7 Things Employers Can Do to Retain Top Talent
A business is only as good as the employees that to help run it, which means all business owners should be looking into how they can retain the best talent in their workforce to reduce the chances of high staff turnover. In order for employees to consider staying with your company in the long term, employers need to be looking into the various measures to make sure that each individual is satisfied in their day-to-day working life and what needs to be done to persuade them to remain as part of their company.
The bottom line is; failing to retain employees will not only cost the business money-wise, but the amount of time spent on the recruiting process and training can cause severe organisational issues in the daily schedule.
If you are an employer looking to hold onto your top talent, here are a few things you need to keep in mind.
1. Make your employees feel valued
Many employees think about quitting their job when they don’t feel as though the company or their team leader value them. Many employees don’t see their employer enough and only have brief communication via email. In other cases, they don’t even know who their employer is. Face-to-face communication is very important for establishing trust. Even if you are managing employees who work remotely, make sure you meet with them at least two or three times each year. As an employer, it is important to greet your employees by name and remind them that they are an asset to the company. Such a small technique could boost your chances of holding onto your very best staff members.
2. Make sure expectations are clear
It is vital that every employee is made aware of what is expected of them. If there happens to be any changes to be made in the usual brief, ensure that a brand-new brief is written out and can be easily accessed and followed.
Failing to inform your employees of what needs to be done can cause severe stress and worry amongst new candidates in particular, who are just starting to find their feet. If they don’t feel as though they are being monitored in the first few weeks or months of their new job, they are likely to walk out and apply to other companies who can promise a close working relationship in the early days.
3. Create a happy and honest work environment
Make your workplace a happy environment and one that gives employees the opportunity to speak out about their worries and concerns. You, as the employer, should also aim to provide feedback where it is needed. Employees appreciate the feedback, so long as it can steer them in a positive direction, rather than making them feel useless and unworthy. Likewise, be open to new ideas if an employee has the courage to come and speak to you about where there could be room for improvement.
Always have an ‘open door’ policy, so employees are free to speak to you whenever they need a private word. Likewise, always keep employees in the loop whenever there are changes to be made within the company which could affect their position; don’t allow rumours to take the upper hand.
4. Provide growth opportunities
Giving employees the chance to grow within the company instils a sense of hope, that they may be offered a promotion opportunity. According to studies, millennials, in particular, are now more interested in advertised job positions that state there are further training opportunities or promotions to be secured by hitting targets and working towards goals.
In terms of training, you may allow employees to study for new qualifications that will not only provide them with the knowledge needed to manage in higher positions but should also give them a sense of empowerment, by feeding personal achievements.
Engineering firms, for example, may decide to enrol willing students onto a MS in engineering management course that is designed to combine their current knowledge in the engineering sector with project management skills; you can find out more here. If a training course such as this one is offered to employees in any industry, they will be made instantly aware that a project management promotion may be on the cards in the very near future and should prevent them from walking out of their position if they are looking for new opportunities.
5. Recognise and reward good work
In many cases, employers fail to notice or choose to ignore the hard work of top talent, which is one of the contributing factors as to why employees decide to look elsewhere for another position. Recognising good effort goes a long way for retaining the best talent in your company. It doesn’t always have to be a huge gesture either. A simple thank you card shows the employee that you have acknowledged their achievement; however, most workplaces are now providing cash bonuses, gift vouchers or small gifts.
6. Coach employees as part of your management style
As an employer, your job is to be the authoritative figure in the workplace, to assign tasks, monitor progression and make crucial decisions. Yet, it is still essential to give employees some free reign to tackle their role and provide sufficient space and tools needed to carry out their job efficiently. By giving them the element of responsibility, you are showing the element of trust; but it would be wise to step in every now and again for problem-solving or brainstorming new ideas.
7. Offer a good salary
Employees will feel appreciated if they believe their wage mirrors the success of the company. Realistically, an employee’s salary should tie into the company’s profits, which should serve as an enticement for the employee to stay with the company as it grows. Likewise, don’t wait for employees to come to you asking for a pay-rise, which is often the case if they have been with the company several years and have had no inclination that their salaries could increase, despite years of hard graft. Determine the terms and conditions that need to be met for employees to secure a guaranteed pay rise and stick to it.