5 Effective Talent Retention Strategies: We have been hearing about the shortage in cyber-security skills from past few years. It’s not about the shortage of data or statistics.
According to a research report, more than 70 percent of organizations that are participating are being affected by the shortage of skills.
While trying to fill a position, there is a dearth of the skilled and professional people, that’s why it is always hard to find a qualified candidates for open positions.
Under such circumstances, the astute manager will immediately realize that it will be a useful strategy to maximize the talent of an organization. When done well, talent acquisition and talent retention can be of great advantage in an environment where immediate hiring is not possible.
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Retention Helps to Save Money
In the media and outlets for professional guidance like conferences, a little attention on acquisition strategies for cybersecurity is given. Retention is among the least focused areas. Do you know why retention is important? Because it is so because actually it costs more to replace a resource rather than to retain it.
Retention is cheaper than acquisition undoubtedly, hence making personnel management a key success factor, offering competitive advantages due to ambient conditions in the world of cybersecurity, then it follows that anything you can do to bolster your own staff retention efforts is time well spent. Following are the few things that you can do to optimize your efforts in this specific area.
Everyone has its own reason of leaving the company that is something really out of the control of the company (retirement, life changes or relocation). You can potentially reduce it with a little focus and re-examination of the team makeup and culture.
There are a lot of retention strategies, a company’s culture and team dynamics that need to be taken into account while making the plan to be implemented more effectively.
Strategy 1: Skill Development Opportunities
Although apparently there have never been enough money and time to provide your staff the training you will like or prefer. Have you ever indulged in a “hard discussion” with your employees just because they were interested to attend a training opportunity and you didn’t have enough budget or time to let them attend it? Over the passage of time, it can leave a retention, impact as the employees want to compete the market, groom their skills and expertise in their field.
If you had enough funds to allow every employee to go for the training of his choice, that would be really great, but it is actually not possible in reality. You must look for alternative ways to provide your employees a chance to build and improve their skills. For example, you can hold cross-training where different people can share skills with others, you can search out for lower-cost training opportunities, or can go ahead with the sharing of internal knowledge through lunch time sessions.
Strategy 2: Flexible Working Arrangements
For some employees the chance to work remotely, alternate working hours or with the flexible locations can be a huge bonus. With this little bit of flexibility, the employee can greatly improve the quality of his life and being an employer you must not underestimate or ignore its value.
This becomes specifically true while talking about high-performance resources, i.e., the resources you wish to maintain If they are high performing, they will most probably not needed to be overlooked to complete their assigned tasks.
Strategy 3: Team Competence
Some people might opt to continue a job just because they are getting a chance to work with highly skilled, motivated and talented people.
Now, it is not always required to control staff, but if you wish to hire a sub-par resource, you must keep in mind that it might result in long-term detriment of your team. Similarly, you can opt to hire highly competent professional any time, hence fostering the competence and ultimately aiding retention.
Strategy 4: Team Culture
Most of the companies and large organization do have their own cultures. Individual teams can have their cultures too, that ultimately help in the betterment and detriment of the retention efforts. Hence, it is really important to pay attention towards the culture and morale of the team.
Sometimes, leveraging HR resources helps even better. For example, while compiling results for the employee satisfaction survey data, it is really valuable to compare your group satisfaction with the rest of the company. HR also works to ensure that how to sharpen the team dynamics to further improve the progress of the company.
Strategy 5: Value Reinforcement
People want to know if the work done by them is valuable or not. It is actually a great idea to take your staff on board regarding their work performance and how their work is helping to the progress of the organization.
People like to know that the work they do is valuable. It is always a good idea to let the staff know how the work they do advances the organization, provides value to customers, or otherwise advances the mission of the organization.
For all of the strategies listed, you must keep in mind that hat your best data source is mostly the employees themselves. If you’re ever in doubt about how to make your organization a better place to work, an honest, candid conversation/discussion with your employees can be a good way to begin.
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