How do I retain my best employees? - Top 5 strategies
Why is retaining employees so important? Turnover is a natural part of the working world after all. Employees can leave for any number of reasons, from new opportunities to relocation. The advantage of this is that your organisation becomes a dynamic place with a reoccurring rejuvenation of ideas and skills as your staff wax and wane.
But there are those whose absence is keenly felt. Pillars of the organisation, whether it be team leaders, team favourites, morale boosters or expert specialists who are too integral to let go. So what can you do to help retain your dream team?
Challenges in attracting and retaining employees
Ultimately, onboarding processes need to achieve two things. Attract the right talent and retain the talent you attract. On average, 250 resumes get submitted per position with only 4-6 receiving an interview. Statistically then, attracting staff is not a huge challenge but finding the right person is. This means that casting a wider net does not necessarily increase your chances for finding the right employee. Using precise in highlighting the right talent isn’t less, it’s more.
As for retaining, these creative ways to preserve employees can help you ensure that your very best remain your very best. Take a look at these strategies to retain high performing employees and the benefits in doing so.
Hiring colleagues in for the long run
One of the most effective techniques occurs even before you’ve hired them. Our recent article on candidate experience revolves around tailoring your onboarding process from the start to not only create a good first impression but also attract the kind of people who want to work for you. By examining your hiring strategy, refining who you’re targeting and ensuring the job description is clearly defined, you can cultivate employees who know what they’re getting in for.
Articulate your Employee Value Proposition during the hiring journey to ensure your proposition is clear from the beginning. Ten times as many employees quit after a year as opposed to five years in. Be transparent and employees that want to work for you will flow.
Make them an offer they can’t refuse
Salary is important and a strong motivator but it isn’t everything. 37% of employees leave their organization due to a lack of career growth while only 28% of departed employees cite pay as their reason. Giving more respect with more responsibility as well as a clear development path is crucial to motivating and retaining employees.
While other businesses can compete or even exceed salary offers, an organisation that provides learning and development opportunities to nurture and grow their employees will always do better in retaining their staff. Providing fair opportunities for development and promotion with reliable identification of high potential talent post-hiring is something we’re proud to offer at Sova. Ensuring these opportunities are signposted and achievable is not only great for staff retention, it’s vital for top performance.
Reward + Recognition = Retention
The top reasons an employee feels demotivated are feeling undervalued (43%) and lack of recognition (40%). Demotivation effects morale, impacts productivity and can ultimately increase attrition, the evolution of gradual loss of staff. On the other hand, companies with strong recognition culture can expect upwards of 31% lower turnover. Find ways to celebrate achievements. Techniques from employee of the month and staff awards to newsletters and companywide emails can make the difference in making your best and brightest feel valued.
Rewards don’t just mean monetary either, although this can be a good motivator. Team building events, extra time off, covering commuting costs, even something as simple as a free lunch can all help build a culture of recognition for achievements. Give your employees incentives, foster healthy competition with tangible rewards and staff will feel seen and appreciated.
What benefits you, benefits all of us
80% of staff would prefer more benefits over salary increases. Work from home options are commonplace now and as such won’t do much to retain high performing employees. Think about what you can offer that will show staff that their needs are the priority. Good health and dental plans are a great way to look after your people but aren’t always at the forefront. Gym membership discounts, yoga and Pilates lessons, day care services and flexible hours to cater to the different lifestyles of your diverse employees are all brilliant ways to create and environment that encourages retention. Ask your employees what they want to see and work with them to accommodate their thoughts. Even soft benefits like fresh fruit, free coffee and tea or other breakfast options can show that you care and as such worthy of the loyalty of your best.
Voice of the people
Lastly, retain your top talent by simply asking them how. Regular review meetings, open forums and other clear lines of communication with senior leadership not only provides insights into staff and the expectations they have but also increases the trust and appreciation between you. Making your people feel seen, heard and valued as stated before is crucial to retention. 90% of engaged employees intend on working at their organization for the next year, while only 47% disengaged staff feel the same. Listen to the people and what they call out for. When you can’t give them exactly what they want, work with them to create compromises. Where you can’t compromise, be transparent in your reasoning. Offer explanations and offer the consolations you can. By treating your best with respect and trust you can gain invaluable insight into their thoughts and feelings. With enough communication, you can head off demotivators before they’re even a problem.
How can we help?
Three words. Data, data and data. With the digital innovation of Sova Assessment you can engage with your business with ease and clarity. Identify areas of turnover accurately and pinpoint areas of improvement to retain your very best. At its core, Sova enables fair recruitment and development opportunity with unbiased and pragmatic approaches to selecting candidates who will thrive in your business.