Any manager worth their time knows that talented employees are hard to come by and harder to let go off. A team that goes above and beyond your expectations can immensely profit your business. Keeping the top talent in the company is the priority of any leader and also their biggest challenge. Here are some ways to accomplish this task:
Opportunities for Growth
If the routine gets boring and causes stagnation, even the most enthusiastic employees tend to lose steam. Talent in the company is always looking for new challenges that help them grow professionally. But if things get stagnant, then they tend to lose interest. Keeping the top talent engaged, by ensuring there's always room for growth, will work wonders for retaining them. It does not necessarily have to be a promotion, ambitious employees will take other opportunities in stride, like learning a new skill or building a professional network.
However, be sure that you do offer appropriate compensation if there is a significant increase in the responsibilities the employee has to shoulder. Managers should also be ready to answer questions related to promotion, team management, and compensation reviews if the employees wish to know about it during the annual reviews.
Appreciation Where It Is Due
How would you feel if you gave your one hundred percent to a project, only for it to receive no acknowledgment? It feels quite awful, doesn't it? If your employees feel this too, then it is a significant indicator of their dissatisfaction with the company. Our studies have shown that a whopping 62% of employees felt demotivated if their work went largely unacknowledged and made them question the role they played in the company.
Dissatisfied employees are bound to look for other options available in the market. If your goal is to keep the top talent with the company, then it goes without saying that appreciating the work of the employees is a good practice to start with. While verbal praise is great, tangible rewards are shown to be a bigger motivator. Satisfied employees will provide better services to the customers, which will ultimately benefit your bottom line.
Flexible Work Environment
Since the pandemic forced everyone into working remotely, the line between professional and personal life has blurred greatly. Flexible work schedules have become a necessity, more so for those who wish to balance their work-life along with other interests and obligations they have. You can show your trust in your employees by allowing them to work according to a flexible schedule. By giving them free rein to choose their working horse, making concessions for personal appointments and family events, you show your employees that their well-being matters to the company.
Our research has shown that, unsurprisingly, 80% of employees prefer to work in an environment that lets them control their work timings and 30% left their job because of rigid working schedules. Thus, a flexible work environment has a direct impact on retention levels. Remote work is becoming the norm now, along with flexible schedules, so the sooner you catch up the better it is for retaining the top talent.
Healthy Work Environment to Retain Employees
Most of us have heard the adage that sometimes employees don't quit the job but the people. Not many of us might know what it means. If the workplace or the company culture becomes suffocating for the employees, then you might find that they are more willing to quit, at the drop of a hat. While companies have policies in place to ensure that harassment and discrimination do not go unpunished, as a manager you have to go above and beyond to make the workplace equitable and fair.
Toxic workplaces create discomfort for the employees which can cause them to quit the company. By ensuring that aggressive comments, back-handed comments, and other alienating behavior does not go unchecked, you can create a safe and peaceful work environment.
The Bottom Line
Employee retention is not only limited to salary packages and perks, it becomes the bedrock of healthy company culture. By incorporating the right practices, you will not only keep the top talent around but also build an effective corporate culture for many years to come.<< back to Blog