January 16, 2020

How To Retain Top Talent

In order to run a successful business, talented individuals must be a part of the equation. While finding top talent for your business is no easy task, the work does not stop there. The effort dedicated to finding that top talent, must also be reciprocated in the efforts to retain them. Candidates have choices and are often in the “driver’s seat” due to the tight job market. Retaining your legacy and new employees must become a priority.

COMMUNICATION IS KEY

Clear communication is one of the biggest factors when it comes to creating a successful work environment. Effective communication is maybe the most important factor to retaining top talent, as it is at the root of all retaining efforts. Communication is necessary for important practices such as creating expectations, employee recognition, providing a career path and much more.

CLEAR EXPECTATIONS

Providing clear expectations is an important first step in the efforts to retaining your top talent. Setting these expectations from the start lets an employee know exactly what they can expect from their role. Setting these expectations can help employees avoid surprises or become overwhelmed. This will help the employee feel prepared and positioned to succeed, while also showing your commitment to the employee’s success.

EMPLOYEE RECOGNITION

The importance of employee recognition is a hot topic right now. Providing employees with positive feedback can really go a long way. Taking the time to let them know their work is valued, can lead to an inspired work ethic going forward. Dedicating time to employee recognition can also do wonders for the overall team morale.

CAREER GROWTH

Employees want to know there is long term opportunity when joining a company. The chance for promotions, new challenges and upward growth, is a great way to prevent losing employees to outside opportunities. Defining a career path is also an excellent practice that can help establish concrete ideas of the opportunities available down the road.

WORK-LIFE BALANCE

Offering a healthy work-life balance is often an expectation, not a want. A Flex Jobs survey of over 2,000 participants revealed that 72% of those surveyed declared work-life balance as the most important factor when evaluating a job. Creating a healthy work-life balance is more achievable with advancements in technology. Remote work, flexible hours, vacation time are often the benefits candidates seek. Work-life balance and productivity in the workplace go hand in hand. Well-balanced individuals are the most productive employees. Therefore, companies that actively foster employee well-being and respect their employees’ personal time experience high productivity levels.

EQUITABLE PAY

Employees want fair value for their efforts and in today’s market, candidates definitely know their worth. A Gallup survey revealed that over 55% of individuals surveyed, listed “fair pay” as the most important work place value. Fair compensation may seem like a no brainer, but it is important to follow compensation trends and make sure your top talent is being compensated correctly.

Purple Squirrel Advisors