Many industries are facing a staffing shortage, with new workers difficult to find. Your business can’t function without the people needed to run it. Not to mention the high cost of employee turnover in the form of morale, reputation, and re-hiring expenses. So when you have good employees on your payroll, it’s critical to hold onto them. And you can do that by following a few smart strategies.
Five ways to hold onto top performers
You can improve employee retention with the following tactics:
- Recognize and reward. Everyone likes to feel their efforts are being appreciated. So when an employee has gone above and beyond, or finished a big project, or done a great job—say thank you. This could be as simple as an email or as elaborate as a monetary reward. You might mention them in the company newsletter or on the intranet, or just send them an email. But, however you choose to say thanks, be sure to do so.
- Set consequences and follow through. Nothing can be as frustrating to high performers as working alongside slackers who continue to do the bare minimum and get away with it. Set performance standards and make it clear to all workers the consequences of not following them. Then, follow through and deal with under-performance.
- Provide advancement opportunities. If an employee works hard, they will want to know what’s next. Top performers want to continue to grow and advance in their careers. By offering opportunities for learning, growth, and promotion, you’ll be much more likely to keep the best employees in the company—rather than losing them to competitors.
- Offer competitive pay and benefits. This is one of the easiest ways to hold onto your top workers. Company cultures are all fairly similar for many employees and may not even matter since many workers are now finding themselves remote. Holding onto your employees will often come down to dollars, so be sure to keep pay competitive and benefits comparable to those offered by other companies.
- Empower your employees. Give them a voice within the company. Ask for their thoughts and ideas for how to improve processes, and put good suggestions into practice. By letting your workers have a say in their own work, you’ll help improve their commitment to their job and loyalty to the company.
Need help finding staff?
Sometimes, employee retention starts with the hiring process and getting the right people into the right positions. It helps to work with a recruiter, and Inter-Connect is your top source. To learn more, contact us today!