Retaining your most talented employees counts as one of the most critical steps you can take to ensure your business’s profitability. However, many employers don’t know how to keep their talent. If you’re finding that your business is being drained of its best employees by your competition, it’s time to take control. Try implementing these four strategies to retain the best and the brightest in your ranks.
1. Compensate Them Correctly
Although Forbes.com placed compensation last on its list of top employee-retention strategies, it shouldn’t be on yours, not if you want to keep your most talented and innovative employees. With the age of the Internet comes a savviness that didn’t exist in previous generations.
In other words, your employees can now go online and check out the salaries for other people who are doing their jobs. Make sure you’re not cutting corners in your budget by offering them less than they’re worth. If you do, you may find that your competition gets the employee you most want to keep.
2. Provide a Solid Onboarding Process
How would you like to keep at least 70% of your best employees? Well, according to Entrepreneur.com, you will if you provide a streamlined onboarding process. Employees who receive proper onboarding will stay at a company for at least three years.
3. Offer Them Continuing Education
Continuing education and training benefits both your employees and your company. They keep their skills sharp and you keep an employee that’s up-to-date on all of the most important skills in your industry. And as a bonus, better trained employees report being more satisfied on the job, which means they’ll stay longer.
4. Give Them the Right Tools
It’s tempting to want to save money. One way that companies do this is by allowing their equipment to get old. No industry can afford to have its employees using outdated equipment.
Cheap equipment means that your employees have to overcompensate to make up for slow-running machines. This issue causes redundancy, which frustrates even the best employees. Too much of this can make your employees bolt for the door at the earliest opportunity.
Final Words on Employee Retention
Losing a good employee costs you in time, money, and brainpower. Losing too many employees will eventually cost you your business, but this doesn’t have to be your fate if you take steps to keep them.
Giving them the proper tools, the right compensation, and ongoing training helps keep your best employees happy and under your roof. And remember, if you must cut corners to save money, make sure that it isn’t your employees who suffer. Otherwise, you may find that the employee that once made you money is now making money for your competition.