I think we all agree that nowadays, retaining top talent is more challenging than ever. Employee loyalty is not as high as it used to be in the past, therefore it's vital to know about & employ strategies that increase retention of your top talent. In turn, this will help your company to grow faster, and be respected among the industry’s “A players”.
Losing your best employee is oftentimes equal to wasting your time, the company’s resources, and lots of money in the process.
You will likely need to find another employee, but this will take a lot of time. What about if you lose multiple top talented workers? Well, this is disastrous. Even if you hire employees with prior experience, you or your managers will probably still need to take around 2 - 3 months to train them, and ensure they are familiar with the workplace rules.
If you want to avoid this situation, you must retain and empower your top talent. But how do you do this? Experts say this is not only about increasing the salary but about other aspects as well. Let’s go through the ideas together.
Why Retaining Top Talent is So Important?
You can't afford to lose your company's top talent, and if you do, it is like losing money. It costs a lot to replace your best employees. You will post job offers, then review hundreds of resumes, and conduct interviews. Even if you’re lucky, and hire an employee that supposedly suits your needs, you will still train him or her to align with the team. And this adaptation period can hinder the overall progress as well.
Similarly, after the incident of losing top talent, other members of the team may not feel motivated, increasing the chances of low productivity. Why is this? It is because other employees may ask themselves questions along the lines of: "Am I the next one to lose the job?" What about your competitors? Are they hiring the best talent? Are they retaining their top employees? What does your market look like, and do you have certainty that other team members won’t look elsewhere?
Understanding the Needs of Top Talent
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Everyone knows that salary is important. So, competitive compensation can attract and keep your best employees. But remember, this is not the only thing to focus on when analyzing your top talent's needs. Here are the most important elements to consider to understand the needs of your brilliant and skilled employees.
Autonomy and Recognition
Best employees want more freedom to make decisions and self-manage their own work. So, as an employer, you must refrain from micromanaging your top talent. These people tend to be autonomous and want you to trust them. Similarly, a little act of recognition can go a long way. You can start with simple gestures like saying "Thank you" or "Great job". You must make your top talent feel valued for their contributions. Some people are wired to work for praise, plus everybody likes to know that their accomplishments are seen, and have an impact towards the shared goal.
Provide Growth Opportunities
Some of your employee's are the best because they actively learn and develop new skills. Therefore, you must provide them with growth opportunities & tools so that they move forward and in the process, achieve new goals that benefit your company.
For example, you can sponsor your employees online courses, conferences, and mentorship programs or even create internal training programs. Moreover, you can provide them with essential productivity tools, such as Memtime to self-track work hours and identify time-wasters, Miro for collaborative brainstorming sessions, or Zapier to automate repetitive tasks.
The bottom line is that you must invest in your top talent to retain and empower them.
Ensure a Positive Work Environment
This one is even more important. Think about a workplace where employees feel respected and supported. You must create and maintain a company culture focused on trust, collaboration, and fun. How do you do this? Here are some good ways:
- Talk openly with your employees
- Solve problems together
- Offer remote work options
- Ensure flexible work arrangements
- Provide rewards for achievements
- Have comfortable break areas for your employees
- Offer them healthy snacks and beverages (make these available in the office)
- Provide regular feedback
- Celebrate birthdays
Compensation and Benefits
As mentioned before, there are other factors that go beyond compensation. But don’t be mistaken here — every employee loves a good salary, therefore, we need to go through this point. Combining it with other benefits can be a proven way to retain your talent and stand out as an organization worth working for.
Offer Competitive Salaries
Yes, you’ve guessed it. Make sure that your salaries align with those of other companies in the industry. You can review your compensation packages. Find out whether these are competitive. If not, adjust them!
Keep in mind that the best employees in your company probably already know their worth. Therefore, you must not ignore them when it comes to salary. Otherwise, they will quit their jobs and find a better opportunity. Sometimes, employers feel afraid and avoid going above and beyond. But, instead, you should offer wages that are more attractive than just the industry averages. Also, inflation doesn't play in favor of keeping salaries stagnant.
Reward Good Work by Offering Bonuses
If an employee does well, you should appreciate him or her. Additionally to the standard “pat on the back”, consider rewarding performance. Performance-based bonuses are an excellent way to show appreciation for your employees and value their hard work.
Why would they quit your company if you took care of them and appreciated their good work by providing financial incentives? Therefore, make sure to reward outstanding achievements. Create a policy for quarterly and annual bonuses. Profit sharing is another good idea – you can give top talent a stake in your company's success.
Other Unique Benefits for the Top Talent
Here are some unique ideas for retaining and empowering your top talent.
- Offer gym memberships, on-site massages, and yoga classes to ensure your top talent is healthy and happy.
- Offer tuition fees for their kids.
- Give them a sense of ownership via stock options
- Unlimited PTO
- Pet-friendly office
Final Words
If you want to keep and empower your top talent, you need to have some courage to step up your game. Things mentioned here aren’t very hard to implement but can go a long way in terms of employee retention, overall motivation, and morale of the whole team.
If you decide on these, make sure to keep consistent, don’t change your policy just from time to time, or when you feel like it. Have a predictable way of rewarding your top talent. This will create a healthy workplace that people want to devote their time and energy to.
If things go well, your reputation can go a long way, and new, talented people will start reaching out to you on their own, knowing that your company is the one of performance appreciation. This, in turn, will make your company grow faster. It’s kind of a perpetuum mobile if you will.
