With the labor market remaining tight, competition for top talent is as fierce as ever. As a result, companies need to focus not just on recruitment, but retention as well, ensuring that they do not lose their best workers to other businesses.
Your top performers are an asset, so treating them as such is critical. Plus, retention helps you lower your recruiting costs, positively impacting your bottom line. If you are tired of losing your best workers, here are some tips for boosting retention.
4 Ways To Boost Employee Retention Rates
Make Your Expectations Clear
While it may seem strange that clear expectations can enhance retention, it is true. Employees prefer to know exactly what management wants from them, allowing them to perform in accordance with the organization’s priorities and preferences.
Plus, fluctuating expectations increase stress. Similarly, not knowing what their manager wants leaves them guessing, and that is not a comfortable feeling. Strive to outline your expectations from day one and touch on the topic regularly to keep everyone on the same page.
Support Employee Feedback
While giving workers feedback is usually a standard business practice, not all companies provide employees a platform to express their thoughts regarding their managers or the company. By creating such a mechanism, you can learn about pain points or shortcomings that may be harming retention. Then, you can take corrective action to craft an environment that allows your top performers to thrive.
Most of your best and brightest have not reached their professional peak. Instead, they have aspirations beyond their current role and are eager to explore emerging technologies and innovative ideas.
By giving them opportunities to experiment, learn, and grow, you are increasing engagement. Find training mechanisms that allow for skill development, encourage them to explore their ideas, create room for failure, and otherwise develop a culture where ideas can be shared and are allowed to flourish.
Plus, if you outline clear pathways for advancement and plan for their professional future, you are not just helping them achieve their goals, you are also handcrafting the leaders you will need in the future, which most would consider a win-win.
Make Recognition a Priority
While you may believe that your top performers know they are valued, if you are not directly recognizing their individual contributions, they might not. Acknowledging their efforts, either publicly or privately, is essential if you want your best and brightest to know you appreciate what they do. Similarly, giving them proper credit is also vital if you want them to feel secure and supported.
Everything from a quick “thank you for handling [task X]” to a formal recognition event can work. Performance-based bonuses or raises, small gifts, and access to more perks are also great options.
Looking for employees?
Ultimately, by following the tips above, you can improve retention at your company. If you would like more information about how you can keep your best workers, the team at TRC Staffing Services can help. Contact us to speak with one of our staff members today and see how our employee retention expertise can benefit you.