How do Successful Companies Retain Top Talent?
As an employer, we’re living in a time where workers have more control over the workforce. Talented and qualified people are in higher demand and are looking for a little more from their employers than previous generations. The millennial workforce is also now the largest working class and have a reputation for constantly moving from job to job.
Successful businesses have realized they must invest in retaining their top talent. They must do this while also planning for shorter employee tenures. This strategy keeps employees happy and with the company longer, while also keeping them as company advocates when they move on and transfer into a new opportunity. However, retaining top talent is still critical. There are a few things you can do to increase the likelihood of your team staying with you for the long-haul.
Here are 5 things successful companies do to retain their top talent:
1) Start Before They’re Hired
During the interview process, you’re making first impressions and discovering if candidates have the skills to match the desired role. How long they will stay at your company might not be top of mind, but it should be. Employee turnover is expensive and that’s why successful companies take precautionary steps before they make a hire:
Sell your “why.” All new hires should fully understand your mission and agree on how the company is moving forward.
Ensure the candidate wants the job, not just the idea of it. Find out exactly what they’re looking for and be sure you are being realistic about what this job entails.
Conduct a “stay” interview. Set up a half-day interview so the candidate can get a better idea of what it’s like to work in your culture.
2) Pay Attention to Onboarding
Onboarding sets the stage for the employee-worker relationship. The speed of the logistical process, and the level of training, can set the tone for either a productive or destructive relationship. In addition to proper technical training, be sure you are setting up your new hire to be well acclimated into the new culture.
3) Make Your Employees Feel Like an Asset to the Company
If your employees feel like they are making real contributions to the company, they will feel more invested and secure in their job. When you’re faced with an issue, get their input when you can. You’ll be surprised how many great ideas can form by just asking.
4) Provide Frequent Constructive Criticism and Praise.
Instead of conducting annual performance reviews, consider opting for a more direct real-time approach. When communicated in the right way, most employees will appreciate feedback that helps them improve in-the-moment. Consistent one-on-one meetings is a great time to provide your employees with ongoing feedback, advice, and praise.
5) Encourage Professional Development & In-house Promotion
Provide your employees with the means to further their skills and industry knowledge while at your company. This could be through continued education, seminars, or through new training opportunities. For those interested, assign special projects that challenge and stimulate their work, allowing them to focus on projects they can enjoy. Be sure they understand your company’s career development plans, and how they fit into the larger picture for the company’s growth.