In the modern world of business, employee retention is a hot topic, and a high turnover of staff can create enormous challenges for any business, as when highly skilled and experienced employees leave their roles, it creates several problems. Firstly, there is a reduction in the specialist knowledge base of the workforce when industry- or role-specific expertise needs to be replaced, which takes time and training. In addition, organizations that struggle to retain their talented workers face growing recruitment costs, which can form a large part of the HR budget.
For any organization, a key goal should be to retain its brightest and best employees. This article explains three key ways in which this can be achieved, so that employee turnover is minimized, and a high knowledge base is retained.
In any organization, the most talented staff will be a source of important ideas for service improvement and will seek to drive change. Their views and opinions should be actively sought out, as within them there may lie several avenues in which working practices can be made more effective. Employees who feel that their thoughts and ideas are listened to will be more likely to feel part of the organization, and this will in turn boost their morale and job satisfaction—making them more likely to stay within the company.
One key way in which managers and leaders can actively listen to their workforce is to use employee survey software platforms such as those provided by inpulse.com. By using this software to gain feedback and opinions from staff, this information can be transformed into actionable business insights.
Offer Clear Progression Pathways
Talented workers inevitably want to broaden their skillsets, climb the corporate ladder, and make more of a contribution during their careers. By offering clear routes for progression and advertising senior roles internally an organization sends out a clear message to its workforce that there are numerous opportunities for personal development and progression within the firm.
Employers can go one step further with this methodology by offering tailored training and development opportunities to the brightest and best employees. This can even begin as part of an onboarding stage for newly acquired graduate staff who show a desire to become future leaders or to specialize in key roles within the organization.
Share the Success of Others
In a recent survey, 66% of US employees said that they would leave their jobs if they felt that they weren’t appreciated enough. Therefore, it makes sense that highly motivated staff are those who are more likely to remain within an organization. There are numerous strategies that any business can use to boost the motivation of their employees, but a key way is to actively recognize the successes of talented workers when they go the extra mile. When staff receives recognition for a task or project that has been completed to an exceptional level it serves to both reward the staff themselves—and inspires others to work to the same high level.
Companies can incorporate the recognition of success into their cultures by holding annual award ceremonies, or by highlighting in corporate bulletins the work of staff who have gone above and beyond with their commitment to work.