We’re in the middle of a talent shortage. The shortage varies per industry, but generally, the supply of experienced and skilled specialty talent is not meeting the demand of companies. Many companies are now spending more time and money recruiting than ever, mainly because they are waiting to find experienced candidates, as opposed to hiring green candidates. Because of this, employee retention is a hot topic.
When it comes to retention, salary is still important to each and every one of your employees, but it takes far more than a competitive salary to retain them—especially in today’s candidate-driven market. As your top professionals are pursued—and even offered—by other companies, you have to step up your game. You have to provide them everything possible to convince them to remain in place.
So let’s look beyond salaries. What else matters most to your current workforce? Is it all about benefits? What about opportunity for growth?
Check out these 7 ways to keep your top talent by our friends at Ajilon:
- Conduct employee surveys; what motivates them, what they would change and do exit interviews when people leave.
- Get managers invested in their people; have them perform regular performance reviews, promote higher performers and coach struggling employees.
- Encourage open communication between employees and management; hold regular meetings for everyone, establish an open-door policy and don’t punish anyone for speaking their mind.
- Tailor company benefits to your employees’ needs; look at things such as flexitime, working remotely, free meals or other incentives.
- Always seek to promote from within; provide clear paths for advancement, offer support and training, implement a KPI system to spot your top performers.
- Get employees engaged with the business; ensure that they see their place in the bigger picture, clarify what is expected, provide goals to strive for.
- Hire an HR director if your company is pushing 100 employees; allow them to streamline your structure, trust them to head up employee satisfaction and establish employee wellbeing as a clear priority.
More ideas below in this infographic from our friends at Bayt.