One of the best ways to keep your company growing is to retain core talent. Here are eight Simple Solutions to keep your best employees on board.
Companies highly value employee retention because it costs time and money to replace employees, especially productive ones. Having talented employees leave your organization can also cause strain on existing employees that have to take on extra work until those roles can be filled. Given this, retaining your top employees should be a priority. Here are eight tips for keeping your very best employees.
- Pay above-average salaries
One of the most obvious ways to retain your top workers is to offer better-than-average salaries and excellent benefits. This can lock employees in and encourage them to stick around for the pay and perks alone. You can also provide a specific retention bonus to give an incentive to stay with the company.
- Allow employees to speak their minds
While it might seem small, creating a culture where employees can freely speak up – within reason – can keep employees engaged and wanting to stick around. Many employees may not want to speak up for fear of retribution, so it’s important to make sure workers feel comfortable calling out things they’d like to see changed.
- Show appreciation and respect
On top of pay, make sure you regularly show your top employees that you appreciate them. This can include publicly recognizing employees on their achievements, celebrating birthdays, giving bonuses, and providing positive reinforcement.
- Encourage input and feedback
Employees want to know that you’re listening and really hearing their feedback. Use engagement tools to survey how workers are performing and generally feeling. Then respond to your employee feedback in a timely fashion.
- Don’t micromanage
You may have been told before to not micromanage employees because it can hamper productivity, but it can also turn off high-performing employees from wanting to stick around. Micromanagement both harms morale and takes away the opportunity for employees to create better results for themselves.
- Identify and invest in high performers
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.
- Offer the ability to grow
It may be tempting to keep your best employees in the same position with the same duties. If they are performing above expectations, why change what they are doing? But employees who do the same tasks, again and again, can also grow complacent. If they ask for more or to change things up, entertain the idea seriously.
- Provide flexibility
Even before coronavirus and remote work were top-of-mind topics for many companies, flexible work schedules were sought after by employees. Flexibility can provide a significant incentive for your best workers to stick around.