The loss of your best talent can be a blow for any business, particularly if you’ve invested time and resources developing their skills internally for their role. There could be many reasons why someone decides to move on from your business, whether that’s to get a better work-life balance, find a new challenge, or because they don’t think they are being rewarded appropriately for what they offer. Asking questions in exit interviews can help inform your perspective on what’s happening in terms of attrition, in turn letting you lay out a plan to reduce the risk of staff leaving as a result of avoidable circumstances. With this in mind, the team here at Volt have put together a number of considerations that your leadership team should keep in mind in order to retain your business’ top talent.
Implement an effective onboarding process
Ensuring that you have a strong onboarding and orientation process will mean that new employees can hit the ground running. This is imperative as it will give everyone the opportunity to start getting the most from their role early on, as well as build ties of loyalty that can prevent attrition further down the line. Furthermore, this provides an opportunity for your business to exhibit its values and help employees integrate with and understand your company’s ethos and motivations.
Review your remuneration strategy
Rather than risk losing your top talent to competitors, be sure to regularly review your salaries and adjust them should your talent be qualified to receive a pay increase for their development. If you can’t offer a salary increase right now, think about how you can reward them down the line, or provide a plan of what you require from them in order for them to reach the next level within their role. Having this roadmap laid out will provide a clear structure for what they need to do, as well as acting as a tool for motivation.
Provide opportunities to develop
From mentorship programs to external training, there are many ways in which you can ensure you keep your best people by offering them opportunities for growth if they stay with the business. Whether you’re creating opportunities for upskilling, or ways that staff can share their experience with others and develop management capabilities, investing in your employees’ development won’t go unnoticed.
Upgrade the perks and benefits you offer
Effective incentives aren’t just related to financial benefits. Many staff will choose, or stay with, an employer on the basis of other perks such as flexible schedules, paid parental leave and access to remote working capabilities. Supporting employee wellness is also another simple step that can make a big difference to how staff feel about the business, from offering stress management programs to subsidized activities.
Deliver genuine work-life balance
Many top performers today will go elsewhere if they are burning out or don’t feel like they have enough control over their work-life balance. We’re increasingly moving away from the idea that “hard work gets results” and towards a much smarter approach, agile approach. If this is reflected in your business culture, then it will encourage people to stay.
Recognition and acknowledging milestones
If staff don’t feel appreciated or supported, there’s a high possibility that they will start looking elsewhere for roles that provide a better structure for rewards, recognition and acknowledging career milestones. Make sure you’re highlighting notable achievements and ensuring that staff feel seen and appreciated for what they do.
Keeping hold of your business’ top talent can be achieved if you put the proper considerations in place and proactively look to engage and reward your workforce. To find out how you can effectively manage your business’ top talent, please visit our ‘website’ for more information.