Hello! Welcome to our blog. In this article we wanted to address the best way you can retain your top talent. If you run a small or medium scale business, it is important for you to maintain your employees as you drive forward to sustain and grow your business.
The cost of replacing employees is higher than most people think. Not only do you lose talent and have to make up their share of work, but you will also have to spend extra time and resources looking for a replacement. This takes valuable time and financial resources away from the growth and sustainability of your business.
So here are eight key steps you can take to ensure you retain your top talent. While these may require some effort and investment, they will still save you a greater cost of high employee turnover.
- Hire right
The best place to start retaining your talent is when you are hiring. Finding the right candidate that fits your business and is passionate about the work will contribute to the success of your business. Being transparent in what you are looking for and what the job entails is helpful in setting out a clear tone. Furthermore, you want to show talented candidates what benefits they get from working with you.
It is essential to craft the right message that accurately reflects your brand, values, culture and the person you are looking for. You may be using inhouse or external hiring agencies to support you in your hiring journey. Thus, it is crucial to work with a recruiting partner that can find you the skills and character you need.
- Onboard well
A well done onboarding strategy can improve employee retention by 82%. The next two months will require you to support your new hire with intention so that they feel welcomed, involved and valued. You can set up mentorship arrangements within your team so that senior employees will be able to guide the person you recently hired.
Even if you portrayed things well on your hiring stage, an employee may feel disillusioned if you leave them alone during the first stages of their work. The benefits may seem far off and they may get overwhelmed by the new environment and responsibilities. A good onboarding will help them navigate through unclear tasks and enable them to remember the benefits of working in your organization.
- Offer benefits
A good enough salary and management will not be competitive enough to keep your talented employees. Nowadays, it is easy to find work on different platforms. With businesses offering competitive benefits, it is important that your business does the same to retain your qualified employees.
These benefits include prioritizing a good work life balance, flexible work arrangements, health and wellness programs, a comfortable working space and modern office equipment. These steps can alleviate employee stress and burnout. Happy employees are more productive, goal oriented and have better coordination and teamwork.
- Communicate effectively
Communication breakdowns are a sure way to lose valued employees. From task clarity to professional and personal challenges, it is essential that you build solid and open communication with your employees.
A culture where your employees feel free to speak up and provide feedback will ensure they feel heard and at ease to address any challenges they face. Keeping them informed and opening up the space for them to ask questions is a key aspect of this stage.
- Give value and trust
Making your employees feel rewarded regularly will help make them feel acknowledged for their work. They will also strive to work harder when you acknowledge their milestones, however small they may be. Employees who feel appreciated are five times more likely to stay with the company.
Another key factor is to show trust to your employees and empower them to self manage. Micromanagement will often make them feel incapable and will take up your resources and time.
- Provide growth opportunities
Even the most talented people have room to grow. Employees become inspired when they feel they are on a path of improving their skills. If your business does not offer such opportunities, they may start looking for those who provide them with professional and personal growth.
Thus, training should be a part of your employee retention program. You should also provide inhouse promotions so that your employees feel their hard work will be rewarded and acknowledged.
- Develop a positive team spirit
All too often people will leave their jobs because of a toxic work environment. This happens when issues are unaddressed, communications are broken and problems are given time to fester into unresolvable differences. You can combat this by being proactive, addressing issues early on and promoting communication and bonding between employees.
Work events or paired tasks can be successful ways to build a positive team spirit and workplace culture. You should also have one on one conversations with your employees on any challenges they face and guide them towards positive solutions.
- Have a smooth turnover
Finally, despite all efforts, employees may still leave. Preparing for this and having an ongoing hiring process will help you keep a roster of talent that you can reach out to on a temporary or permanent basis to support your work when an employee leaves. It is also best to conduct an exit interview and discuss with the employee what they felt was a challenge and what could be done better.
Join us to have a reliable recruitment partner.
At AJ Connect we work hard to find you employees that stay with your business long term. We believe in establishing first class relationships with the businesses working with us. We strive to ensure the success of your business by finding you the right candidates for the job. Work with us to hire and retain top talent who enable your business to thrive.
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