4 strategies for retaining top talent
Turnover is expensive. New employees need to be trained. This of course is not without a cost. On top of this, when a new hire replaces a previous employee, it’s likely you lose some productivity as the new employee grows into and learns his role. These are some of the reasons why reducing turnover is critical to running a successful organization.
This importance multiplies when focusing on your top performing employees. To run a successful organization and to sustain success, it’s absolutely crucial that you retain your top talent. These are your most productive employees, they motivate others to perform at high levels, and they provide the ideas and insights that inspire organizational growth. Naturally, these types of employees are highly sought after and they are looking for opportunities that best fit their needs, desires, and goals. If your company does not provide that, another certainly will. So how can you retain your top employees? Below are 4 strategies for retaining top talent.
Recognize your employees have lives outside of work
Your employees want to work hard. They want to achieve great things for the company, but they also want to enjoy their life away from work. They want to achieve great things outside of work as well. As an employer, you need to recognize this and take steps to ensure your company’s culture encourages a good work-life balance. As a leader, here are some things to consider:
- Are you counting hours or measuring productivity and results?
- What are your top performing employees striving to achieve outside of work?
- How can you help your employees achieve personal goals outside of work?
- What is one thing you need to do that will lead to a culture that encourages work-life balance?
Provide opportunities for growth
Your top performing employees are ambitious goal achievers. After achieving one goal, they move forward and set new ones. They’re constantly looking to grow, challenge themselves and reach new heights. From an organizational standpoint, people who fit this mold are looking to climb the company ladder. Of course, not every company has a vertical organizational structure with traditional supervisor, management and leadership positions. As an employer, this is not an excuse for not providing your top performing employees with opportunities to grow. It’s your job to constantly ask yourself:
- How can I recognize their achievements and demonstrate my confidence in them?
- How can I give my top performing employees more responsibility and influence?
- How can provide my top performing employees new and greater challenges?
Invest in your employees
Growth is also internal. Your employees want to be good at their jobs. They want to perform up to and maximize their potential. What are you doing to help them do this? If your company is not investing in the development of your employees, you better believe others out there will.
Involve your employees in the planning process
If you want to really energize your top employees, and keep them excited about the organization, invite them to play a role in the planning process. Keep them up to date about organizational goals and direction and even listen to different suggestions they have for where the company should go. They will start to feel a real sense of ownership in the company.
What you can do
Remember that your employees have lives outside of work. Talk with them and learn what actions you can take to further improve their work-life balance. Top performing employees are always looking for a new challenge. Your organization needs to provide them these challenges and offer opportunities for growth and advancement within the company. How can you give your top performing employees more responsibility, influence and recognition? Your employees want to maximize their talents and potential and excel at their jobs. If you are not investing in their development and helping them do this, other companies are ready to do so. Your employees want to be a part of something bigger than themselves. Invite your top performing team members to participate in organizational planning and then they will really feel ownership in the company. Invest in them or pay to replace them. The choice is yours. What will you do to retain your top talent?