Some of these leavers (8%) were still out of work a year later (for various reasons including study and retirement) but many had moved on to a new job. Linked to this, the most common length of service is now between 2 and 5 years – so much for the idea of a ‘job for life’!

These leavers will have been recruited and trained by you at not insignificant expense. They will have been an asset to the business. You don’t want to see them walk out the door. To help manage talent effectively and boost retention, particularly of your top performers, leveraging employee feedback is crucial.

Remember, feedback should not just be on personal performance, it is equally important to feedback to employees on where the business is at – its vision and plans.

Here’s how you can use feedback to keep your best talent engaged and committed – even when times get tough.

No Secrets Transparency within the workplace is essential. Employees should never feel that there are hidden agendas or that information critical to their roles and contributions is kept from them. Open lines of communication foster trust and loyalty, making employees feel valued and integral to the organisation.

Managers should focus on being open even if the news isn’t good. If the business is struggling or economic conditions are poor, don’t shy away from this. It is important to keep things real. Sugar-coating is not helpful to anyone. Concentrate instead on getting your employees to see their role in recovery.

Clear Feedback Structure Implement a well-defined feedback system that allows for regular and constructive communication – and stick to it. Don’t keep changing it every two minutes. Employees need to know where they stand. Ideally, feedback should not be limited to annual performance reviews; it should be an ongoing dialogue. Train your managers to deliver this on an ongoing basis and appraise them on it.

Link feedback to business values If you have workplace values in place then consider aligning positive feedback with demonstration of those values. This gives credibility to the values themselves and helps to promote them.

Regular Check-ins You may have a structured appraisal process but look beyond this. Regular check-ins can significantly impact employee satisfaction and retention. They can help to identify and address issues quickly. They also mean that achievements are acknowledged in a timely manner. They can be informal, placing little or no burden on the employee in terms of preparation. Employees want to feel ‘seen’.  Frequent interactions help reinforce employees’ roles in the team, making them feel recognised  important and part of it.

Regular feedback in tough times for a business can bolster retention. Being realistic throughout the year about business performance and any knock-on impact on bonuses and other rewards avoids nasty surprises at annual review.

Don’t forget about the little wins Recognise and celebrate small achievements as well as big victories. You could use the business’s intranet to ‘shout out’ good performance. You could offer small rewards for good work: a voucher, a ‘duvet day’ or a small gift. Celebrating ‘little wins’ keeps employees motivated and engaged, reminding them that their daily efforts are noticed and appreciated.

Additionally, feedback doesn’t have to be manager to employee. Peer-to-peer feedback can also work well.  For example, enabling employees to nominate colleagues for rewards or introducing a system through which they can highlight their colleagues’ contributions to the business or its values.

Deal with Poor Performance Addressing underperformance is just as crucial as acknowledging good work. Employees need to know where they stand, what is expected of them, and how they can improve. Also ‘good employees’ will notice poor performers and may become disillusioned if their poor performance is not tackled.