There are two types of employees. The first kind shows up to work late, doesn’t put any effort, and waits impatiently for the clock to turn 5:00 p.m. so they can leave the office.
The second type is the employees who show up on time, are enthusiastic about their job, and are engaged in their work.
So, the main questions here is: how do you retain your best performers? They’re your star employees who’re emotionally connected to their jobs. They help you move the company forward, come up with creative ideas, and are 100% productive.
How can you prevent them from leaving you for your competitor?
In this post, we’ll guide you through 8 killer strategies for how to retain your best employees and helping them reach their full potential. Let’s begin!
Show Your Employees That You Respect Them
A word to the wise: treat your employees with respect because if you do, they’ll stick with you through thick and thin. An SHRM Online study conducted in 2015 discovered that the top three causes of job satisfaction were a respectful treatment of employees at all levels, compensation/pay, and benefits.
Retaining your best employees isn’t always easy, but respect is one of the essential puzzle pieces that make everything else function better. Without respect, your employees won’t have the motivation to stay engaged for too long.
Competitive Salaries and Benefits are Equally Important
You might think to yourself “Oh no, not salaries and benefits again!” As much as it might sound cliché, offering your employees a nice paycheck and a number of creative benefits can help you in your efforts to keep them at the company.
According to a study by JobVite, the most desired benefits are:
- flextime and remote work opportunities
- corporate recreation centers and gym memberships
- free food or catered meals
- mentoring and development programs
- casual dress codes
Provide Career Development Opportunities
What other thing is important to employees except for the salary and benefits package? Career development! And what initiatives does your company take to make sure that employees are continually improving themselves and learning new skills? If you say “none”, then you better start today.
Retaining your best employees is also possible by allowing them to explore new opportunities inside your company, learning a new skill, or mentoring an employee. They need to see that there is a clear path of career development in order to remain motivated and engaged.
Create a Culture of Trust & Transparency
Surprise, surprise! Your best-performing employees want to work in an environment of trust and transparency!
If your employees trust their leader, it’ll allow your company to flourish, while the absence of trust can cause disengagement, conflict and high turnover rates.
And that’s why it’s important to let your employees know what’s going on in your company and how their work impacts the customers. You should consider opening a communication channel so that every person on your team is up-to-date with current developments.
With so much negativity and stress in today’s modern world, working at a company that has a positive ambiance can be true bliss. Even studies show that employees who feel undervalued are more likely to jump ship.
Creating a positive workplace that celebrates employees’ achievements is a great way to make your office a safe haven and increase employee engagement and productivity. This recognition will promote the future success of your employees and your company.
But what’s the best way to show your appreciation? Let’s explore some fun and effective ways of doing just so:
- Congratulate your employees for their achievements as soon as you can. Go to them for a handshake or a high-five.
- An official congratulation or a bonus can also work.
- Make it public as public recognition is more powerful than a private one.
- Rewards can come in all shapes, including cash or non-monetary rewards.
Attach Meaning and Purpose to Their Work
Companies big and small have understood the impact of incorporating a sense of purpose to the workplace. If employees have a job that matters to them and bring a positive impact in the world, then that employee is a strong asset and can help move the company forward.
One study by LinkedIn found that 58% of companies with a clearly articulated and understood purpose experienced growth of +10%. Moreover, 39% of purpose-oriented employees are likely to stay at their company for 3+ years.
Creating a working environment where each employee’s individuality and uniqueness can play a role comes with a number of benefits. You’ll promote a working environment in which all employees can display their maximum potential and unleash their creativity.
The more open-minded your company is and accepting of people’s individualities, the more success it will accomplish. Respecting your employees’ individuality is one of the most important business strategies a company can have. Not only that you’ll manage to retain your best-performing employees, but you’ll also recognize the needs of individuals, and adapt assignments and perks accordingly.
Adopt a Team Culture
As it turns out, in order to succeed in today’s competitive world, you need to put together a great team. When you take a group of high-performing employees and create a team where they can merge their talents, amazing things can happen.
Not only that there’ll be large amounts of positive energy, but their performance, loyalty, and engagement will notably improve. So, once you find the best employees to work on your team and connect them with their purpose, you’ll put together a high-performing team that’s focused on a collective effort greater than themselves.
To build a great team culture, you should:
- Make teamwork one of your core company values.
- Meet regularly as this can make a big difference in great team culture.
- Communicate clearly with team members, so everyone is on the same page.
- Provide constructive feedback to help your team improve.
- Celebrate birthdays, promotions, and holidays with your team.
- Promote a culture of learning where every employee is encouraged to continue expanding their skill sets.
Retaining the best-performing employees is high on every manager’s list of priorities. And creating effective retention strategies to prevent them from leaving the company is one of management’s most important jobs.
Although retaining your best employees is not an easy task, it’s possible by creating a working environment where star performers are supported for their best work, where purpose exists, and achievements are celebrated. You’ll be rewarded, not only with a low employee turnover rate but also with loyal employees who contribute to your company’s success, for the long term.