Attracting and hiring top-notch employees is only half the battle. Once you have secured top talent, you must provide a supportive environment and make sure employees know that they are valued members of your organization. Below are five strategies to help you bolster employee retention and retain your star performers at your company.
1) Develop a stellar onboarding process
“The onboarding experience should be much more than making sure the right forms are completed by new employees on day 1…From an employee’s view, onboarding offers the chance to become a vital and engaged member of the corporate community. From an employer’s perspective, it’s a chance to build a strong new relationship that can bring significant returns on investment.” – Mike Bearup, ColoradoBiz
A positive onboarding experience helps to jumpstart a positive work experience for new employees, thereby laying a strong foundation for employee retention. You can set the stage for long-term employment by making sure that employees are fully indoctrinated into your company culture and are provided with plenty of opportunities to collaborate and learn alongside colleagues.
2) Strive to help your employees achieve work-life balance
Work-life balance is rapidly becoming one of the most important factors to consider when considering working for an employer. Requiring employees to work overtime on a regular basis or continually contacting them after hours with questions and demands can lead to employee burnout and a higher turnover rate. You can help employees achieve work-life balance by encouraging their participation in community events, spiritual gatherings, and professional development activities.
3) Recognize employees for their accomplishments
Recognizing employees for their achievements is an effective way to show them that their individual contributions matter, thereby aiding job satisfaction and retention. There are many ways employers can recognize employees, including the following:
Verbal recognition at company meetings and events
Delivery of certificates upon completion of training and skill development courses
Presentation of rewards such as gift cards, bonuses, and other tokens for job achievement
4) Seek feedback from employees
Encouraging employees to provide feedback accomplishes three key goals. First, seeking feedback sends a message to your workforce that their opinions and suggestions are important. Second, you gain valuable insight into the minds of your employees. And third, employees often have valuable suggestions that can take your business to the next level of success.
5) Develop an employee referral program
“Referred employees are the #1 source of new hire quality, showing higher retention rates, engagement, and performance. They also get hired faster and ramp up more quickly than non-referred employees.” – Sesame Mish, Content Marketing Specialist
Employee referral programs benefit referring employees, new referrals, and employers. Incentivizing current employees for referring top talent to your company is a great way to engage existing employees while attracting highly competent employees that are more likely to remain with your organization.
What is the single best way to retain top employees?
Clearly, there are many strategies that can help you retain your most talented employees. However, the single best way to ensure that you retain your top talent is to seek the support of an expert in retention. An industry expert can provide you with solutions that will foster and help establish your company as a leader in reducing turnover by developing a very balanced culture.