Replacing employees costs a lot of money. The average employee exit costs 33% of their annual salary. In other words, when valuable talent leaves, you don’t just lose them or their time, but you also lose cash. With many executives saying that retaining top talent is much more complicated than hiring top talent, here are the top 3 strategies to help you better retain your high-skilled employees.
1. Recognize Your Employees
Every person wants to feel appreciated for their work, and an employer’s gratitude can make a significant difference for some. Your recognition of your employees can help better retain them, as they will want to work at a place where they’re appreciated. Additionally, recognition and rewards can help motivate employees to be more productive or engaged. Some companies set up formal rewards systems to incentivize great ideas and innovation, but you can always share your appreciation if you have a small team or limited budget.
2. Build a Good Company Culture
As millennials currently make up a majority of the workforce, it’s essential to curate your company’s culture to fit the employees of today best. Millennials are significantly more likely to want to work for a company with a high trust culture. So, when employers treat their employees like professionals and prove they trust them to do the work they hired them to do, they will likely stay.
Additionally, encouraging employees to communicate their thoughts regularly and making them feel heard can help improve your retention. It shows employees that they are valued, but it also allows you to recognize where you can make adjustments to improve retention.
Lastly, providing professional growth opportunities for your workers early on can help with retention. A lack of advancement or skill-building can feel defeating, encouraging personnel to leave.
3. Utilize a Talent Optimization Platform
Alignment is critical when it comes to retaining top talent. However, it’s not as simple as hiring a candidate you assume to be a good fit or creating teams based on what work you have seen. Talent optimization platforms like the (Predictive Index) help employers hire and retain top talent much more easily. A talent optimization platform will analyze your business leadership’s needs and match them to what your candidates understand about the role and their behavioral styles. This helps you hire the right people while increasing retention rates because your employees will be a better fit for their position.
Ready to develop a strategy to retain your top talent? At Vega Inspired Solutions, we are here for you. Contact us today to see how we can better help you maintain your high performers with our talent optimization and business coaching services. We specialize in helping our clients develop a process to hire the best talent by diagnosing their needs and values and designing a system that can always hire the best candidate that aligns with the company.