Tips for Retaining Valuable Employees

The average cost-per-hire stood at a staggering $4,129 in 2016. On top of that, it took 42 days to fill an open position. With so much time and money spent recruiting, it makes sense that a company would want to retain the talent that they have once they’ve gone through the rigmarole of recruiting a quality candidate and finally have them in-house.

However, with factors like low unemployment rates, rising automation, and an ever-evolving corporate landscape, it can be difficult to retain valuable employees. This ongoing race for talent requires a proactive effort to maintain the best of the best on your company’s roster.

With that in mind, here are a few tips and suggestions for ways to create an attractive employment situation aimed at retaining your top talent for a long time to come.

Perks and Benefits

It all starts with what you give your talented employees. Praise and thanks will only sound like empty platitudes if you don’t back them up with tangible benefits that come along with working at your company.

Some obvious perks and benefits include:

●     Good health insurance.

●     Paid time off.

●     Sick days.

●     Family leave.

●     End of year bonuses.

●     401(k) retirement plans (and matching contributions).

If you’re looking to create an attractive benefits package that surpasses your competitors, consider going above and beyond with things like:

●     Generous holiday time off.

●     Opportunities to work remotely.

●     Flexible work schedules that focus on productivity rather than hours.

●     Half-days on Fridays.

●     Casual dress code days.

●     Reimbursed mileage for driving to work.

●     A company car (in select cases, obviously).

There are literally endless options when it comes to perks and benefits that you can offer to your employees. The important thing is that you consider what you’re able to do, financially speaking, and then select perks that help you stand out against competitive recruiters within your industry.

Empower Your Employees

Very few managers set out to micromanage. And yet, so many employers end up doing exactly that. If you consciously make efforts to step back and allow your employees to take on responsibilities, you’ll find that everyone is left in a better position.

Decentralizing your company’s authority structure is an excellent way to demonstrate respect and deference to your talented workers. It shows that you appreciate their willingness to commit to your company, and it naturally fosters a sense of trust and loyalty.

Pay and Develop Your Talent

If there are two talent retention elements that stand out like a sore thumb, it’s compensation and talent development.

To start with the former, you must pay your employees well. That doesn’t just mean paying them a reasonable salary, though. You should also explain your compensation structure so that they’re not left in the dark.

In addition to the obvious retention strategy of paying your employees well, you also want to consider the critical concept of challenging and training them on a regular basis. If an employee isn’t given the chance to continue to grow while on the job, they’ll atrophy.

In the fast-paced modern world that is constantly changing, this is particularly important. It’s crucial that you enable your talent to flourish. If you’re not sure how to do this yourself, think about hiring a chief learning officer to oversee organization-wide learning efforts.

Consider Your Work Environment

The work environment that you provide can have a huge impact on employee turnover. If, for instance, you foster a sense of camaraderie, teamwork, and collective success, you’re more likely to retain your talent over time.

In addition, your office decor can heavily factor in to employee retention. Focusing on things like lighting, comfort, sound control, and traffic patterns can help an office function smoothly and keep everyone happy.

Keep Everyone on the Same Page

One of the easiest ways to foster disgruntled employees is to neglect proper communication within the workplace. If employees and employers are unable to maintain holistic alignment, time can be easily wasted and frustrations will quickly arise.

Performance reviews are a particularly effective way to keep everyone focused on a shared goal. They enable employees and employers alike to align themselves on a regular basis. This, in turn, leads to employees who are more deeply satisfied with their work and feel that they are genuinely contributing to a greater whole.

Retaining Valuable Talent

Recruiting is a competitive business these days, with companies constantly striving to skim the best employees off the top of the talent pool. While it’s important to have a solid offensive strategy in place as you headhunt, it’s also essential that you defend your own front lines by incorporating quality retention measures into your own workspace.

Things like employee empowerment, quality compensation, and good perks and benefits all take the pressure off of your hiring team. In addition, they help your company function more effectively over the long term as your valuable employees remain in place and focused on your company’s mission and goals over the long term.