To sustain your company’s growth, retaining core talent is paramount. Here are eight strategies to help you retain your top-performing employees.
Pay Above the Market Salaries: One of the most straightforward methods to retain your top talent is by offering above-average salaries and exceptional benefits. This not only provides a solid incentive for employees to stay, but it also creates a sense of loyalty due to the attractive compensation package. Additionally, introducing a targeted retention bonus can further motivate employees to remain with the company.
According to John Boitnott, an author and digital consultant writing for Inc., “A well-compensated and engaging culture will make employees more likely to stay in their jobs long term. This means that you will experience less of the disruption that comes from new hires having to learn new duties. You’ll also spend less time and money looking for new hires and interviewing. The recruitment process can be costly, so avoiding it as much as possible can be a positive thing.”
Allow Employees to Share their thoughts: Though seemingly minor, establishing a culture where employees feel empowered to express their views—within appropriate boundaries—can significantly enhance engagement and foster a desire to stay with the company. Many employees may hesitate to voice their opinions due to apprehensions about potential repercussions, making it crucial to create an environment where they feel at ease in addressing areas they’d like to see improved.
James R. Detert and Ethan Burris highlight in the Harvard Business Review, “In a number of studies, we’ve found that when employees can voice their concerns freely, organizations see increased retention and stronger performance.”
Respect and Appreciate your Employees: In addition to compensation, it’s essential to consistently demonstrate your appreciation for your top employees. This can encompass public acknowledgment of their achievements, commemorating birthdays, offering bonuses, and offering positive reinforcement.
Kristen Wessel, Vice President of PR & Digital Marketing at ChicExecs, emphasizes in Forbes, “Employee appreciation can sometimes be overlooked, yet it’s a crucial element of any business’s employee retention strategy. Show your employees that you value them, whether through a simple gesture like a handwritten card or a grander gesture like a substantial bonus. It’s imperative for employees to feel supported and valued by their employer.”
Give Input and Feedback: Employees value knowing that their feedback is not only heard, but truly listened to. Utilize engagement tools like TINYpulse, Culture Amp, and Officevibe to gauge both performance and overall sentiment among your workforce. It’s crucial to then respond promptly and constructively to employee feedback.
Robert Moutal, co-founder and director of client happiness at Clarity Wave, emphasized to Project Manager, “In our business, most of our clients are striving to retain their top talent through any means necessary. They recognize that establishing a culture of continuous feedback via micro-surveys allows individuals to feel acknowledged and valued. This, in turn, cultivates a sense of community that resonates throughout the entire organization.”
Don’t Micromanage Things: You may have heard the advice to refrain from micromanaging employees due to its potential to hinder productivity. However, it’s also worth noting that it can deter high-performing employees from wanting to stay. Micromanagement not only undermines morale but also deprives employees of the opportunity to achieve better results on their own.
Heather R. Huhman, a career and workplace expert, advises in Entrepreneur, “Focus on facts and results rather than the process. For example, if a goal of securing 10 new accounts has been established, provide feedback based on whether or not those expectations have been met. Employees can evaluate their results and consider whether their approach yielded the desired outcomes. This enables them to identify what’s working well and what contributes to their success, as well as what adjustments may be needed.”
Invest in High Performers: As your employees continue to refine their skills, monitor their productivity and performance over time to pinpoint standout performers. Then, make a concerted effort to invest in these employees by offering them new opportunities.
KPMG U.S. Chairman and CEO, Lynne Doughtie, emphasized to Glassdoor, “We ensure our teams are consistently identifying high performers and individuals with high potential. Top talent seeks assurance that we are actively supporting their growth and development throughout their careers. Our business leaders ensure the availability of challenging assignments and new roles, offer mentorship and sponsorship, and consistently present avenues for career advancement.”
Provide Flexibility: Even before the emergence of topics like coronavirus and remote work as paramount concerns for many companies, employees have been actively seeking flexible work schedules. Flexibility serves as a significant incentive for your top-performing employees to remain with the company.
Kate Donovan, Senior Vice President of ManpowerGroup Solutions, emphasized to CIO, “Collaboration, messaging, all these different solutions mean that work can be done from anywhere, anytime. And while it started with the younger generation, it really benefits everyone. Organizations have to understand that this is a requirement now if they want to win the war for the best talent. Because as people experience flexibility in their jobs, they’re refusing to go back to how it used to be.”