You have put in time and effort during the interviewing process, and you finally have the right candidate for your luxury brand. The next big task is to ensure that you retain the talent and ensure that they work well with the existing talent. However, most luxury brands make gross mistakes that add up over time that push away the talent you went to great lengths to acquire. Here are actionable tips you can use to ensure that you keep your talent.
Make your talent feel like an asset
You will not please every person under your employment, but the bottom line is that you need to create an environment where each employee feels like an asset to your luxury brand. This means that you make them feel secure about their position in your company. Encourage them to make their own goals and allow them to make their own choices every so often. Be on a first name basis, and get their input on the changes and rules that define the company and brand policy.
Most people look for flexibility in their workplaces especially when it comes to working hours and mobility. The 9-to-5 daily work schedule is not working for most people anymore, and they prefer working when they are at their best. Flexible employees are not only happier, but they give more thought and time to their work, and this boosts their productivity. So, review your PTO policies, allow them flexible working hours, and remote working options.
Streamline onboarding processes
Ensure that your talent can apply their skill set to their role in the application process is a critical touch point that determines whether you will retain your talent or not. Make this and other onboarding processes as quick, smooth, and painless as possible, and your talent will recognize the effectiveness of working for you.
Provide frequent praise and constructive criticism
Once the talent does something contrary to the expected, it is easier to fry off the handle embarrass them with negative criticism. They might deserve it, but you are slowly killing their motivation, and this also applies to the most productive talent. Instead, provide well thought out constructive criticism but be wary of how you present it. One-on-one meetings are a great way to provide the constructive criticism, and it will show that you respect them. Whenever the talent yields results, praise them no matter how small, and it will boost their morale.
Finally, other ways to retain your talent is to ensure they are receiving compensation worth their input, time off, and give retirement benefits and other incentives such as medical and life insurance. Apply the above tips ion your corporate structure and you will see the employee tenure at your luxury brand improve and this means an increase in productivity.
Edouard Thoumyre is a seasoned executive recruiter with over 17 years of experience in executive search, as the Founder and Managing Partner of ACCUR Recruiting Services. Specializing in the Consumer and Luxury Goods industries, he has a proven track record of placing senior level and C-level executives in family, private equity-backed, and Fortune 500 companies in the beauty, wine & spirits, watch & jewelry, home goods, and tobacco industries, among others. Edouard Thoumyre holds a master’s degree in Entrepreneurship from HEC Paris (#1 European Business School, Financial Times rankings) and a master’s degree in industrial engineering from Centrale Lille (a top 10 French engineering school). ACCUR Recruiting Services has been recognized as a Forbes Top 100 executive search firm since 2018.
Edouard Thoumyre and his firm, ACCUR Recruiting Services, have been featured in numerous publications such as WWD, Business Insider, Newsweek, CPG Specialist, Yahoo Finance, Nasdaq.com, Marketplace by NPR, Business of Fashion…