Retaining Top Talent: Transparency
Retaining top talent in a competitive industry can be a challenge for senior management. Yet, its importance cannot be overstated. Loss of employees affects customer satisfaction, coworker satisfaction, sales and overall reflects poorly on the health of your company. Further, the loss of knowledge, training expenses and the affect on your succession planning adds to the cost of failing to retain key employees. Transparency in your organization leads to keeping the best employees happy and lowers turnover.
Your best employees want to know what’s going on and how their contributions are affecting your business. They want to feel part of your organization and that they are contributing to something valuable. One way to foster this sense of value to is to adopt a position of transparency within your organization.
While there are certainly topics you cannot readily discuss with your employees, you should be transparent about the company’s performance to the extent that you can. While you might not be in a position to discuss specific financial numbers, you can talk about results and goals. For example, if you are in the microchip industry, talk about your research and development successes. Or, things like year over year growth on how many microchips you shipped, new additions to the microchip line and new customers you’ve acquired. These are all topics you can discuss to give the team a sense of belonging.
When you are transparent with your team, share your goals, successes and, yes, even your failures, you foster a stronger sense of belonging. And, that sense of belonging to something greater will help your employees make you the best meat packer in the business.
NextGen is the brainchild of longtime telecom professionals with nearly 50 years of experience and millions of dollars in Telecom Recruiting Services. We focus on establishing long term relationships with our clients and candidates so we can recruit the best and the brightest in the telecom industry. This ‘quality over quantity’ approach is at the heart of everything we do and has resulted in successful job placements at Fortune 1000 firms worldwide.