People Power: Developing and Retaining Talent in Times of Growth

			People Power: Developing and Retaining Talent in Times of Growth

People Power: Developing and Retaining Talent in Times of Growth

There’s a lot to think about during a time of business growth, including expanding your workforce and finding talented candidates. But, nothing is more important than developing and retaining the talent that you already have.


Why is Retaining Talent Important?

There are many benefits of retaining talent and doing so can have a significant impact on business growth, as well as the success of the business as a whole. Here are some of the key reasons to focus on retaining talent:


  • Productivity – Experienced employees are often more productive and efficient. They have a good understanding of their roles, the company culture and they have already established relationships with colleagues. This can lead to a smoother workflow amongst the team.


  • Cost Effective – Recruiting and training new employees can be expensive and time consuming, especially if it takes you a while to find a suitable candidate. By retaining talent, you can avoid the costs associated with recruitment, onboarding and the learning curve for new hires.


  • Competitive Advantage – Companies with a reputation for retaining top talent gain a competitive advantage within the industry. A skilled and experienced workforce can set an organisation apart in terms of innovation, customer service and performance.


  • Teamwork – High employee turnover can disrupt the flow, bond and dynamics of a team. Retaining talent contributes to a stable work environment and it helps to build strong relationships among team members, which promotes collaboration.


  • Employee Engagement – Retaining talent leads to a stable workforce, which contributes to positive employee morale. When employees see that their colleagues are satisfied and committed to the business, it can boost employee morale and increase engagement.


  • Succession Planning – Retaining talent enables you to invest in talent development and succession planning. Employees who stay with the company can be developed for leadership positions, ensuring that there is always a selection of skilled individuals to take over in the future.


  • Company Reputation – High employee turnover can negatively impact a company’s reputation, as people view employee turnover as a sign that something is wrong within the business. Not being able to retain talent could deter other talent from joining the team.


How to Retain Talent During Business Growth

A business goes through a lot of change as it grows and ensuring that everything keeps functioning during this change is key, and a lot of the time this falls on your employees. Without them, navigating times of growth becomes considerably harder.


  • Flexible Work Arrangements – A growing number of employees are looking for flexible working arrangements including remote work options, flexible hours and compressed workweeks. This flexibility enhances work-life balance and demonstrates your understanding that many employees have unique needs. By offering flexible working arrangements, you are giving talent another reason to stay.


  • Employee Feedback – To really find out what your talent needs in the workplace, encourage employee feedback, and take what they say on board. Involve employees in decision making processes and value their input, as they are likely to have a different viewpoint than you. Helping to shape the business can give them a sense of ownership and commitment, boosting the desire to remain part of the team.


  • Compensation and Employee Benefits – It’s important that your compensation package remains competitive, especially in relation to what other businesses are offering. It’s a good idea to regularly review and adjust your salaries, compensation and employee benefits to reflect what is considered normal within the industry. This includes retirement plans and any other perks that you offer to boost employee wellbeing.


  • Clear Communication – During times of growth, a lot changes within a business, and it’s important that employees don’t feel out of the loop. Communicate clearly with employees about the business’ vision, goals and future plans. Address any uncertainties and answer questions, and keep employees informed about upcoming changes that may affect them. If you are open and honest with your communication, employees are more likely to trust you as an employee.


  • Career Development Opportunities – Employees are more likely to stay with a company that invests in their professional growth. After all, the majority of people are looking to climb the career ladder. Provide opportunities for skill development, training programs and career advancement, and show employees that sticking around means that they can progress within the business.


  • Showcase Appreciation – Acknowledge and appreciate the contributions that your employees make to the team. Make a point of recognising achievements, milestones, completed projects and hard work. If you acknowledge someone’s outstanding performance to the entire team, you can boost morale and show that their dedication hasn’t gone unnoticed.


  • Create a Positive Work Culture – Make a point of creating a positive and inclusive work culture, somewhere that employees want to be. A supportive environment where employees feel respected, heard and connected to the team can boost retention significantly. Things such as open communication, teamwork and a sense of belonging can really make a difference.


  • Prioritise Work-Life Balance – There is a lot of focus on work-life balance at the moment, with many employees prioritising working for companies that help them to strike a balance. Support talent by implementing policies that discourage burnout, such as reasonable workload expectations, reducing overtime and work from home options.



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