With the talent shortage that began with the COVID pandemic continuing, it’s never been more important to retain your top-performing employees. Studies have indicated it can cost thousands of dollars more to replace employees than to retain them. This includes recruitment, onboarding, and training costs, as well as lost productivity. When you’re talking about your top performers, those costs can be even higher.
So how do you hold on to quality talent? Here are four ideas.
1. Offer Competitive Compensation
A good salary helps employees not just survive, but to have the opportunity to reach goals that impact their sense of well-being, like home ownership, travel and healthy relationships. And a good benefits package makes them feel more valued, which in turn makes them value their employer more. It’s important to regularly benchmark the compensation packages competitors in your area offer to stay competitive.
2. Keep Communication Lines Open
Engaged employees are much more likely to stay with your company, and a high engagement level depends on good two-way communication. Keep your company’s mission front and center in your messaging, and encourage employees to share their ideas on how to achieve that mission. Also make it clear that employees who report problems hampering their productivity will have their concerns addressed with no reprisals.
3. Give Top Performers the Power to Grow
Very few employees want to stay in the same role forever. Rather, they want to know there’s a path to advancement in their career. Top performers in particular value the opportunity to learn and grow. Empower their ambition by giving them training and development opportunities along with the coaching they need to put what they learn into action.
4. Create a Culture of Recognition
Employees who feel appreciated are much less likely to search for better opportunities elsewhere. That’s why it’s critical for retention that you place a strong emphasis on timely, specific recognition for a job well done. For an even greater impact:
- Find out from your employees what forms of recognition are the most meaningful.
- Involve them in determining rewards for going above and beyond.
- Include employees in helping identify who among their co-workers is most deserving of recognition.
We Provide Future Top Performers
While you’ll want to do everything you can to retain your current stars, there’ll be times you need an infusion of new talent. Mega Force can help. We provide staffing services to employers in Rock Hill and throughout North Carolina. Find out what we can do for you.