How to retain talent in a competitive market
April 25th, 2023
As a startup or scaling business, it can be tough to retain talent, especially in today's job market. The Covid-19 pandemic resulted in a wave of employees leaving their jobs, and the trend has been dubbed "The Great Resignation". This leaves many employers eager to seize opportunities for growth, but without a stable workforce to do so. If you want to retain your best talent, you must focus on your employee value proposition (EVP). But to do this, you need to understand their experiences and know what they want from their employers.
There are many reasons why people leave their jobs, including personal finances, job security, and the opportunity for career progression. To keep your employees happy, it’s important employers provide additional support, such as pay increases, financial guidance, or access to other resources.
Here are some tips to help you retain your best talent:
Make your employees feel valued. When employees feel undervalued, it impacts their motivation, productivity, and even their self-esteem. Ensure that team leaders and line managers take the time to praise good work and provide positive feedback.
Offer competitive salaries. Given the rising cost of living, anyone who has not received a pay rise in the past 12 months has likely seen their expendable income decrease, leading to dissatisfaction and frustration. Ensure that your salaries are competitive within your industry, or you risk your best employees leaving.
Create a good working environment. Almost a quarter of employees have previously left a role due to deteriorating working conditions. It is crucial to create an environment that employees want to work in – and if standards start to slip, it is very likely that employees will start to leave.
Listen to your employees. Every employee is different, and it will usually be a combination of many factors that ultimately pushes them to look for a new role. Understanding your employees' motivations is the first step to reducing the likelihood of your best and most-skilled talent leaving the business.
Provide opportunities for career progression. Employees want to feel that they are developing in their role and that they have the opportunity to progress their careers. Provide training, mentorship, and clear career paths to help your employees grow and develop in their roles.
Retaining talent is essential for the growth and success of your business. By focusing on your employee value proposition, offering competitive salaries, creating a good working environment, listening to your employees, and providing opportunities for career progression, you can keep your best talent and set your start-up up for success.
Zuse Talent Solutions work closely with start-up and scaling businesses, helping them recruit tech, data and analytical talent. Our embedded partnerships and project recruitment often encompasses working with our customers to support them in area such as employee value proposition and salary benchmarking. If you are looking for support in these areas, please get in touch for more information.