It’s one of the biggest and most important challenges that companies face: attracting the highest caliber candidates and hanging on to them once they are on staff. It seems that some employers just know how to retain good employees. Let’s look at what some of the more successful companies are doing that perhaps others are not.
1. Make Your Company a Great Place to Work
This is the Field Of Dreams part of the plan: “If you build it, they will come.” Of course, if it isn’t a great place to work to begin with, transforming your workplace doesn’t happen overnight. First, you’ll need a clear corporate culture, or at least the kind of culture you want to have. Be clear about your company’s values and seek employees who share those values. Be true to those values and allow them to guide your decision making.
Each position might have both positive and negative effects on the employee who fills it. The job can influence factors like stress, a sense of fulfillment, and time with friends and family. Those effects can be negative or positive. When you’re aware of how those effects are felt in your work environment, you can begin to take actions to mitigate them, thus making your company a better place to work. Some companies have opted for perks like flex hours, office lounges or gyms as employee retention tactics. Before you make your decision, it’s a good idea to have a clear understanding of what will have the most meaningful impact for your employees.
2. Talk About Your Talent Transformation Strategies
Candidates considering your company want to know that they can grow with your company. When you can demonstrate your familiarity with their current skills and how you can help them grow in their position, it not only shows how much you will value them as an employee but also how much their tenure with your company will benefit them in the long-term.
It’s a good idea to have succession plans and strategies that give them an indication of what their career path could look like if they join your company and grow with it.
3. Compete in a “Best Places to Work” Program
Top candidates seek out highly-rated employers. By adopting the qualities demonstrated by other award-winning employers, yours too can eventually be recognized, either within your geographic area or within your industry as a leading employer. Once you are ranked in one of these programs, candidates will know that your employees are engaged and satisfied; they’ll want to become members of your team.
4. Build Good Relationships
Personal relationships are at the core of how to retain good employees. In a recruiting environment, building a personal rapport with quality candidates can help them feel a closer personal connection with your company than they have with others. But, even more importantly, developing relationships within the organization can be critical when it comes to the retention of good employees. For some individuals, the personal relationships they have formed at work can be more important than any other aspect of their work life.
5. Give and Gather Valuable Feedback
No company or individual is ever perfect. The only way to improve is by becoming aware of any possible shortcomings. Critical feedback helps employees stay on track with career goals, while positive feedback can be a great motivator. For the company, however, employee feedback is critical information when determining what’s working and what’s not.
Frequent, informal feedback can be used for quick adjustments, as needed. This kind of giving and receiving of informal feedback happens most easily in environments characterized by strong relationships with supervisors, where employees are encouraged to share their opinions that are thoughtfully considered.
Of course, more formal types of feedback are still needed and most valuable. Regular reviews where employees give and get formal feedback help to identify goals, set the strategies to achieve those goals, and monitor progress. For a big picture look at the organization, employee surveys are an excellent tool. They allow you to measure and track your employee’s level of engagement and satisfaction.