September 06, 2017/ News
It's not hard to tell when you have a superstar employee on your hands. They're on the ball, they can tackle any task given to them, they're a great addition to the company culture, and they make a real contribution to the business. Retention of these high performers is very important, as it can be a significant factor in the longevity and success of a business. Great employees are invaluable assets that cannot be easily replaced and company's should endeavour to keep them satisfied.
A high level of turnover amongst these top level employees can be tremendously damaging to a business' bottomline, as the process of finding a suitable candidate, and training them to the same calibre is often very costly and time-consuming. In addition to this, the knowledge, skills, experience and expertise that these high performing employees possess also leave with them when they move on. This 'brain drain' can result in poorer overall company performance as less experienced staff may be ill-equipped to cope.
So, how do you keep your top talent around? Here are five of our top tips:
1) Acknowledge Great Work
It's simple, but it's very effective. Employees want to know and be reassured that their work is being noticed and appreciated. Recognition makes people feel like they're respected, their contributions are important to the business, and they are more than just another cog in the machine. When praising a top employee, it is important to be specific and timely with your comments. This can be done by acknowledging good performance on projects, tasks, etc., when it gets brought to your attention. This is one of the most cost-effective ways to make employees feel valued and inspire loyalty.
2) Provide Opportunities For Development & Career Growth
To keep top talent, there must be incentive for them to stay. One of the strongest motivators for good employees to stay, is the prospect of career progression, and the chance to learn and build on their skill sets. If there is no potential for career movement, then your best employees will start to look elsewhere for more challenging and fulfilling roles. Providing various training sessions and highlighting when there are suitable opportunities to advance professionally, will help to keep your best employees around for longer.
3) Offer Competitive Pay & Benefits
It's no secret that money is a significant influencing factor on whether or not an employee stays with a company. If you want to keep your best employees around, you must pay them well. If an employee feels as though they aren't being adequately compensated for the quality of work they are producing, then they will start searching for a workplace that will. Do your research and see what other companies are paying for the same role and offer a competitive wage. To further incentivise them to stay, you should also consider offering benefits. Some common employee benefits include, free food, company cars, extra paid leave, etc.
4) Maintain Open Communication
Open communication allows employees to feel that their their opinions are valued and that management is receptive to their input and insights. To keep your top talent satisfied, it is important that they feel respected and they are meaningfully involved in decisions regarding their position, as well as the overall direction of the company. Top performers want to feel as though they are making a real impact, so being transparent and keeping them in the loop will help fulfil that.
5) Provide Flexible Schedule Options
Gone are the days of the traditional 9 to 5. Providing options for more flexibility in your worker's professional life will make them feel happier and enhance their satisfaction with the company. For example, you might allow them to work from home on certain days, or give them the option to adjust when they start/finish work. These happier employees also tend to be more productive, since they are able to achieve a greater work-life balance, are less likely to burn out, or feel dissatisfied with their work conditions. When you take care of the wellbeing of your employees, they will repay you with better performance and are more likely to stay in the long-term.
Are you an employer looking for high quality, pre-vetted workers? Then Workfast's labour hire services are for you! Contact us today and we'll help you find the right people for the job! Call 1300 834 403 or visit our website.