You might have heard these dreaded words from your team members lately.
The world is “sort of” reopening amid lowered severe COVID-19 cases and increasing vaccination rates. Many people are thinking of shaking up their careers. They want to move on and try something new!
Bonus and promotions are skyrocketing as employers try hard to retain their best talent.
Will it suffice? How can you, as a leader, secure key team members in such a volatile environment?
Here’s a short overview of three dimensions I recommend you focus on:
1 – THE WORLD IS HYBRID. LIVE WITH IT!
A recent research report from Accenture shows that 83% of the people surveyed said a hybrid work model is optimal.
Most of us need to see and meet each other in-person. It’s just not going to happen five days a week anymore.
So, make sure you organize your team dynamics, critical meetings, and rituals with this new reality of having both in-the-office and remote team members.
2 – Beware empathy. Practice rational compassion instead.
Rational compassion is not empathy! Psychologist Paul Bloom highlighted the difference between both. He noted:
“Empathy is feeling what others feel whereas compassion is simply caring for people, [and] wanting them to thrive.”
You need indeed to pro-actively gauge what’s going on in your colleagues’ minds more than ever.
Engage in open conversations about why they should stay with you. From there, consistently keep the pulse and care for their success. It will soon become reciprocal and maximize your chances of success.
3 – Build the right compensation strategy.
Interestingly, most of us tend to care less about how we’re getting paid vs. the market and more about how the compensation process is working for us.
In other words: How often do we get a raise? How transparent is the policy? How is our performance reviewed? Which incentives can we access? What does success look like?
One can hardly change complex compensation processes overnight. Yet, now is the right time to develop an open, respectful and responsive compensation strategy if you want to stay competitive. So team up with your best experts in this area!
Despite your best efforts, there are times when you won’t be able to avoid resignations. However, you’ll be better positioned than most businesses out there, if:
- You account for the new reality.
- You’re open and transparent
- You genuinely care for your peoples’ success.
- You provide the right benefits.
Happy “retain-your-key talent,” and if you ever feel stuck in your efforts, let The Sherpa be your guide.