Retention is Key During this Era of Ultra-Low Unemployment

NSC Technologies

After you invest a lot of time, energy and capital in hiring the best applicants possible, you must hold on to that top talent, especially with the labor market as tight as it is right now.

Simply put, keep your best staff members satisfied. While pay and benefits are big reasons why people take a job, they are not good enough reasons to stick around long-term. Worker satisfaction will raise your worker retention rate, saving your company money in the process. Here are a handful of strategies that will help you retain top talent.

Engage your employees

Develop a culture that makes your staff members feel important to your business and secure in their jobs. Seek their input about everything from rules to standard practices. Set goals on personal performance and recognize when employees reach those goals.

Set clear expectations

Make sure your staff members know what is expected of them on a daily, weekly, monthly, quarterly and yearly basis. If there are adjustments that must be made, communicate those changes clearly and spell out the individual impacts of those changes. Good workers want to do a good job, but they need to know what that looks like and how to make it happen.

Be transparent

Maintain an open and honest communications policy. Give feedback on individual and team performances. Be willing to hear the concerns of your staff members. Be open to and solicit new ideas. Accept recommendations for problem-solving. Make yourself available for coaching and guidance. Keep everyone informed about what is happening with the business. If there are organizational issues, communicate them honestly and hold a constructive discussion.

Invest in career development

Offer chances to for your team members to grow and learn new skills. Work with them to outline a career development plan based on opportunities that are available for with the organization

Give useful, challenging work to your top performers. They will relish the chance to do valuable and difficult work since they will see completing that work as putting a feather in their cap. Try to tap into individual passion, possibly giving employees the chance to focus on projects they can enjoy.

Recognize good performances

While monetary bonuses are always nice, acknowledging a job well done goes a long way to fostering goodwill and loyalty. Verbal recognition should include specific details to help reinforce best practices. Furthermore, feedback and praise must be genuine. Employees are smart enough to understand the difference between genuine appreciation and platitudes.

Of course, there are going to be times when a performance is so good that compliments don’t suffice. If you are going to provide material rewards, make sure they speak to employees interests while reinforcing the company brand. For instance, a vibrant, youthful company might give Guitar Center gift cards to employee who play musical instruments.

At NSC Technologies, we fully support all the employee retention efforts of our clients. If your company is currently looking for a talent acquisition partner, please contact us today.

 

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