While it’s essential to attract exceptional new hires, companies shouldn’t overlook the importance of keeping the talented employees they already have. Top organizations focus on retention because it lowers the costs of frequent hiring and it creates a work environment with more long-time employees. Keep reading to find out what techniques leading companies are using to hold on to their top talent.
When I talk to professionals who are looking for new positions, one of the most common reasons they give is that they aren’t being challenged in their current roles. When driven employees don’t see opportunities for growth within their company, they’ll go elsewhere to find them. You can address this issue by offering training programs, the flexibility to transition to new departments and a variety of advancement paths.
Of course, every employee is different, making it difficult to determine whether an individual feels challenged or not. Schedule regular check-ins between employees and their managers, with the goal of discussing how the employee feels about her growth and the opportunities available for her at your company.
Make Managers into Mentors
A manager can have a huge impact – for better or worse – on an employee’s performance, growth and loyalty. So it makes sense to evaluate your company’s culture and determine whether your managers are more like sheriffs or mentors.
To develop the type of leadership culture that drives employee loyalty, encourage managers to go beyond simply pushing employees to meet the bottom line. Give them effective tools and strategies for helping professionals build new skills and foster long-term growth.
I once worked with a manager who would occasionally hold back on giving her employees the resolution to a problem, even if it was it was immediately apparent to her. By allowing them to work out a solution on their own, she helped her employees gain more confidence and broaden their range of skills.
Consider Compensation and Technology
When certain employees are doing an excellent job, it makes sense to reward them monetarily beyond their regular salary. While most sales positions already have this type of structure in place, consider providing additional, performance-based compensation for other roles, especially project-based positions.
Technology assets are another important aspect of retention that many employees overlook. Professionals can be frustrated by outdated technology tools, especially if they’ve worked with better systems and solutions in the past. Stay abreast of your industry’s standards and get feedback from employees on whether your existing technology is keeping them from doing their best work.
What other effective retention strategies have you observed? Let us know in the comment section below.