Retaining top talent has always been a priority, and a challenge, for business owners and managers. Hiring the wrong people or not retaining the right people can be extremely costly for any company. The following information provides five tips on how to keep your best employees working for you.
1. Hire the right people
Retaining employees means hiring the right individuals to begin with. Hiring people with the right skills for the job is just the first step. Selective hiring means bringing in people who fit in with co-workers and the overall company culture. Recruiting, interviewing, hiring, and training new employees is expensive and every company should have a specific recruiting and hiring process in place. While hiring the best people is obviously important, presenting your company as the best place to work is the other side of the coin. Attracting and retaining employees is linked to marketing the company in the best light possible.
2. Pay attention to your employees
Pay attention to particular signs among your employees. Work anniversary dates in particular tend to be important milestones. Employees are more likely to look for a new job around these dates. Be aware of the "water cooler" talk and stay in tune with what's going on with your employees. Purposeful employee engagement is crucial to understanding their needs. Getting involved with your employees even if it's simply chatting with them during breaks to occasionally having lunch with specific groups or departments can go a long way to understanding what they're looking for in the workplace. This way you're more likely to be aware of which employees are unhappy in their current position and can take the necessary steps toward keeping the best people on your team.
3. Offer competitive packages
The most attractive companies to work for aren't always the ones that pay the most. What types of benefits are offered will make a difference for a lot of people. This is especially true for millennials. Flexible hours are important to this particular age group. Everything from a casual office environment to flexible work-from-home options can make a difference when trying to retain your best workers. If you can't financially offer a full health benefits package along with high pay and extended vacation time it may be possible to have employees choose which of those items are most important to them. The best packages are those that can be individualized to meet each employee's specific needs.
4. Provide training opportunities
People who feel they don't have opportunities to grow and improve themselves will ultimately look elsewhere for career fulfillment. Whether it's reimbursement for furthering their education or providing in-house training, offering skill-enhancement opportunities benefits not only individual employees but the entire company. It's in a company's best interest to train employees regarding the latest technology, changing laws, and advancement in whatever field your business may specialize in. Providing mentoring programs is also a way to pass valuable skills from more experienced members of your team to new employees.
5. Recognize accomplishment
Almost everyone responds in a positive manner when their accomplishments are acknowledged. Even small acknowledgements such as a handwritten thank you note or a gift card can make an individual feel appreciated. It's important to hold yearly banquets and recognition dinners so the staff knows management is paying attention. Sometimes it's important to offer bigger rewards such as financial bonuses, stock options, or extra vacation time. Knowing your employees and what is important to them will be a guide in determining what types of awards are most appropriate.
With a little effort, every company can better retain their top talent.
