The Art of Retaining Employees
Hiring the best talent is an art, and so is the process of laying a foundation to keep them.
Businesses cannot survive without talented employees. Talented employees ensure that customers remain loyal to the brand, create efficiencies and innovation and most importantly, they create a presence in the marketplace that draws in new talent. Once a company has secured a talented team, they need to work at retaining them. The following are some techniques that have proven to be useful;
1. Transparency - Sharing the goals and direction of the company with employees is essential. The employees need to have a company mission they are working towards in order to develop their professional goals. Creating a culture based on trust and openness from the top leadership down is critical to retaining the best talent. Having a corporate communication strategy internally engages employees in the company’s progress and allows them to be a part of the success.
2. Competitive compensation / benefit plans - Realistically, there are not very many people in life who don’t need an income. Employees select companies that offer the most competitive compensation and benefits. Companies that invest time in reviewing competitive industry trends in compensation and benefit patterns create compensation plans that retain talented employees. Paying employees what they are worth in the marketplace and ensuring they have access to great benefits creates a loyal partnership between employee and company.
3. Mentoring – The most talented employees have most likely received invaluable mentoring during their career to allow them to cultivate their strengths. Companies who empower talented team members to coach and mentor other employees offer a work environment that continues to prosper through the development of the team. Everyone can benefit from mentors who care about their success.
4. Flexibility – Companies that build trust in their employees through open communication, paying them what they are worth and provide a culture of development / mentoring, often provide flexibility to their employees. This flexibility can be offered in various ways. From a modified work schedule, telecommuting, partial telecommuting, reduced travel schedules, more teleconference/video conference, etc. All of these opportunities that companies utilize to create a more flexible environment inevitably create a more satisfied employee and retain that employee for many years, if not the duration of their career.