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Employee Retention Strategies: How to Keep Top Talent

As important as it is to find top performers, it is equally important to retain them. Losing a highly skilled employee can result in decreased productivity, increased costs associated with hiring and training new staff, and loss of valuable institutional knowledge. I have found the following practices and employee retention strategies can be very effective in retaining valuable employees.

6 Employee Retention Strategies to Wow Your Employees

1. Provide Opportunities for Growth and Development

Top employees are often driven by the desire to grow and learn new things. Employers need to provide opportunities for them to develop new skills and advance in their careers. They should also involve them in choosing these opportunities. This can include on-the-job training, job shadowing, mentoring, or attending conferences and workshops.Crowd sits in chairs at a conference, employee recruitment strategies

2. Recognize and Reward Good Performance

Recognize and reward top performers for their hard work and achievements. This can include bonuses, promotions, extra PTO days, or other incentives. Especially effective is to reward them with something that is personal to them, that they would appreciate. Tickets to their favorite sporting event or concert will show you know them as a person, what they enjoy the most, and that you truly value their contributions.

3. Foster a Positive Work Environment

Create a positive work environment that promotes teamwork, open communication, and collaboration. Encourage top employees to share their ideas and opinions, and be receptive to feedback.

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4. Offer Competitive Compensation and Benefits

Ensure that compensation and benefits packages are competitive with industry standards. Top employees are likely to receive offers from other companies, so you want to make sure that they are incentivized to stay. And in today’s economic climate, we’re seeing more and more value being placed on benefit coverage, sometimes more so than gross compensation.

5. Provide Work-Life Balance

If there’s anything that has become a “must have” since COVID, work-life balance has become a key for employee retention. Providing this allows top employees to spend time with their families and pursue hobbies and interests outside of work. It doesn’t work in all situations but be creative by allowing flexible work hours, telecommuting options, or increased vacation time.

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6. Show Genuine Interest and Support

Show genuine interest and support for top employees’ career goals and personal aspirations. Listen to their concerns and provide guidance and support when needed. This helps to build trust and loyalty and makes them feel valued and respected. Everyone wants to know how they’re doing; be sure to regularly check-in and let them know.

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Retaining top employees is crucial for the success of any organization, and if the focus is placed on the above practices, an employer can create a workplace where top employees want to stay. If you need support with employee retention, OneSource HR Solutions can help. Fill out the form below to start the conversation.

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