Your company’s top talents are the lifeblood of your organization, so it’s important to have a retention strategy in place that will keep them from leaving. On average, it takes six to nine months of income to replace a worker, according to a study by the Society for Human Resource Management (SHRM). Keeping your top talent around saves you time and money. In addition, it stands to reason that happy employees will improve a company’s culture and thereby it’s overall performance as an organization.
Here are five strategies to retain your company’s top talent.
Partner with an employment background screening company.
The first step in retaining top talent is making sure you hire the right person to begin with. Someone who is a good fit for the company and has the skill sets you are looking for is typically the best place to start when building a great team. Having an employment background screening company gives you peace of mind that you can hire someone with the right experience, skill sets, education, etc. A pre-employment background check company has the expertise to do a fair and in-depth background check on potential employees. Hiring the right people sets the tone for effective working relationships right from the start.
Create a culture of trust and transparency.
Employers need to create a culture of trust and transparency by communicating openly with employees about their progress and plans. They need to offer opportunities for growth within the organization or offer outside training that will help them achieve their career goals; they also need an open-door policy where employees can talk freely about any issues they might be having on the job (without fear of retribution or judgement).
Create a promotion path.
It is important to have clear paths for career advancement so employees know how they can grow within the company, which will keep them happy with their jobs and less likely to leave as they work towards furthering their careers. Offer promotions that are achievable in a reasonable time frame or offer cross-training opportunities that allow an employee’s skill set to transfer into another area of the company.
Encourage work/life balance.
Employees need to feel like they have a life outside of work and that their employer understands and supports that. This can be done by offering flexible hours, telecommuting options, or generous vacation policies. Sometimes just letting an employee unplug completely from your company for a week is the best way for them to recharge and refocus while also giving them the opportunity to plug in to their lives, families or hobbies outside of work. This is typically the most overlooked area by most organizations that contributes to less than satisfied employees and may keep their mind open to looking elsewhere to further their careers. In the United States for instance, we have spent generations mastering business as a science while sometimes forgetting that life outside of work is often more art than science as people generally are more fulfilled when these two aspects are in balance.
Offer competitive benefits.
In an economy where people have more choices about where they want to work, employers need to offer attractive and competitive benefits packages that can attract top talent from other companies in the area. This will keep your best employees from looking elsewhere for employment. Companies that offer creative benefits are more likely to attract more attention from candidates for top positions as well.
Conclusion
These strategies are just a few things to get you started. Every company is different and will need a unique retention strategy that fits its culture and values. The bottom line is that employers need to be proactive in retaining their top talent, and the best way to do that is by creating a positive work environment where employees feel appreciated and valued. Find a pre employment background check company that can help you set the foundation for your retention strategy and invest the time to work through these strategic topics and you will see tangible results.
