized that report, will lead to more of the kind of effort and work you want.
- Delegate well. Be thoughtful about what and how you delegate. Assign work based on people’s skills, what they enjoy doing, what they’d benefit from learning. Provide guidance, but don’t micromanage. Provide feedback. Accept responsibility, share praise and say thank you.
- Mentor wisely. Mentoring is not the same as delegating, though there is sometimes overlap. Offer advice. Ask questions. Help them solve problems. Assure them, from your own experience, that challenges are normal and learning to overcome them is part of their growth process. As your trust in your mentee grows, act as a sponsor, recommending them for internal projects and introducing them to clients.
- Provide training and coaching. Training provides knowledge that benefits several people simultaneously. Coaching provides deeper, more expansive growth. Both are appreciated, especially individual coaching, and both are investments that will benefit your firm.
Some of these activities require financial investments, but many simply require being aware of your mindset and consciously acting to encourage your colleagues and employees. All will help you retain talent.