How to Retain Top Talent

How to Retain Top Talent

If you’ve spent an enormous amount of time finding the right person for a job, the last thing you want to do is lose them to another company. However, there’s more than just the direct cost of replacing an employee that has quit.

When you need to replace employees on a regular basis, customers may wonder why people are constantly leaving your organization. Furthermore, finding a new employee and training them for a position takes time. This often means that managers and other senior employees are having to spend time working with new employees instead of handling their own tasks.

There are a variety of ways that organizations can obtain and keep motivated and effective employees, and most require making small but beneficial changes and do not require large investments of money.

Promote from Within
The people that you are most likely to be familiar with are your own employees. By hiring from within, you’ll know for a fact that a particular person is a hard and dedicated worker and won’t have to rely on outside references or a resume. Another benefit of promoting from within is that employees are more likely to stick with your organization. When employees know that they have a future with an employer, they generally work harder and are more invested in the success of the business.

Training Helps you and Assists Employees 
It may seem like employees should be able to pick up a job as they go along, especially if a person has prior experience in a similar position. However, the reality is that each organization has a different way of doing things, and people who haven’t been trained, no matter what their level of experience, are far more likely to feel less confident doing their job and making decisions than someone who has been trained. Further, lack of training leads to increased turnover; studies show that 40 percent of employees with little or no training quit in their first year.

Groom Entry-Level Candidates

Along with using training as a way of ensuring that people are comfortable with and knowledgeable about their jobs, training can also allow you to take less experienced or educated employees and prepare them for advancement within your organization. In addition to providing internal training programs, many companies have found success by reimbursing employees for the cost of attending training or obtaining a degree related to their field of work. These employees are more likely to be loyal to your organization, and education and training opportunities can help to attract top-tier candidates.

Make Sure Job Expectations Are Clear
One issue that many employees have is that they are unsure what their specific job responsibilities are. While a department may be tasked with performing certain functions, it’s important for employees to know who exactly is responsible for ensuring that particular things happen. Individuals need to know who will be credited with failure or success and what the exact standards that they are expected to meet are. When this is not the case, people may feel frustrated or that they are being forced to do other individuals’ jobs for them.

Ask For, And Listen To, Feedback
Employees will tell you what they want, where things are going wrong and what changes are needed, but you have to ask them for information or at least be open to receiving it. Many employees become frustrated with an employer and leave an organization because things are going wrong and concerns are being ignored. Employees are a company’s point of contact with customers and the individuals who are most familiar with what does and does not work. In addition to having an open door policy with regards to employee feedback, it’s also important that suggestions and criticisms are addressed and taken seriously.

Rewards With More than Cash
People who work hard for a company deserve recognition for their efforts, but many companies struggle to provide financial rewards for individuals who go above and beyond. However, there are other ways to offer employees who stand out a reason for doing so, and many individuals do not require monetary incentives to work harder. Along with bonuses, businesses can also offer perks for top performing employees that don’t necessarily cost a lot of money but are still attractive to workers, such as the ability to work from home.

The Harvard Business Review completed a study that determined that employees generally work better in an environment where hard work is rewarded. Multiple studies have also shown that things like autonomy, recognition and the feeling of being valued are just as important as pay.

Providing incentives for employees who work hard, defining their job roles and ensuring that people have a path to promotion within an organization can help ensure that people stay with a company and are loyal to the organization.

Andrew was the Marketing Lead at Jobr. He's pretty gosh-darn lit!

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