Effective retention strategies to minimize the risk of losing your top talent

6-ways-to-retain-your-best-employees

There are many reasons why employees decide to move on, however fostering a good workplace environment and culture can minimize the chances of your employees looking elsewhere.

Increase your employee retention rate by adopting these effective strategies:

Increase your engagement

Employees need to feel a sense of belonging in the workplace. Implement initiatives to ensure that employees are treated in a way that makes them feel proud to work at your company. Communication, respect, and collaboration are all key to an effective engagement strategy. Covid-19 has prompted many companies to adopt remote work policies and while there are benefits to this arrangement, this can also cause employees to feel disconnected and isolated. Make use of collaborative software such as Zoom or Microsoft Teams to host virtual meetings and regular catch-ups to keep your employees connected.

Flexibility

A flexible and mobile working environment will not only make your employees happier, it’s also known to increase productivity. Their working preferences and personal circumstances can all be catered to. A healthy work-life balance is important for most and flexible work policies can help fit their work around their lives without compromising on their productivity. As an employer, set reasonable measures and performance metrics in place to keep them focused.

Career development

Lack of professional growth and career options are one the most common reasons why employees leave for another company. Promoting employees where possible, encouraging professional & personal development, and providing your employees with the right resources demonstrates that you are invested in them and want them to succeed. Work together with your employees to create tailored career development plans to encourage growth and success.

Rewards and benefits

Sometimes praising your employees may not be enough to keep them. Reward good employees for their hard work. Salary increments, additional paid leave, a better medical plan and other benefits can be the difference in retaining your employees. Investing in a good employee care program can be expensive but not everything has to come at extra costs. Even small incentives or perks such as leaving work early every month or the occasional corporate discount can go a long way.

Communication

Establishing open and transparent communication is key to developing good working relationships with your employees. Expectations can be managed, and challenges are easier to overcome when there is honest communication on both sides. Project an open mindset and your employees are more likely to reciprocate.

Hire the right person

Talent retention begins with the hiring process. Many companies rely on candidates matching their basic requirements and fail to recognize whether a person is a culture fit for the company. Does the person meet your company values and culture? Is the person you hired able to thrive in the type of work environment your company has? If the answer is no, this person may not be with you in the long run.

 

This article is contributed by Chandler Macleod.

Back to Insights

Market Update

Get the latest update and best practices in recruitment.

Need Help?