Employee retention is an organization’s ability to keep its employees under contract, making for a more stable, productive workforce. Companies serious about retaining talent establish policies and programs to reduce employee turnover. Those that achieve high employee retention rates operate at an advantage both in meeting business goals and recruiting new hires.
It’s no secret that the war for talent is heating up. With unemployment at historic lows and the economy booming, companies are desperately trying to hold on to their top performers. But what can you do when your best employees are already looking for new opportunities?
The first step is to find out why they’re leaving. It could be anything from low salary to poor work/life balance. Once you know the reasons, you can start to put together a plan to address them.
In some cases, you may be able to retain your staff by offering them more money or better benefits. But in other cases, you may need to make more systemic changes to your organization. Either way, acting fast and doing whatever it takes to keep your top talent from leaving is important.
It starts with the hiring process
The best way to avoid losing your top talent is to hire the right people in the first place. That means targeting individuals who are not only skilled and experienced but who also fit with your company’s culture and values. It can be tempting to hire someone who is just like you. But it’s important to remember that diversity is key to a successful team. So don’t be afraid to hire someone different from you. The best way to find the right people is to use technology and personal connections. Start using an Applicant Tracking System (ATS) to screen resumes and identify the strongest candidates. Then reach out to your network to see if anyone knows someone who would be a good fit. Once you’ve found a few candidates, it’s time to start the interview process. The goal of an interview is to get to know the candidate personally and see if they’re a good fit for your company. To get the most out of an interview, it’s important to ask the right questions.
Here are a few examples:
What are your career aspirations?
What motivates you?
What are your strengths and weaknesses?
What are your thoughts on teamwork?
What are your thoughts on failure?
What are your thoughts on change?
What are your thoughts on stress?
What are your thoughts on work/life balance?
What are your thoughts on company culture?
What are your thoughts on communication?
What are your thoughts on feedback?
What are your thoughts on conflict?
What are your thoughts on change?
Asking the right questions will help you to assess whether or not the candidate is a good fit for your company. But don’t stop there. Make sure to also ask them about their previous experiences and why they’re looking for a new opportunity.
Onboarding is key
The onboarding process is key to retaining your top talent. That’s because it’s during this time that employees are getting to know your company and deciding if it’s the right fit for them. To make sure your employees have a positive experience, it’s important to have a well-organized onboarding process.
Here are a few tips:
Set clear expectations from the start. Let your employees know what you expect from them and what they can expect from you.
Make sure your employees have all the resources they need. This includes everything from job descriptions to company policies.
Help your employees connect with their co-workers. Encourage them to reach out and get to know their co-workers.
Make sure your employees feel like they belong. Help them to understand your company’s culture and how they can contribute to it.
Provide growth opportunities. Let your employees know that you value their professional development.
Set attainable goals
One of the best ways to retain your top talent is to set attainable goals. This will help to keep them challenged and engaged in their work. When setting goals, it’s important to keep the following in mind:
Be realistic. Ensure your goals are achievable and that your employees have the necessary resources to achieve them.
Be specific. Vague goals are difficult to achieve and can lead to frustration.
Be challenging. Push your employees to reach their full potential.
Be clear. Make sure your employees understand what is expected of them.
Be timely. Make sure your employees have enough time to achieve the goal.
Create a positive work environment
A positive work environment is a key to retaining your top talent. That’s because it’s difficult to stay motivated in a negative or stressful environment. So how can you create a positive work environment?
Start with the physical environment. Make sure your office is clean, comfortable, and well-lit.
Encourage positive social interactions. Create opportunities for your employees to interact with each other positively.
Promote a healthy work/life balance. Help your employees to find a balance between work and the rest of their lives.
Encourage open communication. Create an environment where your employees feel comfortable communicating with you.
Show appreciation. Make sure your employees know that you appreciate their hard work.
Offer competitive compensation
Compensation is always a major factor in employee retention. So it’s important to ensure you’re offering competitive salaries and benefits. To determine whether or not your compensation is competitive, you can use salary surveys and benefit calculators. These tools will help you to compare your compensation to others in your industry. Once you’ve determined whether or not your compensation is competitive, you can take steps to improve it. You may need to increase your budget if you’re not offering competitive salaries. And if you find that you’re not offering competitive benefits, you may need to offer more and/or better benefits.
Invest in professional development
Investing in your employees’ professional development is a great way to retain your top talent because it shows that you’re invested in their future and want them to grow with your company. There are several ways you can invest in your employees’ professional development.
Here are a few examples:
Offer professional development courses.
Encourage employees to attend conferences and workshops.
Provide mentorship opportunities.
Encourage employees to read industry-related books and articles.
Encourage employees to get certified in their field.
Encourage and show appreciation for a job well done
Encouraging and showing appreciation for a job well done is a great way to retain your top talent. That’s because it shows your employees that you value their hard work. You can encourage and show appreciation for a job well done in several ways.
Here are a few examples:
Offer praise and recognition.
Give bonuses and rewards.
Give public recognition.
Write thank-you notes.
Communication is key
Communication is key to retaining your top talent. That’s because it’s important to keep your employees informed about what’s going on in your company. There are several ways you can improve communication in your company.
Here are a few examples:
Make sure your employees know your company’s mission and values.
Make sure your employees know your company’s goals.
Make sure your employees know your company’s plans for the future.
Make sure your employees know your expectations.
Make sure your employees know how they can contribute to your company’s success.
Let them know they matter
One of the best ways to retain your top talent is to let them know they matter. This can be done in several ways, such as:
Asking for their input and opinion.
Giving them opportunities to lead.
Encouraging them to be themselves.
Making them feel like an integral part of your company.
Retaining your top talent is key to a successful company. So it’s important to put together a plan to retain your best employees. The first step is to find out why they’re leaving. It could be anything from low salary to poor work/life balance. Once you know the reasons, you can start to put together a plan to address them. In some cases, you may be able to retain your staff by offering them more money or better benefits. But in other cases, you may need to make more systemic changes to your organization. Either way, acting fast and doing whatever it takes to keep your top talent from leaving is important.
Your business is only as strong as your staff. We're here to help you hold on to your talent - and to help you find new employees.