A successful business is one that knows how to retain their top talent. After hiring and investing time and effort it’s important to keep good employees satisfied. While things such as salary, benefits, and retirement plans are reasons why many employees initially take the job they are not enough reasons to keep them employed long term. Many people will move on to another company for a five percent pay raise. Instead, it’s imperative that companies focus on job satisfaction to increase their retention rates.
Make Expectations Clear
The job description should clearly explain what is expected so that employees understand what is required of their position. Communication needs to be made clearly and directly so that everyone is on the same page. When goals are established there should be meetings so that people can provide feedback and have the opportunity to ask questions or voice their concerns. When expectations are clear good employees will want to perform well and understand their position so that they can do so.
Make Employees an Asset
To retain top talent it’s important to ensure that your employees are satisfied with their jobs. Get to know each individual a bit, a good boss should be able to greet employees by name. When top talent feels that not only are they known, but that their contributions to the company are acknowledged they will feel more secure in their positions which can lead to higher job satisfaction. Encourage employees to provide their input on the work and any changes they may believe could improve business.
Make the Environment Open and Honest
Make sure as a leader that you are open and honest with all of your employees. People want to feel like there is transparency within the management. Furthermore, make sure to take the time to sit down with individuals face to face and discuss any work-related news, concerns, or ideas. People want to feel heard so make it a point to allow everyone to feel that their voice and their opinions matter. A successful business doesn’t let rumors take over, but instead keeps top talent informed about anything going on within the organization.
Provide Growth Opportunities and Room for Advancement
To retain top talent provides them with work that energizes them and taps into their passion. Even more importantly provide them with growth opportunities, such as mentorship programs and tuition for continuing education classes. Furthermore, be clear about room for improvement and work with them to understand their career development plans. By offering these things when competitors might not it increases the retention rate. Allow good employees to grow with your company.
A few other ways to increase your company’s retention rate are by encouraging flexibility, ensuring engagement, investing in good technology, and always recognizing and rewarding good work!