Retaining Your Top Talent: Tips From Top Recruiters

Retaining your most talented team members may seem like a magic power. As a business owner or hiring manager, how can you prevent competitive recruiters from poaching your best talent? Is employee turnover always just about money? Are there other ways to keep your best people from jumping ship to a competitor?  

 

Oxford University research found that a happy workforce is 13% more productive, while Gallup estimated that only 23% of workers were fully engaged. Disengaged employees cost the global economy $8.9 trillion in 2023. What is the cost of disgruntled, disengaged workers for your business? Optimal employee engagement can lead to greater productivity and, in turn, higher profits.

 

This article discusses effective employee retention strategies beyond just a larger paycheck. These sales recruiters’ tips include a positive work environment and strong company culture, the opportunity to grow, recognition for a job well done, and flexible work hours—especially the opportunity to work from home.

 

CulverCareers is an award-winning recruiter that goes beyond just filling open positions. We match top candidates with the best businesses and offer Employee Engagement consulting and Employee Retention Services.

 

How Employee Turnover Hurts Your Business

Are your seasoned employees racing to the door? High employee turnover can hurt your company’s bottom line in the following ways:

 

• The expense of onboarding a new employee
• The time it takes to train
• A new hire may not be as efficient or knowledgeable
• Long-time employees who leave may take expertise and clients with them
• Can lose money if it takes a while to fill the role
• Employee turnover and frequent departures can be contagious and cause low morale

 

To prevent high employee turnover, you can offer a competitive compensation package, allow flexible work schedules, offer continuous learning opportunities, provide clear career paths, and help employees achieve their professional goals. You can also recognize and incentivize worker successes.

 

Why Do Employees Leave?

There are various reasons why workers leave their current roles. However, it’s worth looking at recent trends and statistics. As of 2024 and following the COVID-19 pandemic, more than half of the nation’s workforce (54%) are millennials (36%) and Gen Z (18%). Why do millennials have such low company loyalty? A 2024 Deloitte survey found that nearly 90% of millennials and Gen Z employees believe having a sense of purpose contributes to job satisfaction. They consider continuous development and flexible work hours more important than cash bonuses. They are less likely than older generations to feel “blind loyalty” to a company that doesn’t satisfy their needs, making them more open to switching jobs. 

 

The top reasons employees quit are:

 

• A better offer came along.
• Their job description and the actual tasks don’t match.
• They feel underappreciated.
• There is a lack of career advancement.

 

How do you reduce employee turnover? Start by listening to what your employees consider most important. Employee retention strategies include a positive work environment, growth opportunities, recognition for a well-done job, and a flexible schedule. Consider adjustable hours or a hybrid workplace where they can work partly from home.

 

What Employees Are Looking For

Our CulverCareers recruiters have vast experience helping companies create a positive work environment that benefits employees and their employers. These are their recommendations for encouraging employees to stay at your organization long-term.

 

Other than increased pay, what do employees want in the workplace? They value a positive work environment, professional development, and growth opportunities, recognition, a healthy work-life balance, a compensation plan that recognizes the cost of living, generous benefits, and nice perks. 

 

Good work environment

A positive workplace features open communication and transparency. This begins before they arrive, with accurate job descriptions so they know what the company expects of them. Employees’ concerns are heard and addressed. They receive praise and constructive criticism and feel that their opinions and contributions make a difference. 

 

Opportunity to grow

Provide opportunities for your workforce to learn and grow. Professional development and continuous learning also help your business.  

 

Recognition

Develop an employee recognition program that rewards your top employees for good work.

 

Flexibility 

Promote policies that support a healthy work-life balance. Consider offering flextime, the option to work at least partly from home, and generous parental leave. Prioritize mental health. 

 

Pay

Competitive pay is always essential. Keep up with the cost of living in your region. Develop a compensation strategy that includes bonuses, raises, and benefits.

Benefits and perks

The most desired benefits include health insurance, retirement benefits, paid time off, and help with transportation and childcare. A wellness plan and catered lunches are popular perks. 

 

CulverCareers: Your Partner in Recruiting and Retention

At CulverCareers, we offer employee retention and hiring services that go beyond filling open positions. Our employee retention counseling leverages more than four decades of experience helping our clients develop strategies to keep their top employees engaged and productive. We also offer clients employee engagement consulting that helps you increase productivity, improve retention, and boost customer satisfaction and loyalty.

 

Learn how to build a workplace that will attract talent and keep your best employees happy and loyal by contacting us for retention strategies and advice.