Retaining Top Talent

Posted June 19, 2013 & filed under Job Search, Uncategorized

The job market is thriving and top notch employees are experiencing more opportunities than ever.  Although this is great news for job seekers, employers will soon face the effects.  With a shrinking candidate pool, employers are not only having difficulty obtaining talented candidates, they may soon struggle to retain them.

Employees most often leave their current employers due to lack of communication.  As managers it is extremely important to have open and effective communication with your employees.  Just because they are coming to work, doesn’t necessarily mean they enjoy it.  Sit down with those you supervise and really identify how you can benefit one another. According to businessknowhow.com, all ten of the most common reasons people change careers begins with the word “management.” Make compromises and most importantly, make the effort.

Many employees leave due to lack of growth.  It’s important to define what growth means to your employee.  It may mean a promotion or transitioning into a leadership role, or it may simply mean acquiring more responsibility. Regardless of their definition, if you want to keep a valuable employee around, it’s important to find a way to make this happen.  If they are seeking a management opportunity that is not currently available, provide them with some type of leadership role.  By making them a team lead or in charge of a project, they will not only see what more responsibility is like, they will also feel like you have listened to their goals and what they want to accomplish.

Providing variety can also act as a key component in retaining top talent.  After a certain period of time, many employees begin to feel unchallenged and under stimulated.  Allowing them to break into other areas will not only improve their morale, it will also provide you with an employee with a diversified skill set.

Providing a competitive edge and incentives to remain at your company is the best way to keep the employees at your company satisfied. Offering comprehensive benefit packages and competitive wages are obviously a good way to retain talent, however this can be somewhat limited based on various factors.  When compensation and health insurance packages can not be negotiated, offering perks such a flex time, wellness programs, or even small things like free breakfast on Fridays will give your employees a sense of appreciation.

Promoting within when possible is a great way for talented individuals to remain within your organization.  It also motivates current employees by offering growth potential.

Fostering employee development will not only benefit your employees, it will also benefit your company. Furthering your staff’s education through tuition reimbursement, additional training, or classes will provide you with more skilled employees who feel valued.

The market is changing, forcing employers to up the ante. In order to retain valuable employees companies must remain competitive in wages, benefits and culture.

Want to learn more? Read about the most common reasons employees seek out new opportunities.

By: Kara Lyons