Retaining top talent takes more than an increase in salary, retirement plans, or vacation benefits. People can always get these elsewhere, but providing your employees with job satisfaction is what it’s going to take to keep them around. After all, the relationship between the quality of talent and business performance is dramatic.
There are several ways in which this can be done and we’re here to provide you with some helpful tips and insights.
- You want to make your employees feel like an asset as this will make them feel secure in their job. Simple things like remembering their name, acknowledging and rewarding them for their hard work, or getting their input on company matters will encourage them to work harder and make them feel wanted.
- Job descriptions are essential. You want your employee to know exactly what is expected of them so that they are able to fulfill these requirements. Communicate any changes to the job description with them so that they can continue to meet the company needs.
- Let your employees know when there is room for growth and advancement. Good employees are curious and want challenging and stimulating work. Tap into this and allow them to put time and energy into new available projects.
- Create an open and transparent work environment so that you can show that you trust your employees and in return, have them trust you. This also provides them with the opportunity to give you feedback and vice versa, helping the growth of the company. Thus, create bi-directional channels to engage with employee feedback.
- As mentioned earlier, recognize and reward your employees for their hard work. You want to make your employees feel appreciated and respected. When people feel undervalued, they tend to look for a job elsewhere; you do not want this, especially if they are a valuable asset to your company.
- Link your employee’s individual goals to corporate ones because if their interests align with your company, you know you have a keeper. Ask your employees “What would cause you to take a job with another company tomorrow?” as this could open your eye to what satisfies them at a job.
- Remember that talent is scarce. People cite that finding talent is their most significant managerial challenge, so when a keeper comes along, make sure they continue playing for your team.
- Open your eyes, notice, and understand the true economics of value creation in specific roles in your company. What this means is that you need to look at who’s providing invaluable worth to your team. Sometimes it’s not the most obvious person like the Senior Engineer or Lead Project Manager but the admin taking charge of all the things that go unnoticed. This is your top talent and do what it takes to keep them around because if it were not for them, your business would not be running as smoothly.
- You have probably heard of the term EVP or employee value proposition. Essentially, this is what employees get for what they give. Employees give time, effort, ideas, or experiences and in return, they are rewarded by being distinctive. Remember, employees are satisfied when companies deliver. It’s a two-way relationship.
- Invest in leadership development. Your top talent is not going to want to stay put. Foster them to grow and prepare them for higher positions within your company.
An extra tip for those who hire employees straight out of college: create an enticing program. Remember, these are the employees of the future. If you have the ability and chance to mold them to the type of employee you need, teach them the necessary skills needed to succeed, and provide them with incentives for future growth within the company. They will not only stick around, but they will also stay loyal to your brand. You want your top talent to also respect the company and what it stands for, so if you can, help to shape these fresh graduates.