With the unemployment rate at its lowest point in years, it's never been more important to keep hold of your best employees.
Attracting and retaining the top talent is vital for your business, and in today's tight job market, employee retention means more than offering a good salary and benefits.
In this article, we look at six ways companies can retain top talent.
#1: Offer flexibility
A strong work-life balance is incredibly important to the Millennial workforce, and that has trickled down to other team members.
Encouraging a work-life balance in your business goes a long way towards creating happy and loyal employees.
Consider giving your employees the mobility and flexibility they need. This may mean letting some staff members work 12-8 instead of 9-5. Or, perhaps it means staff can work at home a couple of days per week.
When your workers have flexibility, you'll find that not only are they happier, but they are more productive and loyal to your company.
#2: Practice team building
Today's workers want to feel like they're a part of something – they crave a place to belong.
Consider adding team building activities to your company's calendar.
Community service projects, recreational leagues, fitness challenges, painting classes, family get-togethers and more are great ways to bond.
This fosters a sense of family and lets your employees know you care about their social needs. This also encourages staff interaction and fosters camaraderie and a cohesiveness among your team that promotes retention.
#3: Empower your employees
To keep your top talent, you want your staff to feel like their opinion as well as their work product matters.
To retain your employees, give them a sense of empowerment. This helps them "own" their job and be less likely to leave it.
One way you can do this is through open communication channels. Make sure your staff knows what's expected of them. Hold regular meetings to check in and see how things are going.
Let your staff offer their opinions and thoughts in open, honest dialogue. This gives them ownership and buy-in.
#4: Provide leadership training
The number one reason employees leave a job is because of bad management.
Make sure you don't have any poor leaders on your staff as this can spell disaster for your employee retention plan.
Provide ongoing leadership and communication training for all of your managers – this means everyone, even those in the highest positions.
Just because someone can manage, doesn't mean he or she is a good leader. This takes ongoing training.
#5: Encourage growth
Give your staff opportunities to grow and learn. You want them to know and understand the advancement opportunities in your company.
This might be training you provide that helps them do their jobs better, or it could be that you create a career development plan with each employee.
This gives your employee a clear idea of where they can go with your company and the steps needed to get there.
#6: Recognize your staff
It's always nice to reward your staff with bonuses at the end of the year. But, this isn't always possible, and it's a long time to go without any recognition.
Your best bet is to recognize employees for their good work on an ongoing basis. This doesn't mean throwing money around all year long.
What it does mean is telling your staff how much you appreciate the work they do. This helps your staff feel appreciated and respected. This encourages them to stick around.
Do your best to notice when things are going well and praise the appropriate team members.
Retaining your top talent is profitable for your business. It saves you money because you aren't having to spend time and money to hire and train new people.
Employee retention is also encouraging to candidates when they're interviewing with you. If your company has a high retention rate, it usually means it's a good place to work.
Start working on your retention plan today, and you'll watch employee morale and retention rates rise.
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