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Connection's guide to keeping hold of top talent

Holding on to talent during tough times

Keeping hold of talent is a prerequisite for any business, especially during an economic downturn where businesses fight harder to stay productive and are dependant on top talent to give them an edge over competitors.

We at Ceridian Connection have put together a useful guide offering practical advice to help you keep a firm hold of your top performers through the good times and the bad.

1. Make retention a priority

It can be tempting for many businesses to put talent retention on the back burner as other areas take precedence. Time is of the essence, and even more so in the current economic environment, where unresolved worries and issues may quickly develop into low morale, commitment and in turn, productivity.

2. Provide regular, clear communication

At times of uncertainty, employees can start to make assumptions about plans for the future of the business. This is likely to cause some employees, including your key performers, to feel confused and worried about what may lie ahead. For this reason, regular communication is crucial to help minimise the risk of talented people leaving the business and to stop employees from guessing and more importantly guessing wrong.

Remember, giving your employees the opportunity to voice their opinions and feedback is just as important, as after all, communication is a two way thing.

3. Give praise, encouragement and recognition for a job well done

It is worth being more creative with rewards, as there are some inexpensive ways to ensure that key employees remain committed and engaged including: a simple thank you, providing meals or refreshments for those who are working long hours.

According to Personnel Today magazine, the desire for recognition and appreciation is a very human one, and often an indication that someone wants to do their job well, and to be seen to do so. Praising someone costs nothing, and can have a huge impact. So why not give it a try!

4. Be flexible

During times of economic uncertainty, it is likely that additional pressures are placed upon top performers, who may be asked to work harder and longer hours. In which case, you must consider their needs and help them to re-gain a good work-life balance. Sit down with them and agree on an action plan to get things back on track.  

You could also try giving employees control over their reward packages by providing benefits and letting them match their benefits to their lifestyles. Salary sacrifice benefits such as retail vouchers, pension schemes are just a few of the options that could be used - be creative!

5. Ensure managers/leaders are committed and positive

Strong, committed management is vital to keeping your top talent engaged. Believe it or not, your employees will spot if management are insecure and are likely to also worry and feel insecure themselves. We would suggest taking steps to coach management to ensure reinforce this.

6. Offer more staff training

Top talent tend to a have a thirst for knowledge and learning more, it’s often what makes them top talent in the first place. So offering improved development opportunities can be very worthwhile. Employees will have a better sense of job security and feel that there is more scope for career development to be gained in the business.

After all is said and done, any business that wants to gain or keep their competitive advantage needs to ask itself. “How does my top talent affect the company’s bottom line and can we afford not to retain them at the sake of saving money in the short term?”