5 Key Employee Retention Strategies
Finding top-talent for your business can be hard. Keeping it is always harder. If your employees are walking out the door— too many, too frequently— consider trying the next key retention strategies:
- Hire right. Take your time searching and selecting the right person for a job (a bad fit with the job or the business will lead to a bad experience for both the employee and you). Be clear about the job duties and responsibilities when promoting an opening, and transparent about all aspects of the position and the business (surprises may cause disappointments). Use tools to narrow down your pool of qualified candidates, such as job application knockout questions and pre-employment tests (attitude, honesty and integrity, personality, skills, etc.).
- Offer competitive pay and benefits. Compensate your employees at or above market standards, and add value to their total compensation with attractive benefits offerings. Market-lagging wages and few or low-quality benefits may push your employees to seek better offerings from other employers. Consult salary surveys regularly to ensure you remain competitive at all times.
- Establish clear internal career paths. Show your employees that they do not need to leave in order to advance their careers by establishing well-defined career tracks for each of your positions. Give them access to the training and developmental tools they may need in order to achieve those next steps in their professional growth within your organization. Stagnation leads to separation, so promote from within whenever possible!
- Praise your employees. Openly recognize and appreciate your employees for their efforts and achievements. Constantly praising them shows them they are valuable to your organization and keeps them motivated and engaged. In most cases, a simple “thank you” or “good job” is enough to keep an employee going.
- Conduct “stay interviews”. Ask your employees regularly about the good, the bad and the ugly of their jobs and your business. Quickly eliminate as many uncovered negative factors as you can. Unlike “exit interviews”, these surveys allow you to nurture what employees already like about their work and be proactive about addressing any issues or concerns before they become weighty enough that they lead to a resignation.
You do not need to fight this retention battle alone! Vested HR can provide the resources you need to invest in careful recruitment and selection, effective training and development, and determining competitive benefits packages. Partner with us to find the best talent for your business, facilitate valuable training and development for your staff, and give your employees access to big-business employee benefits. With Vested HR you can stop losing your employees to the competition!
Toni Curling, M.Ed., SHRM-CP
Client Service Manager