Before we delve into this topic and demonstrate how to retain employees, it’s important to note that in today’s work culture and trends, it has become increasingly challenging to retain talented employees, especially top performers. However, this doesn’t necessarily mean that it’s impossible to do so.
So now the question on your mind probably is; how do you achieve this? It’s very easy, way easier than you even think, and in this article, you’ll be discovering just how to keep your talents close and ensure they keep choosing you.
Why is employee retention important?
Whether you’ve realized it or not, there’s a continuous shortage of top talents in the country due to many factors, primarily emigration otherwise known as ‘japa’. But what’s even worse is the fact that this isn’t stopping anytime soon as the economy isn’t getting any better.
Organizations that are successful in achieving high employee retention rates enjoy several advantages in meeting business goals and in recruiting new hires. This is because a well-executed employee retention strategy is a significant competitive differentiator.
Consequently, a company’s ability to retain its talented workforce, especially in tight hiring markets, can have profound implications for its ability to operate at a high level, without the disruptions that employee turnover brings.
How to hold on to your top talents
Losing top talent can be costly, both in terms of time, money spent on recruiting and training new employees, as well as the loss of institutional knowledge and experience.
Here are some strategies we recommend you consider to keep your most valuable employees engaged and motivated. By doing so, you can safeguard your company’s future success and maintain a competitive edge in your industry.
1) Identify candidates who’ll stay with you and those that share your vision:
Doing this is easy, all you need to do is look at their work history and you’ll know those who have displayed loyalty and those who move around at every opportunity. Also identifying candidates for whom your organizational story resonates is key because when top talent feels that they have shared values with their employer, it increases the likelihood that they will stay longer with the organization.
2) Offer competitive compensation
With the wide scale remote work today, you’re competing with everyone else including giant companies for talents. So retaining what you have is highly dependent on how competitive your offer is with what’s being offered out there.
3) Provide paths to career advancement for your employees
Making your employees feel they’re valued doesn’t just come with good compensation packages, so go ahead and provide education and development opportunities for them
4) Allow Remote Work
Let’s face it, top talents will always favour remote working options to whatever else you’re offering, therefore, you need to consider this if you want to retain your talents.
5) Appreciate their input
Positive feedback from you to your employees boosts their morale, keeps them motivated and leaves them skeptical of leaving you because they don’t know what the culture might be like somewhere else.
Conclusion
Retaining your top talents can become very easy for you if you implement the strategies highlighted in this article, no matter the challenges this possesses in today’s work culture. It’s also worth noting that being a great person helps, as no one would like to work with a terrible human, no matter how much you’re paying them.