5 Tips to Help You Retain Your Top Talent
Excellent employees are the backbone of your business
Your employees are your business's greatest assets. Keeping your best workers happy and fully engaged is extremely important to your success. Unfortunately, sometimes top employees fall under the radar and begin to lose their desire to keep performing as well as they did before. You may not recognize the signs until it's too late and you've lost your employee to a competitor.
Losing even one top-performing supervisor could leave your business in the lurch and have you scrambling to look for a replacement. It may be tough to find a suitable new hire, not to mention the time, effort and money it takes to find a new employee, train that person and get him up to speed. Fortunately, you can prevent this scenario by nurturing your talent.
Oipartners.net offers the following five tips for retaining top talent:
- Assist in career goals. Show your best performers that they have a future with your company by preparing them for upcoming internal positions. Focus on your best staff, and let them know the game plan.
- Coach and enhance skill sets. A great way to improve your staffers' skills is to offer them new types of projects and opportunities that will help them gain new talents and increase their confidence with added responsibilities. Hiring a career coach and offering job training can help improve employee management and communications skills.
- Boost benefits and salary. Even though a bigger salary isn't the top reason workers leave the workplace, it's certainly a motivation to stay. In this economy, businesses that are doing better financially and can offer raises and even boost benefits will be in a better position to retain talent. If a raise right now is out of the question, you might offer to add vision and dental coverage to the benefits package. Explain to your employee that although you believe he deserves a wage increase, it's just not possible yet.
- Get the job right. It's possible that you have a rising star who is not performing well because she's in the wrong position. For example, your inventory control manager might be better suited for customer service. Sometimes, positions can be tailored to suit your employee's strengths, thereby enhancing her motivation, satisfaction and productivity.
- Get involved and show appreciation. It's important to notify your staff about positive business projects and goals. That will help people feel as though they are a contributing part of the organization, and it also can help increase productivity. Equally important is offering recognition for a job well done and letting the individual know he is a valuable member of the team. Appreciation emails and notes are fine, but also meet in person with your achievers to let them know how well they're doing. A thank-you lunch can be a nice, inexpensive token of appreciation that should make a fine impression on a rising star.
"More employers are making it a priority to demonstrate to workers how valued they are," says Tim Schoonover, chairman of OI Partners. "It's no longer enough to say, 'Be happy you have a job.' Companies need to be intentional about engaging and retaining top talent. People who have been treated the same as lesser-performing employees will be looking to go where they feel they are a better fit."
If your business needs financial assistance to help you keep your valued talent, contact us to find out how we can help you reach your goals.