When you have top talent in your midst, working to keep them on board is a smart move. It helps you cultivate a more capable workforce, allowing the team to remain productive.
While it may seem like keeping your favorite employee would be easy, that isn’t always the case. Even if they enjoy the role, other factors could lead them to seek out opportunities elsewhere, increasing the odds that you’ll lose them.
Luckily, there are things you can do to boost retention. If you aren’t sure where to begin, here are some tips.
Make Sure Your Compensation Is Competitive
While it is true that professionals appreciate a great culture and reliable colleagues, if your compensation lags behind your competitors, you may see turnover rise. Top talent wants to be paid fairly. Additionally, they value access to crucial core benefits, including robust retirement and healthcare options. If you don’t bring that to the table, they may feel as if they have little choice but to head toward greener pastures.
In many cases, preventing this kind of issue is simple. Make sure to audit your compensation packages annually, comparing what you offer to what’s available through your competitors. If you find that your salaries or benefits fall short, take action. Offer raises to bring pay rates back in line or adjust your benefits to meet or exceed industry standards. That way, the basics are always covered.
Offer the Right Perks to Your Workforce
Perks can have a notable impact on retention. However, you may be surprised by which ones have the biggest impact.
For example, telecommuting options aren’t just preferred; they may be outright expected. Professionals have experienced working remotely, and they know they can remain productive. As a result, they may be less inclined to stay with an employer who doesn’t allow telecommuting on at least a part-time basis.
Other perks that promote work-life balance and wellness can also be valuable. Flexible schedules, generous leave packages, health management tools, and similar options can all be attractive, particularly to candidates who have demanding personal lives.
Consider what perks provide your employees with genuine value. Then, make sure they are easy to access.
Help Employees Grow and Advance Professionally
Most top performers have goals beyond their current role. If your company can’t help them achieve those objectives, then they’ll end up looking elsewhere, possibly faster than you’d expect.
If you want to keep your favorite employee on board, sit with them to identify a clear path for advancement. Offer them growth and development opportunities that make them eligible for promotions, and assign them to skill-building projects.
When you support a top performer’s growth, they’ll be less inclined to look outside the company for promotional opportunities. Plus, morale will typically rise, and they’ll be more capable overall, leading to higher productivity, too.
If you’d like to learn more about how you can improve retention, the team at The Advance Group wants to hear from you. Contact us today.