When you have worked hard to surround yourself with top-notch talent, the last thing you want is to see them leave. It can be challenging to find team members that fit well within your culture and also consistently deliver work that is both on time and done well.
Additionally, replacing team members can result in a strong financial burden on your company. Did you know that replacing an individual on your team is estimated to cost approximately six to nine months of that person’s salary in training and recruiting costs?
Turnover can also put additional stress on your team, resulting in the loss of more team members. If your company is currently experiencing a revolving door, it’s time to learn how to retain top talent.
Conduct Stay Interviews
Most companies conduct two types of interviews – hiring and exit. One type that your HR team may be overlooking is the stay interview. A stay interview should be conducted at least once per year. However, if you notice that a top employee is starting to become restless, you may want to consider sitting down with them more often.
In these interviews, you should talk to your employee about what makes them happy, what they want to see happen differently, and if there’s anything that they’re missing to make them want to stay with the organization long term. Listen carefully, respond, and be sure to make the changes that they ask for, within reason.
The past two years have been tumultuous, to say the least. If there is one positive thing that has come from the COVID-19 shutdown, it’s that employers are beginning to realize the importance of flexibility for their employees.
For many, being able to work at home for at least part of their week is a huge bonus. It helps them to save money and time on commuting. As people begin to reprioritize time for self-care and family, the flexibility to set their own hours or work from home can make all the difference.
Provide the Benefits Your Employees Want
Benefits are not one-size-fits-all. It’s important to remember that your employees are human. They have different wants and needs. Asking them what their preferences are for benefits when you’re in the hiring process can give you leverage to bring the right people on.
In order to retain top talent, you may need to specifically tailor your benefits package to their requests. Obviously, these requests need to be within reason and make sense for your company. Be sure to discuss any and all benefits with your HR team before agreeing, but there is often wiggle room to create a package that will help you hold on to your best employees.
Invest in Career Growth
Nobody wants to feel like they’re stagnant – especially not your highest achievers. Provide options for career growth, including training, advancement opportunities, and leadership roles. One of the top reasons that employees leave is that they feel like there’s no room to grow.
Providing a clear path to new roles and titles can help you retain top talent in your organization.
Quality HR Services Can Help You Retain Top Talent
Prescott HR offers a wide range of services that can help you to find and retain top talent for your organization. Our unintimated HR practices allow us to be focused and effective, providing your business with exactly what you need.