The talent in your organization is critical, and attracting the right employees will leave you with a team that is eight times more productive than building a team of average performers. However, when companies are forced to adapt to a shifting market though, it can be harder to determine how to keep those high performers in a position where they’ll thrive.
In this new era of access to talent from all around the country, it’s critical that title companies strategically repurpose their talent because employees are not afraid to seek greener pastures when things get too difficult. Identifying which employees are rockstars, implementing retention efforts in your company, and maintaining a high level of morale are just a few ways that businesses can survive a reorganization of employees.
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Identifying Rockstar Employees
When trying to find exemplary employees within your organization, it’s essential to begin by defining what a high-performing employee means to you. Some employees are outstanding in one aspect and not so much in another. In the same vein, every company is different in its cultural, professional, and performance needs.
Often, we describe our most notable employees as sales team members or any public-facing employee, as they tend to bring in a large amount of revenue. However, don’t overlook the integral teams of your company that keep operations running smoothly and bring “hidden” value to your organization. You may find that other employees boost company culture, work continuously to improve internal processes, and bring other skills to the table in ways that front-facing teams don’t. It’s imperative to think about every aspect before making potential reduction decisions.
You must pay attention to employee strengths. Focus on people you can move around or repurpose in a new role where they can thrive. Separate the person from the intrinsic value of your organization. It can be difficult, but finding employees who can work with you toward a common goal is necessary. When you find them, you’ll want to retain them.
Retention Efforts with the Biggest Impact
Regarding retention, it’s important to remember that small things matter more to employees than anything else, with customized benefits at the top of the list. The more you can show your employees that you hear what they’re asking for, the better off you’ll be with retention. Ask your employees what will help them help you help your customers.
Though impressive, employers must remember that benefits or huge compensation packages will not keep your employees with them. These are motivating perks, but many employees are looking for extras like professional growth or the ability to attend conferences that will fuel their careers forward. Find out what your employees care about and run with it.
From fully remote work to four-day work weeks, focus on how you can create a work family, building bonds and trust without basing them on financial perks alone. It’s not unheard of for employees to take pay cuts to switch to a company that boasts a company culture they can identify with and offers more flexibility.
Finding the perfect work-life balance would be ideal, but it’s nearly impossible. Personal lives matter, and while you don’t need intimate details, your employees have them, and they’re not irrelevant just because they’re at work. They need to know you want them there, and transparency is a huge factor.
Repurposing Talent Within Your Organization
Companies worldwide regularly experience the need to downsize or repurpose their employees. Repurposing or reallocating talent within your organization is an essential skill to have, and it will assist you in keeping the team members that thrive in new roles and situations.
When things turn around and revenue increases, repurposing employees can save you substantial money. The possibility of untapped talent is extensive, primarily when you hire people for a specific position who do what’s required without the opportunity to perform in another situation or company team.
So often, the expertise you need is right in front of you. Making knee-jerk reactions in the face of downsizing can stop you from realizing that the people you’ve already invested time and money in can take another department in your company to another level.
Look for places where you can make a transition that will show you a return on investment while the market ebbs and flows. Repurposing employees takes time and thought, but it can set you up for inevitable success in the long (and sometimes short) run. It’s on you to carve out the time and space for one-on-one meetings and provide the encouragement necessary to build a robust and cohesive business unit.
Keeping Morale Up in the Event of a Downsize
All companies dread the need to downsize. Not only does it mean that you’re facing a decrease in revenue, but you have to let go of employees that have become a part of your daily life and routine. Downsizing is frustrating, and maintaining morale can be complicated during difficult times.
Communication is essential in the event of a downsize. Some of your employees may work with someone who lost their job or fear that their position is in danger. It’s helpful to encourage your employees to talk to you about their concerns and for you to be honest regarding the situation.
If you’re not creating the story and narrative for your team, they have no other choice than to paint one in their heads. They should know the plan you have in place for potential downsizing. Explain the situation and help them understand that the ups and downs of business exist and what you intend to do about the lack of consumer interactions.
Tell them you’ll use this time to go back to basics and train up with repurposing in mind. Don’t wait for a situation where you have to downsize. Set clear goals for everyone and understand where people are in the sense of potential.
Suppose you have employees who have exhausted all avenues and repeatedly given an employee plenty of opportunities to prove themselves. In that case, you can begin to ask yourself if this is a time to go separate ways.
Keeping the Talent that Works for You
Employer and employee relationships should exist in balance and transparency. It’s challenging to work for a company where important business-related insights are swept under the rug, and employees remain relatively unaware of changes until a downsize occurs.
While we can’t do much to change the natural ups and downs of the economy, we can work to repurpose our existing employees to retain them in the future. Repurposing is highly focused on finding new strengths in the talent you’ve already required, creating a solid and desirable workplace culture.
