Savvy business owners understand how critical it is to the success of their business to attract and retain top talent in each department. The most skilled, motivated and educated individuals can be a true asset to your company, providing you with innovative ideas, excellent oversight and more over the years. However, in today’s labor market, it is increasingly common for top talent to relocate to other companies every few years. This can be a true detriment to your company. These tips can help you to attract top talent more easily and to retain these individuals for longer periods of time.
Offer an Exceptional Benefits Package
Most workers today have a strong desire to improve their lot in life through hard work. This means that they want to see strong financial results from their efforts. Job hopping is one of the easiest ways to improve the level of compensation workers receive, and this means that offering top benefits is a great way to lure talented individuals into your company and to keep them in place. Be sure to offer annual salaries and bonuses so that they are more likely to remain working for you in the years to come. Remember that benefits also includes life insurance, health insurance, a flexible spending account and other features.
Provide Flexible or Remote Work Opportunities
Even the most hardworking individuals want to enjoy life, and offering a work-from-home opportunity a few days per week or allowing individuals to have flex time is a great way to help them achieve a better work-life balance. Your flexibility in this area can help your employees to decrease their stress level, handle their personal responsibilities and spend more time with family. Ultimately, as long as they are getting their tasks done, this is a simple and easy way for you to have happy, satisfied employees.
Give Recognition When Due
Most people want to know that their hard work is noticed and appreciated. Simple thank you’s or recognition awards when you notice them staying late or coming in early can go a long way in this area. However, there are also other times when you should go a step above and beyond to recognize them properly. Giving a special award, a gift card or a bonus when exceptional work is completed is a great way to keep your employees happy.
Offer Feedback, Praise and Promotions
For today’s workers, constructive criticism offered at annual reviews is a necessity. Workers want to know what they can improve on and how they can achieve the next level in their careers. They want to know that there is a next level available through your company as well. They should be provided every opportunity to advance in their career internally, and you can guide them into taking courses, attending seminars and taking other steps so that they can reach the next level desired. They should never feel as though they have capped out in your company, or they likely will move on to new opportunities. You likewise should use annual reviews as an opportunity to praise them for areas that they excel in. A review should never be overly critical. If it is, you run the risk of turning the employee off on the company and on their position.
Retaining top talent is a primary goal for many businesses, but many companies fail to do what it takes to keep individuals who they have worked so hard to bring into the company. You should spend ample time focusing on each employee and nurturing them so that they feel as though they are a valuable asset to the company.