There is no doubt that retaining top talent is critical to any organization not only because of the value top talent brings, but also because it takes time to find and ramp up a new hire. While establishing a new team, hiring the right person who is a good fit for the team and the company contributes greatly to talent retention. What I offer to my talented people to retain them are: understanding, recognition and growth opportunities, which are all built on a trusted foundation.
I strongly believe trust is the foundation for any form of relationship, including leadership, partnership, mentorship and any work that requires collaboration. And, trust needs to be earned - it takes a good amount of time to earn and very little time to break.
Over the years, I have found that the concept “Caring Personally while Challenging Directly” as taught in the book “Radical Candor”, has helped me to earn trust from my teams. (I highly recommend this book if you have not yet read it).
Building trust:
- Understand what parts of the job each member finds most interesting and rewarding.
- Identify the strengths and weaknesses of my team members.
- Communicate about each team member's short and long term goals.
- Stay on top of the areas that each member finds most comfortable and challenging.
Recognition:
- Provide positive feedback to validate the value and impact of their great work.
- Motivate effort and behavior even if it does not directly tie to business results.
- Provide the recognition that is tailored to the preferences of each individual’s personality.
- Help them to shine and gain visibility by showcasing goal and impact achievement at team and org level.
Growth opportunities:
- Create on-the-job opportunities for them.
- Treat challenges as opportunities for them to grow.
- Provide on the spot constructive feedback with detailed suggestions.
- Set up a step-by-step plan based on each team member’s goal and interests and check-in and align regularly.