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.
