Employee retention, particularly of highly talented and valuable employees, is critical to the overall success of a company, no matter what industry you are in. But in today’s increasingly competitive market, it can seem even more necessary and difficult to hold on to your key talent.
Skilled workers know that their qualifications are in demand, and that companies will do their best to tempt them away from current positions. Don’t resign yourself to the potential loss though, because there are things that good managers do to keep their favorite players on the home team. Here are a few ways you can hold on to your skilled workers for the long term.
Understand Why They Might Leave
Empathy on a manager’s part is a powerful tool. Understanding the wants and needs of your employees is a skill that will help you stay two steps ahead of the competition. Common reasons why talent may look for other opportunities include not being paid enough for the work, an unreasonable or excessive workload, or dissatisfaction with the overall company culture. While any one of these complaints might seem like a large obstacle to overcome, the upside is that, as a manager, you have the ability to influence each issue.
Offer Competitive Compensation
Financial incentives are most likely the number-one reason why a staff member may easily be poached by another company. As a manager, you must know what your team’s talent is worth on the market. Do your homework about the salary expectations of a particular job and experience. Remember that you are in fact competing with other companies in your industry. But, a competitive salary is no longer enough to attract top industry talent. Benefits such as health insurance, retirement plans, as well as vacation and sick leave policies all play a large role in the value of a competitive compensation package.
Offer Support and Increased Responsibility
Another common complaint of workers ready to leave a job is simple boredom or lack of support. Workloads inevitably increase over time, but without changes in task assignments, responsibility or support structure, your skilled workers are likely to burn out and lose motivation. Keep your team engaged with interesting projects, challenging tasks, and, if they have proven they are ready to handle it, increased responsibility. This keeps your staff in line with overall company objectives and goals, making them feel that they are valued as an important part of the team.
Create a Healthy Work Culture
A good corporate culture is one that operates well with open communication and values employee support and wellbeing. Safety, work-life balance, health, and work environment are all influential aspects of a positive corporate culture. Creating a feeling of value, where employees know they are rewarded, challenged, encouraged, and given the space and resources needed to grow, will all go a long way to creating the type of work culture that not only retains key employees, but also attracts industry talent.
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