Once you have hired talented employees for your business, the next step is to apply employee retention strategies so that you do not lose any of your best assets. It requires a considerable amount of effort and strategy to keep your employees happy and working effectively for your business.
We share 6 employee retention strategies that will help you keep your talent so that you do not waste time, energy and money on your hires.
1. Hire the right people
First step of top retention is making sure you hire the right talent in the first place. During interviews for candidates, focus not only on their skills and achievements, but also their personality. Finding the right personality fit for your company culture is important for retaining them in the future.
2. Track employee retention
If you do not keep track of your company’s employee retention, it cannot improve. Observe and record employee retention carefully so that you know how your staff are feeling and how they are working. As a manager, make time to talk to all of your reports personally so that you could get an idea of how their days working are spent and how they feel about their role. This is important to get an idea of their job satisfaction, and how you can improve their working life.
3. Offer your employees good pay, privileges and respect
Employees often choose stay in their jobs because of how well they are treated. People who feel they are not being treated right usually end up not working to the best of their abilities, resigning or are let go. Let your employees know that you care. Make sure you stay on-top of current job market valuations and offer them fair compensation, competitive benefits and respect.
4. Look for ways to improve the work environment
During your observation of the workplace, try to look for ways to improve it. That means finding methods to possibly make things easier for your employees. And it’s not just about ping pong tables and free food either. Technology and software changes so frequently; remember to update your systems regularly to maximize efficiency and create a seamless work environment.
5. Train and support them to overcome stressful situations
Like many businesses, yours probably has certain busy periods where your employees are operating at max capacity. During these periods you risk losing employees because of situations that are too stressful to handle. Communicate openly and offer any training and support so that they can continue to work effectively and confidently.
6. Provide extras
When we say extras, we mean offering employees incentives or bonuses. Provide some form of motivation for your employees so that they will work hard, and also feel rewarded for their achievements. Incentives don’t have to be just monetary either. Time off, autonomy, new projects, extra responsibility – these are all other great ways to incent and reward employees as well.
Employee retention is one of the many challenges in a company nowadays. Turnover can be very costly, especially for those top tier employees, it’s worth your company investing in retention strategies. For more tips on attracting and retaining top talent, stay tuned to The HeadHunters blog.