Retaining top talent can be an art form and the key to your company’s success. Most millennials, who make up half of the workforce, feel little company loyalty and are willing to speak with recruiters and switch jobs.
Hiring new employees is expensive, time-consuming, and can cause a dip in overall employee satisfaction, not to mention that sometimes employee departures can become contagious. With thoughtful, deliberate planning and the right system in place, you can support the growth and skills of your best employees as they support the growth of your company.
Here are seven ways to keep your employees happy and engaged and make sure they’re willing to stay at your company for the long term.
Be clear about expectations and company goals.
At some point in the hiring process, employees need to know what’s expected of them and how their performance contributes to the overall vision of the company.
Create an open and honest work environment.
Make yourself accessible for those quick in-the-hall meetings that often happen by chance. But also set up a system of regular sit-down meetings where employees’ concerns are heard and validated, and constructive criticism and praise are doled out. Employees must feel their opinions are valued and make a difference.
Provide opportunities to grow and learn.
This can come in the form of tuition for continued education classes, job shadowing, or a mentor program. Employees should always be given challenging, stimulating work and know there is room for advancement at your company.
Recognize and reward good work.
Cash bonuses and company trips are great, but sincere, specific praise—either publicly or in private—is also important. Employees must feel they’re valued and respected and their performance is directly linked to the success of the company.
Encourage team cohesiveness.
Make your employees feel more invested in one another with team activities and social outings. Such camaraderie can enhance the atmosphere in the workplace and make employees feel more connected to one another. They are less likely to leave your company if they have formed lasting relationships.
Encourage and support flexibility.
People want better salaries and benefits packages, but they also value flexible work schedules, PTO, and remote work opportunities. They want to feel valued, well taken care of, and have a good work-life balance. If possible, provide more learning opportunities, an on-site fitness center, a casual dress code, on-site daycare, and even daily catered lunches.
Invest in up-to-date tools and technology.
Equip your team to collaborate from anywhere and offer them quality tech support to remove barriers to their daily productivity. This may be expensive, but it shows you care about their productivity.
All of these strategies are investments in the satisfaction of your employees and thus, cost far less than replacing your top performers. For more information on what it takes to retain talented employees, contact us today!