Even though the ripples caused by the COVID pandemic have begun to subside, businesses are still facing labor shortages. Studies have indicated it can cost thousands of dollars more to replace employees than to retain them. This includes recruitment, onboarding, and training costs, as well as lost productivity. And when you’re talking about your top performers, those costs can be even higher. In short, it’s never been more critical to retain your top-performing employees.
So, how do you hold on to quality talent? Here are four ideas.
1. Keep Communication Lines Open
Engaged employees are much more likely to stay with your company, and a high engagement level depends on good two-way communication. Keep your company’s mission front and center in your messaging, and encourage employees to share their ideas on how to achieve that mission.
If you’ve noticed a top performer becoming disengaged – perhaps through spotty attendance or lack of participation in team meetings – it may be time for a more intensive effort. Approach such employees and ask them if everything’s ok. Make sure they know you’re there for them, and assure them if they do have problems hampering their productivity, you will work with them to address their concerns with no reprisals.
2. Offer Competitive Compensation
A good salary helps employees not just to survive but to have the opportunity to reach goals that impact their sense of well-being, like home ownership, travel, and healthy relationships. A good benefits package makes them feel more valued, which in turn makes them value their employer more. It’s important to regularly benchmark the compensation packages competitors in your area offer to stay competitive.
3. Give Top Performers the Power to Grow
Very few employees want to stay in the same role forever. Instead, they want to know there’s a path to advancement in their career. Top performers, in particular, value the opportunity to learn and grow. Empower their ambition by giving them training and development opportunities along with the coaching they need to put what they learn into action.
4. Create a Culture of Recognition
Employees who feel appreciated are much less likely to search for better opportunities elsewhere. That’s why it’s critical for retention that you place a strong emphasis on timely, specific recognition for a job well done. For an even greater impact:
- Find out from your employees what forms of recognition are the most meaningful.
- Involve them in determining rewards for going above and beyond.
- Include employees in helping identify who among their co-workers is most deserving of recognition.
While you’ll want to do everything you can to retain your top performers, there’ll be times you need an infusion of new talent. CS Pro can help. We provide staffing services to Gulf Coast, Southwest Louisiana, and Southeast Texas employers. Find out what we can do for you.
