Employee Retention Remains a Top Priority for Companies04/21/2016
While much of the focus in hiring news is related to the competitive hiring landscape, it is important for organizations to focus on retaining the quality talent that they already employ, and businesses seem to be realizing that. A recent survey conducted by CareerBuilder found that 50% of employers consider employee retention a top business priority. Hiring talent is a necessary step in growing and evolving a business, but investing the time and resources into existing employees will certainly make for a stronger foundation. Want to know how build a loyal team of talented employees? Check out the below list for some best practices for employee retention:
Offer training opportunities
Today’s employees are eager to learn, and strong training opportunities that offer the chance to gain new skills will result in happy employees who are more equipped to perform well. Training existing employees will be a worthwhile investment.
Communicate a clear roadmap to success with opportunities to lead
Another important factor in retaining talent is the ability to demonstrate paths for growth within your organization. Be clear with employees in stating what it will take to move up, and the opportunities that exist for those who put in the work required.
Provide constructive criticism and incentives for strong performance
While millennials are known for wanting constant feedback on their work, employees at all levels require guidance, direction, and constructive criticism when needed. That being said, balancing that with positive encouragement and incentives for good work will show your employees that you take an interest in their success and growth.
Foster a positive culture
One of the top reasons employees leave jobs relates to issues with management, and a lack of company culture or a lack of culture fit can often play into this. Focusing on building team morale and creating a positive work environment can help overcome other challenges in the workplace. There are ups and downs associated with every job, but those who enjoy the atmosphere they’re working in are more likely to overcome challenges.
If you can’t pay a more competitive salary, get creative
Another common reason employees leave positions is money. It is important for companies to be aware of the salary landscape within their industry and offer a competitive wage. That being said, if salary increases are not possible, consider getting creative. Offering more PTO, flex work hours, or work from home options can be very enticing to employees.