Top 10 Ways to Retain Your Talent
A 2016 Gallup report revealed that 21% of millennials have changed jobs within the past year — more than three times the number of non-millennials who report the same. Why are they so likely to move around? Low engagement in the workplace.
If you're looking to retain your top talent, you have to actively promote your business as a desirable place to work. But there isn't a one-size-fits-all approach. Here are a few ways you can retain talent and keep your workforce strong, loyal and dedicated to your organization:
- Share expectations. Avoid stress, confusion and incompetent feelings by sharing expectations and changes in job responsibilities or processes. Keep the line of communication open.
- Be fair and equal. This is self-explanatory, but keep it in mind when it comes to raises, perks and new project opportunities. Create a comfortable and inclusive environment.
- Offer additional training opportunities. Sponsoring professional development and continuing education courses shows employees that you're invested in their professional growth and want to see them succeed.
- Implement a mentorship program. Foster relationships within the workplace across departments and within the ladder. It will make employees more emotionally connected within the organization.
- Provide philanthropy opportunities. Demonstrate your commitment to giving back. It's an attractive quality to employees and will benefit your organization's image at the same time.
- Invest in technology. Employees often complain of outdated tech and hardware that create inefficiency and redundancy in day-to-day work. Implement modern tech tools to keep employees interested, yourself current and procedures productive.
- Encourage flexibility. Get rid of the 9-to-5 schedule and give employees the mobility they deserve. It will make them happier and more productive, and they'll look at your organization more favorably.
- Ask for feedback. Show employees you care about their thoughts, ideas and opinions. Take the time to listen, and empower them to take initiative.
- Show appreciation and support. Recognize accomplishments, say 'thank you' and, if possible, reward hard work with bonuses or gifts.
- Have fun. Coordinate social activities like an office-wide potluck or after-hours bowling game. Work and play can — and should — coexist.
Some of the above ideas may seem obvious, but creating an employee retention strategy doesn't have to be difficult. What are some ways you're retaining your top talent and reducing employee turnover?