Finding ways to retain top talent is vital to the success of your business. On average, it takes more than $4,000 to hire a new employee. Training new employees cost even more. However, 2017 Gallup polls show that more than 50 percent of American employees are actively looking for a new job or watching for job openings. What can your business do to retain top talent?
Employee Recognition
Employees want recognition for work performance. Seventy percent of employees don’t feel engaged at work. Top performers often report their contributions are not recognized or valued by their leaders. Recognition programs are often overlooked, but implementing them is easy. Below are some ideas from employees on how to acknowledge their efforts:
· Thank you cards
· Private recognition by a manager
· Public commendation with an award or certificate
· Promotion or increased responsibility
· Monetary awards – bonuses, gift cards, or trips
· A paid day off
Flexibility
Today’s employees value workplace flexibility. Even if your business is limited in how much flexibility it can offer, make the effort to help employees feel more valued and be more productive. Can you occasionally offer employees the opportunity to enjoy some of the perks listed below?
· Flexible work hours
· Remote work
· Sabbaticals
· Paid time off
Provide Opportunities to Use Their Strengths
Top employees who regularly have opportunities to use their strengths at work are more engaged, more productive and 15 percent less likely to quit. If you hire top talent, ensure their talent is being maximized. Work is more rewarding to an employee who is able to use their talent on the job.
Create an environment that helps employees know you value what they do well. Consider the following approach:
· Ask for employees’ involvement to develop a program to identify their strengths.
· Appoint coaches to become experts at identifying employee strengths.
· Hire or assign managers to areas that match their strengths. They will know how to maximize top talent, coach them and help them use their strengths on the job.
· Continue to present employees with demanding, but achievable goals.
Leaders who implement a strengths-based approach find that diversity of talent on a team improves risk management, boosts productivity, and increases cross-team cooperation.
Identifying Top Talent
WSi can guide your business through the process. Whether you have an internal recruiting team or need assistance with every phase of acquiring new employees, we are experts at helping you find the best candidates for your staffing needs. Contact us today.