If every other day you hear yet another employee putting in resignation papers or yet worse- absconding- it becomes really very disappointing for the HR management team and the company as well. Besides, it’s a huge loss for the management to hire a new employee in the team and work on all the recruitment demands. You ask- what can be done?
To build a long-term loyalty and relationship with the employees for greater employee retention, talent management can be the panacea. Different talent management strategies can be designed to chalk out stimulating employee retention plan. It will help in retaining the employees, particularly those who have important knowledge, skills, and abilities (Also referred to as human capital or KSAs).
If the HR management team of an SME (Small and Medium Sized Enterprise) fails to implement just the right kind of talent management strategies in the company, forget about the employee retention plan- you will lose assets to your competitors.
Methods of talent management strategies:
Pre- employment testing:The recruitment, training, and onboarding costs is very high these days, it’s highly recommended to test your prospective employees from a perspective of 360 degrees for their technical prowess that must be apt for your company culture.
Post- employment testing:Check for the employees who have it in them to be the leaders in the business. Groom them with the help of hands- on training and professional development opportunities for future management and supervisory roles.
Continuous feedback:Yearly performance evaluations are the norm with many companies, but being in the HR management of SMEs, you can think of frequent evaluations and appraisals. Highlight the improvement areas and assist the employees in developing performance enhancing strategies. SMEs have the advantage of a greater democratic leadership and employee value.
Employee recognition programs: Boostemployee morale for effective employee retention and increased productivity. The employee recognition programs effectively increase the profit margin of the corporations.
Career growth opportunities: Career advancement and professional development along with challenging roles are as important for any employee as the salary is. This comes as another advantage working with an SME. The employees in SMEs are exposed to a wide spectrum of responsibilities and growth in various verticals.
Employee satisfaction: With many talent management strategies, any symptoms of employee disinterest or discontent is resolved beforehand by the HR management professionals. Meetings between the management and the employee can remove the cause of all discontentment from the roots itself. Discuss issues, review, and resolve the problems for efficient employee retention, as soon as possible because discontentment in SMEs can have a ripple effect for the entire HR management as well as the company.
The top employees of any company are involved in brand transformation through new product development and launch, innovation in marketing and branding as well as the client servicing. The business economy today depends upon the human capital and that’s why the top talent had to be sourced, developed, and rewarded continuously. The HR management team has to ensure the wheel of recruitment keeps revolving and only right talent management can serve as the catapult to fly high as an evolving SME.
Finding it hard to implement employee retention in SMEs? Let talent management do it for you!
