How to retain your best employees
More often than not, we always think that the talent acquisition process is one hard task. Flipping through several CVs, interviewing a number of people for the role, shortlisting and then finally deciding who to hire; it all sounds like too much work. One vital thing organizations forget is that employee retention is just as important as employee hiring and recruitment. It costs time and money to replace employees, especially high-yielding ones. Having talented employees leave your organization can cause strain on existing employees that have to take on extra tasks until those roles are replaced. One of the best ways to keep your company growing is to retain core talent.
One of my favorite HR quotes goes like this, “Train people well enough so they can leave. Treat them well enough so they don’t want to.”
Truth be told, talent acquisition is not easy. You need to have a discerning spirit to be able to gauge if an individual can handle the job in question. You also need to identify if the individual’s career goals are in sync with your company’s goals. If the goals are in sync, that person is likely to stick by your company for a long time.
So how do you keep your best employees onboard?
Pay Well
The most common way to retain your employees is to pay them above minimum wage. If you cannot match up to what their worth, provide other perks such as good insurance policies. Well-compensated employees stick around longer than unsatisfied ones.
Reward your employees
Recognize and reward your best performing employees. Recognizing their work will make them know that you appreciate their efforts. You can do this through celebrating their birthdays, acknowledging their good work publicly or dishing out bonuses for a job well done.
Cultivate an input and feedback culture
When you incorporate feedback and input from your employees, they feel listened to. That will make them feel like you hold them in high regard. People are more likely to stay where they feel valued, seen and heard.
Avoid micromanaging your employees
Micromanaging employees can restrain productivity. It can also be a turn off for high-performing employees. Micromanagement injures psyche and takes away the opportunity for employees to create better results for themselves.
Invest in high-performing employees
As your employees develop their skills, track employee productivity and results over time to identify which ones stand out. Then work to invest in those employees with new opportunities for career growth.
Provide flexibility
With the onset of the pandemic, a lot of things in the work environment changed. Now, most workers prefer to work in hybrid offices. The blend of working from the office and remote working is what is ideal for most employees today.
Grant them ability to make their own decisions
Give your employees the ability to make their own decisions and be responsible for their outcome. Employees that are able to have control over their daily environment have a higher level of job satisfaction and stay longer.
Communicate effectively
Clearly communicate to your employees exactly what you expect from them. Be a boss who is approachable. A boss who employees can come to without fear of judgement or condemnation.
Create a safe working space for your employees
Your company should provide a healthy work environment in order for employees to thrive. Be one of the leading places to work and no employ will ever think of leaving.
Of course this list is not exhaustive. What other thing(s) do you think organizations can do in order to retain their best employees?