Businesses that want to see success as the economy continues to improve should keep a close eye on their top talent. If your star employees don’t feel like they’re getting the most out of their jobs or feel that they’re underappreciated, you can assume that they’re looking for enticing opportunities elsewhere. High retention rates indicate that an organization is doing well in employee engagement, but a strong retention rate also means success in other business areas, such as sales and customer satisfaction.
Implementing the 10 tips below will encourage your high-performing talent to stick around and help create success for your company:
1. Conduct Stay Interviews
Instead of using exit interviews to find out why employees leave your organization, ask the employees that are still around what would make them leave your organization. Use this information to transform inefficient processes, raise morale and increase your retention rate.
2. Be Specific with Job Descriptions
People often leave a company after a short period of time because they were unaware of all the responsibilities that their new position held. To prevent short stints with new hires, spell out all of the duties—bad or good—required for your open positions.
3. Teach Managers People Management
Employees often cite their managers as the main reason they left or are planning to leave an organization. Spend adequate time training managers with direct reports proper ways to handle employee relations issues.
4. Communicate Openly
Information that is confidential or intended for a select group of people doesn’t have to be shared with the entire staff. However, frequently sharing information on company health, financials and major decisions with your workforce will keep them informed and engaged, which will help them remain loyal.
5. Promote Flexibility
Today’s employees view workplace flexibility as a necessary element in a total rewards package instead of as an added perk. If your employees can work from home a few days per week or start their days earlier or later depending on traffic, let them. They will show you more respect if you trust them to get their work done.
6. Give Clear Expectations
Be specific when assigning your team members projects. Give them clear expectations the first time so you both are satisfied with the end product. Taking this step well lessen confusion, frustration and unsatisfactory results.
7. Help them Grow
Providing your staff members with different opportunities to increase their industry knowledge or to strengthen their technical and soft skills will show them that you are willing to invest in their future. Send them to training programs or promote them to different positions to help them grow.
8. Manage Poor Performers
Poor performers with bad attitudes are not good company for star employees to keep. Poor performers can drain energy, happiness and productivity from your top employees. Make sure you address issues caused by poor performers immediately to maintain a positive workplace for each of your employees.
9. Involve Senior Leadership
Company leaders are always busy, but they are never too busy to allot some time to their employees. Encourage your senior leaders to leave their offices and mingle with their workforce. Have them meet new hires and sit in on departmental meetings. Making them present in the office will eliminate an “us” versus “them” mentality that some staffers may have if they never see their senior leaders.
10. Show Them They’re Valued
Employees who feel that their contributions matter to their organization are more likely to be productive and give their company a long-term commitment. Make your staff members feel appreciated by giving them constructive and positive feedback on their assignments and professional development. Often ask for their opinions on company decisions, and take time to get to know them personally.
For additional information or strategies to keep your top talent loyal to your organization, please call a member of CAI’s Advice and Counsel Team at 919-878-9222 or 336-668-7746.
Photo Source: Victor1558