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Are you losing top talent? What is your talent retention strategy? Retention is one of the most important, yet often overlooked recruitment strategies. Once you hire top talent, your recruiting process is only beginning. It costs a lot less to retain someone than it does to replace them.
This is particularly important to ensure you have a diverse workforce. However, many underrepresented groups experience higher turnover numbers. It’s often a result of issues in the workplace – stereotyping, harassment, and bullying related to race, ethnicity, orientation, and gender.
Our financial recruiters offer these tips to help you retain diverse and underrepresented talent in your organization:
There is always a reason why. If your company struggles to retain employees, especially underrepresented talent, you need to take a deeper look at the issue. There are a variety of ways you can do this. Employee surveys, exit interviews, and looking at internal processes are a great starting point. But, if you really want to get to the heart of the issue, consider setting up a committee or running focus groups to get input from your employees.
You can say you want to make changes, and then there is actually being committed to doing something about it. Your leadership team needs to get on board and be willing to have the difficult conversations. They need to have discussions with underrepresented groups to get a real understanding of the issues and what needs to change. You need to listen, understand, and then take steps to make a change.
You need to make inclusion and diversity part of everything you do. “To create truly diverse and inclusive workplaces, companies need to sweat the small stuff. Big initiatives like sponsorship programs are important — but so are little details like the images you include on your career site and the food you order the team at lunch,” says Samantha McLaren on the LinkedIn Talent Blog. Every decision you make matters.
If you want employees to stay long term, you need to give them a reason. People want to work for companies that make them feel welcome and part of the work community.
Check out these insights from our financial recruiters:
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.
Ross Campbell is a Partner and Practice Lead, Financial Services & Insurance with IQ PARTNERS. Celebrating over 10 years of management consulting experience in executive search, recruitment, and training in Canadian financial services and insurance companies, Ross thrives on the belief that business can be done significantly better by investing in the right people.