As the employment market begins to pick back up, your top performers may end up getting offers from other companies. In past downturns and recoveries, many talented people jumped ship, especially when they perceived there was more opportunity elsewhere. Losing these employees can cost you more money in the long run.
So what can you do to retain your best people?
The key is to identify your top performers, stay close to them, and work on a retention strategy by finding rewards that benefit them most. Here are few tips:
- Pay attention. Show your employees that you value them and their contributions. Tailor HR and benefit programs to meet the needs of your unique workforce. This may mean moving to flex time, PTO, or offering more choices in healthcare plans and adding any other unconventional policies.
- Teach, coach…lead the flock. Provide ongoing training. Have an open door policy. Provide mentoring and opportunities that your competitors do not offer. Lead by example and follow through on your promises.
- Ensure your company’s goals are in line with your employee reward system. Set clear expectations on how you will reward top performers.
- Ask and you shall receive. Ask your top people why they like working at your company. Ask them why they stay. And ask them what they’d do differently. Use their feedback to make improvements. On the other hand, when someone leaves your company, ask them what made them make this decision. Knowing is half the battle.
And, if you are faced with retention issues contact us today. We can help you get through your current pains and develop a proactive plan to improve retention rates company wide.
