talent retention

4 Ways to Retain Top Talent

Your team of employees has a major impact on your overall success as a business, which is why hiring top talent is essential. However, hiring the best candidates isn’t your only priority as an employer. As well as recruiting top talent, you need to persuade your employees to stay with your company in the long-term. 

A high rate of employee turnover can be disastrous for your business. The investment you make in your staff requires significant resources, which means high employee turnover costs you more in the long run. Furthermore, high employee turnover may signify that staff are unhappy or unfilled, which could point to larger issues. At the very least, you can be sure that staff won’t be performing at their best if they’re unhappy at work. 

Fortunately, there are sure-fire ways to enhance your reputation as an employer. To learn more, take a look at these four simple ways to retain top talent:

1. Provide the Right Opportunities

If you hear of a great PPC strategist that’s looking for a new job, you might decide to snap them up before anyone else can. However, if you don’t typically use PPC advertising and you’re not planning to in the future, it’s not going to be a mutually fulfilling professional relationship. 

Not only are you wasting your resources, but you’re not providing your employee with the right opportunities to showcase their talents, enhance their skills and develop their career. Hiring top talent can be a great business move, providing you need it. 

2. Offer Great Benefits

A competitive salary is important if you want to retain top talent, but an impressive range of employee benefits can set you apart from other employers. Extra holiday allowance, income protection and generous pension contributions can make employees more likely to stay with your business. Similarly, private healthcare plans, subsidised memberships and childcare vouchers can help to retain your best employees. 

Whatever benefits you decide to offer, it’s important to manage them effectively. With employee benefits technology, you can streamline the management process, guarantee compliance with HMRC and make important information available to your staff. A benefits program allows you to do all this and more. 

3. Cultivate a Happy Workplace

Numerous studies have shown that employees are more productive when they’re happy at work. Cultivating a supportive and motivating work environment is just one way to ensure individual employees are happy in their role. Simple processes, like making appropriate resources available, recognising their hard work and issuing realistic targets, can have a major impact on employee happiness levels. 

If you want to build a happy workplace, you can also focus on hosting events and activities your employees will enjoy. From annual ‘festivals’ to remote team meet-ups, there are endless ways to strengthen the bonds between team members. 

4. Make Promotions Achievable

Good employees will always want to progress, so it’s important that they have a clear career path ahead of them. If an employee can’t see a route forward with your company, they’re likely to look elsewhere. If you want to keep hold of the talent you’ve got, be sure to work with employees to identify their goals and ensure they have the opportunity to progress to different levels. 

To retain top talent, invest in your employee’s growth and they will stick around. You’ve initially trained them to do the job but think about what you can do to continue training them so they feel valued. You don’t want your employees to look somewhere else in the job market to find a job. By making promotions achievable you are giving your employees something to look forward to. This will keep your employees motivated and inspired in their day-to-day work. As the employer, it is on you to make the growth path clear, talk to your employees in regular meetings about where they are at in their career and where they want to be in the future. Then think about if this is achievable, and clearly communicate what the employees would have to do in order to be promoted. Employee retention is important and to ensure your employees are happy enough in their job to stay for years to come, make promotions achievable.

Increasing Employee Retention

Becoming a better employer increases employee retention but it can also help to attract top talent in the future. When your business is well-known for its fun working environment or its commitment to flexible working, you can easily become a top employer in your industry.