After you put in the time, effort and investment to hire the best employees possible, you need to retain that talent. Salary, retirement plans and vacation benefits are high on the list of why those great employees took the job, but they are not good enough to keep them in your employ for the long haul. Job satisfaction will increase your employee retention rate. Here are a few strategies you can use to retain your talent.
- Create an environment that makes your employees feel like an asset to your company
Don’t make them feel like overhead. Allow them to feel secure in their job. Greet them by name, letting them know that you know who they are and what their contributions are to the company. Get their input about rules or changes that may need to be made. Encourage goal-setting and let them make their own choices as often as possible.
- Make expectations and goals of the company clear.
Be sure you have job descriptions so your employees know what is required of them. If there are changes that need to be made, don’t expect them to learn that by osmosis. You must communicate directly and clearly. Good employees want to please you, but they need to know what it is they need to do to make that happen.
- Create an open and honest work environment.
Give feedback on work performed and be willing to listen to the concerns of your employees. Be open and listen to new ideas. Accept suggestions for problem-solving. Be available and open when your employee asks for your guidance. Keep your top talent informed about what is happening with the company – don’t let rumours take over. If there are problems or set-backs, communicate this.
- Provide opportunities to grow and learn, and let your employees know there is room for advancement in your company.
Give challenging and stimulating work. Tap into their passion and allow them to focus their time and energy on projects they can enjoy. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
- Recognize and reward good work.
Monetary bonuses are always nice, but recognition of a job well done goes a long way to creating good will and loyalty. In order to retain talent, you must make them feel appreciated, respected and worthwhile.
- Hire the right people
By working hard from the start to select individuals with the right talent for the role, organizations end up with workers who are the right fit for the company and the culture. These employees are more likely to become top performers who use their strengths every day and are more likely to stay and grow within the organization.
- Mould jobs to people, not people to jobs
Playing to employees’ strengths is far more effective than trying to improve their weaknesses. When managers possess a deep understanding of their employees’ strengths, they’re able to shape each individual’s role to make the most of that person’s talents. This feeds employee engagement and motivates employees to stay. Crafting jobs to maximize people’s talents also builds stronger teams. By orchestrating each individual’s strengths to fit the team’s goals, leaders promote workgroup engagement and drive team performance.
Above all else, an effective hiring process builds the foundation for all of the tactics listed here. Position yourself to choose candidates who are a good fit for both the job and the organization: Be sure to determine what competencies and skills are required for success, and then use valid hiring tools to identify individuals who possess these characteristics. You’ll be rewarded, not only with a strong employee retention rate, but also with loyal employees who contribute to your organization’s success for the long-term.