Everyone wants to attract the best talent. But what are you doing to retain the talent you already have? If you’re like many organizations, you’re not doing enough.
Employee retention needs to be a core part of any business strategy, but many organizations put it on the backburner in favor of more “tangible” value-adding processes. Yet, attracting your best employees not only stops employee churn but promotes a stronger culture through experience, loyalty, and leadership.
So how do you keep employees when your competitors are actively recruiting them? Here are four tricks for employee retention.
1. Keep Their Compensation Competitive
A well-known maxim in today’s market is this: if you want a raise, then you need to get a new job.
Financial stability won’t keep employees who want to leave, but it will stop otherwise committed workers from quitting. And it will make your team more difficult to poach.
Do some research and make sure you’re offering a competitive package. If you’re not, start talking to your team to learn more about what you can do to close the gap.
2. Hire the Right Employees
Hiring an employee who is the right fit for the role and the culture is the best thing you can do to retain talent.
So rather than filling a gap now, wait for the right fit to come along, and make sure you use a comprehensive hiring process to filter candidates.
3. Create a Robust Professional Development Process
Regular reviews, investment in skills, and mentorship are the building blocks of employee retention, and they’re all simultaneously an investment into your company.
Employees who continue to grow their skills and take on new challenges in their jobs are more likely to stay. And it will build into the final piece of the employee retention puzzle: employee recognition.
4. Recognize Employees’ Contributions
All your employees are pulling for the same team: your company. But it’s important to recognize their individual efforts. Be sure to recognize their contributions both privately and publicly to remind them how much you value them and to inspire others.
Remember to keep the recognition specific. Let them (and others) know exactly what they did right and celebrate both personal and team achievements.
Employee Retention Benefits the Whole Organization
Employee retention tactics come in many different forms, and each one is worth the investment. When you work hard to retain your employees by ensuring they feel valued, providing opportunities for growth, and recognizing your efforts, you build stronger teams and a more stable organization.
At RightStone, our consultant retention rate is far above the industry average. Get in touch to learn how we build decades-long relationships between clients and consultants.