You may or may not have heard of the term “brain drain,” but it’s a very real phenomena that can affect organisations of any size and shape. We know this, because in war-torn countries, this is often an issue that takes place, and so it can be applied to some of the largest and most macro-level “organizations” there are.
Put simply, a brain drain is when the top talent of a business, institution or brand leaves en masse. Generally, these happen to be the best and most valued workers within that system. This often happens when working conditions reduce, or when a better offer is found for those skills elsewhere. As certain high-value skillsets are incredibly sought-after, it’s very easy for these individuals to negotiate better deals for themselves once their contracts have been fulfilled.
As such, any firm worth its salt needs to work towards retaining the top talent of your firm, lest they either stop applying their own ingenuity to your firm and also supply it to your competitors, a “double-whammy” of difficulty, as it were. Yet thankfully, top talent are rarely overbearing in their demands. For the most part, they simply appreciate:
Appropriate Benefits
Of course, if someone is going to be at the top rungs of your firm, or are close to reaching it, then they no doubt have a good salary and benefits package. It can be worth tailoring this to the needs of the time, however. For instance, during the pandemic, more and more companies provided their staff with devices so they could comfortably work from home.
However, it’s also important to consider expanding the mainline packages you offer, be that the best employer medical benefits, or insurance packages. This way, those who work at your firm are sure to be taken care of, and you give the impression that as long as someone works hard for you, they don’t have to worry about a thing or argue about being fairly challenged for their work.
Yearly Reviews
Yearly reviews are usually used in order to help review the performance of team members. Of course, this applies to top talent as well. However, when you fully trust your staff members to make the right decisions, it’s true to say that these reviews can be more focused on receiving feedback and talking through challenges faced in the last months of work.
This can show you’re willing to work together, as well as make use of any insight they have to offer. Of course, it will also help them become forthcoming about headhunting opportunities they may have had, or if their salary needs to be bumped more highly. This is the price of keeping top talent at your firm, because even highly qualified people are growing in competence and experience all of the time.
Challenging Work
When people are at the top of their profession, they need stimulation. It can be tiring to do the same things every day for anyone, but for those with some authority in their role, they should be provided tasks and projects that help them grow and feel engaged.
Of course, this obviously means setting up appropriate long-term goals and realistic challenges, such as for those at the head of a department or in charge of expanding your offices to another location. Furthermore, having these professionals serve as part of the decision-making process will also help them feel connected and established in their case. When people feel integrated in the life of your firm, and are part of its movement and story, then they’re more likely to stick around.
In fact, this feeling can be so engaging that many professionals choose to help out startup firms that have the promise of something greater, despite not offering a huge salary or even the most reliable job security. If you can promise people the chance to change things, they’ll grasp it with both hands.
Brand Ambassadors
When we think of brand ambassadors, it’s easy to think of influencers we pay to sell our products to their audience. But the term also has another meaning. It may mean becoming a face or a worthwhile part of your leadership to begin with.
For instance, this is quite common in the legal professional. When a lawyer has committed to outstanding work, and has secured a few worthwhile clients for the company over years; they may be asked to join the partnership of the organization. This means that they become part-owner and get a share of the profits; even if that means they may not earn a conventional salary like an employee.
Now, that’s not to say you should give every staff member ownership of your firm just because they do work. But the promise of reaching these levels could be considered worthwhile, and it may help a storied professional retain their talent and be happy to work for your firm. Of course, there are intermediary measures you could consider before putting this exact one into practice; like offering shares in the company as part of your compensation scheme.
Credit As Necessary
The concept of crediting staff members for their work is nothing new, of course, for instance in the end credits of a film most everyone or every outsourced department who worked on the piece will be listed.
That’s a highly specific example, but it goes to show that giving credit where credit is due may be able to help you move forward with that. Sure, your company might own the design of a product and its patent, but it can’t hurt to ascribe this to the team lead and team that helped develop it, making them a visible part of your firm’s history. After all, you’re not really ‘bestowing’ anything on them here, you’re just being factual about who contributed so much to the strength of the brand. That’s worth considering.
With this advice, you’re certain to retain the top talent at your firm in the best possible light. We’re certain you and your cherished team will move to success with enthusiasm.
