One of the most important parts of a successful company is the employees. Invested, hard-working employees are the foundation of a business and help to achieve objectives that might not otherwise be achievable. For this reason, retention of top talent in your company is critical for its success and the employee retention rate is one strong indicator of the health of your organisation. Here’s how to retain your best talent:
1. Clear Communication And Expectations
A satisfied employee is one that knows what is expected from them throughout the day and what their objectives and goals are. One stressor for an employee is shifting expectations or not knowing where they stand as this leads to confusion, lack of motivation and dissatisfaction. Part of setting clear expectation involves having a strong sense of communication amongst your team. Communication is central to the health and development of a company and by having open communication channels between employers and employees, you can keep employees informed of what is expected of them and therefore evaluate performance and offer feedback.
2. Supportive Supervision
Retaining top talent is linked to the relationship an employee has with their management. Often it’s said that when an employee leaves a job, they don’t leave a company, they leave a particular manager or boss. Develop strong relationships with your employees and make sure that your management is competent and supportive to their teams. Create an environment where employees feel that they can ask questions, engage with management and build a sense of trust.
3. Opportunities To Grow And Learn
For an employee, one of the most important parts of a job is that there is learning potential. Top talent want to feel as if they are constantly enhancing their skills and being challenged – and if this isn’t happening in their current position then they will seek another one. Show commitment to your top talent by creating career development programs, investing in training or mentoring and focusing on their growth potential. This is linked to communication as it is important to understand the passions and interests of your top talent so that you can tailor learning opportunities to them.
4. Reward Good Work
One excellent retention strategy is rewarding and recognising the efforts of your top talent.
When employees feel responsible for the results of their work it fosters a sense of worth and increases motivation and productivity. And when leaders notice the work of their employees, employees feel appreciated and respected. Top talent need to know that their contributions to the company are worthwhile and this comes from sincere praise and genuine gratitude. Saying thank you for the completion of specific tasks is important and verbal recognition in a public situation can sometimes be more appreciated than a monetary reward. However, gifts, bonuses and physical tokens of appreciation can be a good gesture to employees that you’re grateful for their work.
5. An Exciting Grad Program
One way of finding and recruiting top talent is through a grad program that nurtures student talent. However, the secret to retaining this talent is making sure that the program is exciting and fulfilling, teaching grads transferable skills and allowing them to do meaningful work. Studies shows that many college graduates are likely to leave their first job after less than a year. An effective grad program will offer both training and a fun work culture. Often for young grads, the culture will matter more than compensation. If they feel nurtured and content in the working environment they are more likely to stay on as employees.
6. Corporate Social Responsibility
Corporate social responsibility (CSR) is a critical part of a company’s long-term strategy and is known for being a factor that attracts top talent. Good employees want a job where they feel like they are making a difference or an impact and they want a company whose values align with their own. CSR can encompass a lot of different things such as community investment, social justice, corporate citizenship and sustainability. A company’s CSR program reflects on their ethics and this is something top talent consider in a job.
7. An Employee Wellness Program
The culture and environment of a workplace has a big impact on whether an employee chooses to stay or leave. Being happy at work on a day-to-day basis affects whether or not top talent feel satisfied in their position. One way of improving workplace culture and encouraging a positive work-life balance is the implementation of an employee wellness program. These initiatives are made up of benefits, activities and schemes that focus on the overall health and general well-being of employees. This can be in the form of group exercise classes, the availability of healthy snacks, walking meetings, mindfulness sessions and counselling services. By caring about the physical and psychological well-being of your employees you can help them conquer health challenges and feel more valued and cared for. And healthy employees are happy employees!
Retaining top talent is essential for the livelihood of your company or business. Regularly check-in with your employees and always be looking at ways your could improve your office culture or working environment.