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Six things that successful companies do to retain top talent
Hiring the best talent is an endeavour into which every company invests a lot of time, money and effort. The drive to build the best team of the most talented individuals is something that any business leader or hiring manager will be familiar with. But hiring the best is only half of the battle. Retaining those people in the long term can often prove more difficult than hiring them in the first place. Today’s job market is highly competitive and the best candidates will always be in high demand. So, what is it that successful companies do to retain their best talent?
They pay the going rate
First and foremost, retaining the very best talent is going to be hard if you are not paying them a fair wage relative to their level, position and talent. If you don’t, then someone else will and it won’t be long before you lose them to a rival. Salary benchmarking is a great approach to ensure that your remuneration packages are fair and current. You can benchmark salaries across multiple industries and job roles with our Salary Benchmarking Tool.
They are generous with recognition and reward
Recognition for a job well done, privately or publically, is something that is all too rare in many workplaces. Employees at all levels want to feel that their hard work is appreciated. Companies that are generous with praise and reward employees for a job well done find that motivation levels are much higher. Employees are also more likely to stay in an environment where they feel valued.
They offer training and development
It is a common mistake to assume that a generous salary and benefits package is enough to keep the best talent engaged. Employees will have their own professional development in mind. They will want to know that there is a genuine opportunity to develop themselves and will keep an eye on their longer-term career prospects. In some cases, professionals will move on to a new role on the strength of the development opportunities, particularly in junior and mid-level roles.
They treat employees like assets
Treating employees with respect and making them feel like an important part of your operation is a simple way of creating a positive working environment. All too many workers are treated poorly at work and made to feel like a commodity. Companies with high staff retention levels are expert at making all employees feel valued and part of a team. They ensure that no matter the job role or level, employees are listened to, treated with respect, and recognised for the contributions they are making to the company.
They promote from within
It can be a real boost to morale when people are promoted from within. It shows the whole team that good work is rewarded and that there is long-term career progression for those who merit it. One of the main reasons people seek to leave their job is in pursuit of a promotion. Companies that are actively promoting people from within are far less likely to lose people in this fashion. You can read more about promoting from within here.
They offer flexible working
There is a growing demand for flexible working options among UK employees, especially from Generation FL-X (18-27-year-olds). Yet, our research revealed that at least 25% of Gen FL-X has had requests for flexible working rejected by employers. Given that millennials are predicted to make up 50% of the workforce by 2020, it is crucial that employers understand how to attract and retain this talent.
Companies who run effective flexible working programmes regularly see productivity and work satisfaction go up among a large percentage of their employees. They are also far more likely to both attract and retain those of the millennial generation, who will, after all, make up the mainstay of the workforce in the years to come.
Our management advice centre has a wealth of attraction and retention advice on everything from creating a work from home policy to developing future leaders, be sure you’re up to date with all of our latest news and insights.