[Estimated reading time: 2 minutes]
On May 5th Konnekt presented at the salariesinmalta.com sixth edition of the HR Network Series, called Attraction and Retention Strategies. This series discussed strategies used to attract and retain talent within companies.
In this presentation, Etienne Gatt, IT and iGaming Recruitment Manager at KONNEKT, discussed different attraction and retention strategies as applied to the Maltese context. The presentation started off with an overview of the local trends that are shaping the employment market, particularly the shortage of talent, the increased need for transparency and the high affluence of international candidates. The audience also noted that employees are increasingly demanding of a development-oriented environment and how this keeps them stimulated in an effort to create workplaces that are nurturing and engaging.
Another point of discussion was the advent of millennials on the workplace and how they are driving a new movement where they expect immediacy of results and are demanding of growth opportunities and inspiring leaders. The importance of discussing millennials in this presentation was driven by the fact that they will be the most represented generation on the workplace by 2020. It was also acknowledged that the characteristics that shape up millennials are drastically different when compared to other generations.
Retention strategies mainly revolved around the importance to create workplaces that are positive and purposeful and that foster engagement. It was recognized that the first step in securing such environment was to have strong leaders that are coached and developed to listen to people and to recognize and exploit their full potential. Managers should not be promoted on basis of performance excellence in a previous position but because of their leadership traits. People need to have trust in their leaders; this is often the reason for which employees decide to change jobs.
Other retention strategies that were discussed during this presentation were changes in performance management and organisational structures. Performance management should be ongoing, bi-directional (managers should also receive feedback) and transparent. This is a clear departure from the often bureaucratic, yearly and reactive methods of measuring performance that are still present in many companies. Indeed, it was suggested that performance management should be redefined into a coaching for performance as opposed to a measurement medium. On the other hand, changes in organisational structures that enable companies to be geared up to multiple threats, need for agility and adaptability should also be in place. In this regard, companies need to do less with hierarchical structures and more with inter-disciplinary team structures. In this context, growth happens more in terms of knowledge and exposure as opposed to managerial responsibility.
Finally, the need for companies to offer non-financial benefits such as fitness memberships, flexible work arrangements and care programmes such as employment counselling was discussed. Such benefits are on the rise and many successful companies are combining them with the creation of multicultural workplaces that facilitate the integration of international employees.