As talent shortages continue, more and more companies will try to poach top talent from competitors; that could mean your company as well. Here is why it’s crucially important you have a strategy to retain your top performers.
A Band-Aid doesn’t offer a quick fix.
Companies try to handle turnover issues by giving out retention bonuses or re-evaluating compensation structures to make sure their top performers feel taken care of. The fact is, money isn’t always the answer. Not every employee enters a job search for money-motivated reasons. Monetary incentives to get a top performer to stay with you, for the sake of reducing turnover, looks more like a bribe and may not fix the real underlying reason why employees are leaving.
Find ways to help employees grow.
Finding ways for top performers in your company to continue to grow professionally will satiate their appetite and keep you from having to start the hiring process all over again. Take advantage of performance reviews or monthly one-on-one meetings to find out what employees’ career goals are. Take note—have their goals changed at all since you first brought them on board? Foster a conversation that allows them to be honest and candid, especially if their desire to grow steps on your own career as their manager. Find opportunities for employees who want grow. For example, classes, training or tuition reimbursement for team members who want to update and grow their skill sets. Or simply ask them if they have any ideas of how you might be able to support their professional and personal growth. This kind of investment in your employees goes a long way when someone else comes knocking on their door.
Do a deep dive.
Company culture is a huge consideration when it comes to retention. If employees feel neglected, bullied or stagnant in any way, you can bet they’ll be out of there the minute an opportunity presents itself—which will ultimately cost you and reduce productivity. Take a hard look at your company’s work-life balance. Get a sense of the team’s dynamic to make sure conflict is being resolved quickly and effectively. Tackle any negativity now before it gets toxic. Unfortunately, bullying is prevalent in many company cultures. And like a cancer, once it starts, it tends to spread quickly. Get ahead of these types of issues before they get worse and you end up paying the price—losing your best and brightest.
Offer perks your competitors don’t have. You don’t need to break the bank to obtain laundry services, napping rooms or paid-for vacations. However, you should consider what employees’ value and build an incentive program around those needs. Maybe it’s gym memberships, weekly catered lunches or half-days on Fridays during summer months. Or maybe it’s as simple as a Starbucks gift card for top performers, or a bring your dog to work day for your pet loving employees.
Ultimately, the only way to retain top performers is to work to meet their needs as hard as they are working to meet yours! The benefits you see will far outweigh the costs of losing your best and brightest.
Looking to hire and retain top performers? We can help!