Can you buy loyalty?
Receiving a letter of resignation on a Monday morning is not a good way to start the week, especially if it’s from a valued employee. Of the challenges faced by business owners today, the ‘people aspect’ remains one of the toughest.
The realities are:
- Talent is becoming more mobile. For the past decade, opportunities for working abroad have been an attraction for both young and old – and the global recession has not put an end to it.
- Skills shortages exist in South Africa, as well as globally. Teryl Schroenn, Chief Executive of Accsys has summarized it: “There is a lack of people entering the field that have practised skill sets to contribute to the functionality and strategic intent of the business.”
- The ‘talent war’ is very prevalent. The attraction and retention of top people is high on the agenda of many board room discussions. Not only salaries but share incentive schemes and other interventions have been put in place to ensure that the competition is outsmarted in this war.
When it comes to retaining one’s own staff, one needs to:
- Create the right environment to make them want to stay. Investing in your top talent will undoubtedly offer invaluable returns.
- Know their strengths. Look for potential opportunities in the business to keep them interested and stimulated.
- Keep track of why you employed them in the first place, i.e. focus on the value that they bring to the business. Reward the achievers and be firm with under-achievers.
Are your employees loyal? Maybe it’s time for a temperature test. Getting external consultants in to assess the climate in the business can give you a valuable tool in managing your talent pool.
For more information, contact Sanelle Hobbs, Senior Consultant at Exceed Human Resource Consultants, tel. 021 808 7222 or e-mail firstname.lastname@example.org