The US economy has heated up in recent years and companies are hiring more than ever. While that’s good news, it also means competition has led to many employees jumping ship and taking better offer from another company.
Companies face steep competition in the labor market, and they also have to figure out how to keep their best and brightest. This calls for a concerted effort, as reducing turnover should not be left to chance. Consider the following four steps toward keeping your top talent.
1) Make a development plan for each employee
Workers are more prone to have a great opinion of their employer when expectations are clearly organized and presented. Employees should have a strong sense of what must be done to be successful from Day One. Handbooks, proper on-boarding, a mentorship program and regular, useful training opportunities can help new employees thrive in their position.
Once an employee has learned the ropes, however, they shouldn’t just be left up to their own devices. A development plan not only lays out longer-term expectations, it also shows that the company is invested in their career success, which undercuts the sense that they may need to look elsewhere to get ahead.
2) Provide flexibility
Workers love when a company offers schedule flexibility. Anything that lets employees have a better work-life balance is extremely attractive right now. Remote work arrangements, flexible hours and a culture that encourages regular time off all support a work-life balance are what today’s professionals are coming to expect in this job market. In fact, the lack of significant flexibility could be a deal breaker.
3) Have a strong employee recognition plan
Your staff members want to know how they are doing. Feedback ought to be often, consistent and constructive. Critiques should include coaching and support. Meanwhile, workers should also feel valued for the work they do and their contributions to the greater goal. Proper recognition will make them even more inspired to stick with your company.
Thank your people a job well done, both in private and in public. An employee recognition system should also be designed to appreciate work that is reliable and consistent, not just performances that go above and beyond.
4) Offer competitive pay up and down the organization
Sometimes, staff members get promoted but with a pay bump lower than what an external hire might get for the same position. This may as a result of strict pay grades or other company policies that limit raises. Underpaid employees at any level are most likely to look for a better pay rate elsewhere.
If retention is critical to your business, it’s crucial to have a path through which staff members can advance and receive competitive pay.
Looking to Add Talented Employees to Your Team?
At NSC, we fully the employee retention strategies of our clients and assist them in this difficult labor market. If your company is currently looking to source talent for open positions, please contact us today.