When you successfully hire top talent, the next challenge is to keep them onboard long term. A high turnover rate can wreak havoc on your productivity, budget, and morale. If you are losing your top people, try these retention strategies:
Review Exit Interview Data
Exit interviews can provide valuable insight into common reasons your best employees leave. Review the responses to determine if there are clear trends that highlight where you should focus your retention efforts.
An employee’s first day sets the tone for their likelihood of success. Prioritize onboarding more effectively and ensure you are giving them the information, tools, and resources they need to excel. Encourage open communication and for employees to come to you or their colleagues with any questions or concerns.
Cultivate a Positive Culture
Company culture is often the make-or-break factor for job satisfaction. Cultivate a positive culture by defining your company’s mission and core values and using those to lead your decisions, from the day-to-day interactions among colleagues to more overarching business choices.
Invest in Development
A common reason top talent leave organizations is because they think it’s the only way for them to advance in their careers. Invest in professional development so your employees know they have a future with your company.
The job market has gone through some drastic changes in the past few years, so ensure you are paying current market value. Research salary comparisons, either for free online or through a paid source, to review factors like your industry, geographic location, company size, and the specific job titles. If needed, improve your compensation or perks to keep employees.
Offer Work-Life Balance
Time is often considered more valuable than a higher paycheck. To keep your top talent satisfied, ensure you are offering work-life balance. Make it easy for them to take time off to recharge, be flexible with scheduling as much as possible, and have boundaries in place, so they don’t feel they need to do work during off-hours.
Give Regular Feedback
A common source of frustration for employees is not having clear expectations regarding their performances. Give regular feedback, so your employees understand their strengths and challenges from your perspective so they know where to focus their efforts.
Recognize Their Achievements and Milestones
Employees want to feel valued and like their effort is noticed and appreciated. Recognize their achievements and milestones, such as with a gift or even just a handwritten note, to show that you care about them as individuals.
Have Coverage Plans in Place
Turnover can cause a chain reaction, in which your remaining employees end up having to take on additional workload until a replacement is hired. This can then result in burnout and make them more likely to leave. Prevent this by having coverage plans in place for times of being short-staffed, such as working with a staffing firm for temporary employees.
Land Top Talent with PrideStaff
Build a team of qualified employees with PrideStaff San Jose. As an experienced staffing and recruiting firm, our mission is to help employers achieve their staffing goals through strategic recruitment. Contact us today to learn more about our client services.