5 Ways to Hold On to Your Best Talent
Any company’s greatest resource is its people. No matter how impressive its products/services, a company would cease to function if not for the employees who keep it going. This may sound obvious, but it’s remarkable how often business leaders overlook the happiness and satisfaction of their own workers when developing strategy. A high turnover rate isn’t just bad for a company’s bottom line, it can discourage others from applying to fill those positions. A quick Google search will reveal for all to read some candid accounts from former employees. If you don’t work to maintain morale within your own company, the consequences can be long-lasting. Below are a few areas that commonly determine whether employees stay or leave.
Is your company’s compensation package competitive for your industry and location? It might seem too costly to increase wages or boost benefits packages, but how much more would it cost to hire and train a new team? Be careful when weighing the cost of employee compensation; inaction might be much more costly than you realise.
Give employees the opportunity to develop new skills and move to different positions within the company. If they’re getting burned out or bored at their current position, a change of pace could do wonders for their engagement. Many workers are curious and passionate but feel stifled by the limitations of their current role. Make an effort to promote from within the company rather than hiring outside talent for higher positions. These opportunities don’t just keep employees interested, they provide reassurance that each employee has a future at the company.
Does your company’s culture meet the desires of a new generation of workers? Do you offer flexible hours or the option to work from home? Millenials are more likely than older generations to change jobs, so it may be worth giving their needs some extra attention. If your workplace culture needs a refresh, it could do wonders for employee satisfaction.
Do your workers share your vision for the company? Do they even know what your vision is? Make a point of sharing your strategy and goals with the entire team. Include them in decision-making processes as much as possible. If they don’t know where the company is headed, they may start to lose confidence in it.
Have you taken the time to get to know your workers? Problems in the office are often inescapable for workers but invisible to managers. Check in regularly with your workers make sure that everything is running smoothly. If you have an HR manager, make sure that they are accessible and open to input.
These key areas can make or break a company’s retention rate. If you do well with each of them, you’ll go a long way toward fostering a team of happy, engaged workers.