How to Retain Your Talent
It is no secret that one of the best ways to grow your company is to retain your best talent. However, after the turbulence that Covid brought, for many companies this has become increasingly challenging. What is now being called “The Great Resignation”, the mass exodus of qualified workers from the job force, has created a huge issue for company leadership. The issue: keeping your current talent with your company, and better yet, keeping them happy and consequently, productive. Here are 5 tips to keep your core employees on board.
Tip 1: Pay an Above-Average Salary
What is the easiest way to retain your talent? Offer better-than-average salaries and enticing benefits. This is especially important in our current hiring climate as competitive pay is quite easy for qualified employees to come by. Consider offering some of your top employees raises or bonuses if it fits within your company’s budget. This will incentivize your talent to take on new duties and responsibilities without feeling under appreciated and overworked.
Tip 2: Provide Flexibility
If Covid taught us anything, it is that we can remain successful while allowing a great deal of flexibility for our employees. This tip may be the most important one you will read in regards to keeping your top talent on your team. As offices start to open up, you should too. Be open to allowing your employees to maintain their roles remotely or have an open discussion about the potential for hybrid working. With the introduction of remote work in light of the pandemic, many employees felt that their work-life balance increasingly improved and it heightened morale and reduced stress for people nationwide. It has been shown that employees who have a healthier work-life balance are increasingly more productive than their counterparts. Your willingness to remain flexible will show your employees that you value this.
Tip 3: Recognize Achievements and Show Appreciation
Employees want their contributions to the team or company to be noticed and appreciated. In fact, employees work more productively when they have a sense of progress and achievement. Make sure you are giving your team just that. Some ideas include: publicly recognizing outstanding achievements, giving bonuses when possible, celebrating birthdays and other major life events, as well as consistent positive reinforcement. And certainly don’t underestimate the power of a simple “thank you” after a job well done.
Tip 4: Allow Open Communication
People feel valued when they know that their voice, opinion, and input matter and that they are heard. Give your employee an open platform to do this to keep the communication door wide open. “In a number of studies, we’ve found that when employees can voice their concerns freely, organizations see increased retention and stronger performance,” James R. Detert and Ethan Burris write in the Harvard Business Review. Create a culture within your team that allows for everyone to have a voice.
Tip 5: Offer the Ability to Grow
LinkedIn reports that 94% of employees surveyed would stay longer in their job if their employer invested in their professional development. Consider offering professional training, allowing cross-departmental training and collaboration, and taking the time to know your employees on a personal level. One great way to instill a growth-mindset is to promote from within your company. It shows your employees that development and education are a valued and essential aspect to their position and gives them a clear path to higher salaries and responsibilities.
At the end of the day, you want your employees to work for more than just money. You want them to work for the company. Implement a few of these tips to create a positive, driven work environment for your employees and you’ll ensure that you have a company worth working for. You will probably enjoy work more too.