Strategies to Retain Top Talent
There’s no getting over the fact that the job market is tight these days. It’s never been more challenging to retain top talent. Yet, one of the most valuable assets for a company is its employees.
Are there ways to retain valuable employees and keep them from leaving? Yes, and that’s what this article is about. We’ve put together some tips to help your business retain your best employees.
Why is Employee Retention Important?
Consider the costs involved with a high employee turnover rate. For one thing, searching for a new candidate is time-consuming, and it’s expensive. It may entail hiring an agency to help with the search, involve current staff in conducting interviews, and more. Once a new candidate has been found, it takes time and effort to train them.
Studies have shown that it can cost about 2.5 times an employee’s salary, based on their role within the company. Not only that, but their productivity lags, engagement fades, and more. The loss of a valuable employee is quite costly to the company on many levels.
However, when the focus is on retaining employees, things can turn around. The result can be increased performance, higher productivity levels, better morale amongst employees, and even better work. The benefits of focusing on retaining employees can be huge.
What’s more, employees who stay with the company are there for a reason. They’re happy and satisfied. Why is this important? These are motivated, talented individuals who view themselves as part of the company. They are geared to contribute to the company’s success. What could be more valuable than a team of employees like this?
Employee Retention Strategies
Here are some strategies your business can use to increase employee retention rates. Keep in mind these should start right during the recruitment process.
1). Retention Starts with Recruiting
Retention begins at recruiting. This is a concept that many businesses don’t understand. The key here is to identify those individuals who will best fit into the company culture and company goals. Then find individuals who will fit.
Remember, the longer a person stays with a company, the more productive they will be. It’s a bit like investing in the stock market. You invest in some stock that seems valuable, and the longer you leave your money in this stock, the more you make. It’s a similar concept to employee retention. The employee becomes more valuable to the company the longer they stay with the company.
2). Choose Candidates Who Will Stay
Another key is to choose job candidates who will stay. That may seem like an impossible feat; however, there are usually clues in their resume. Look for those candidates who have some longevity with past employers. Did they stay with their previous employer for years, through ups and downs? This usually indicates the candidate is loyal, engaged with their work/company, and they have quite a bit of perseverance.
Another indicator is an individual who has supported the business through activities such as team sports, volunteer work, and more. These individuals tend to invest in their team and the cause. They stay the course, too.
The candidates to avoid are those who are job-hoppers. This will be clearly shown in their resume. They’re looking for the “right place” and don’t appear to be interested in becoming a team player. Instead, they’re out for number one and will continue to move from company to company.
3). Ongoing Education and Advancement
Promoting from within is always the best way to retain employees and strengthen the company. Promotions and clear paths for advancement make employees feel valued and part of the company’s team.
Promotion and advancement, however, must be based on ongoing education and employee development. That’s the key. Businesses that don’t consider these to be important lose out in the end. They lose highly trained employees, who are their best asset.
Training may be done at all levels, from the lower-level work up to corporate levels. Training must include the development of new skills, learning to use cutting-edge technology, new processes, and more. These programs can be supported by tuition (reimbursed by the company) for outside training.
Nothing makes an employee feel more valued. In this way, employees can see possibilities for promotion and advancement, no matter what level of the company they work with. These employees tend to stay with the company, rather than job-hop looking for a better position.
Learning and clear paths of advancement are the core of retaining employees. The costs involved in this process are much lower than those when hiring and training new personnel.
4). Benefits Matter
Benefits and perks are another way to retain valuable employees. With the right mix of perks and benefits, employees are invested in the company, happier and more satisfied in their work, and more. However, the usual benefits are not enough to retain staff these days. Benefits and perks must go beyond just health insurance and paid sick leave.
The key here is to offer benefits and perks that are valuable to the employee. Consider that many employees have families, they may be single parents, have health issues, and more. What types of benefits would help make their lives a little easier?
Some examples of benefits in this area include:
- Flexible work schedules
- Working remotely
- Paid leave policies
- Employee wellness programs
- Employee concierge programs
- And more
Benefits and perks of this nature can truly make a difference for employees. These are life perks that would mean less stress, easier commutes, more focus at work, and even better productivity. That’s because employees are humans who lead very busy lives. They would welcome the assistance of these types of benefits.
Summing It Up
Now’s the time for employers to get serious and choose to retain employees rather than letting them go. Employees are the backbone of any business. The key is to find the right strategy and the right mix of benefits, education, and advancement to keep employees engaged and feel they are truly part of an organisation that values them and their work.
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