After you put in the time, effort and investment to hire the best employees possible, losing them can be a frustrating waste of resources. While some employee attrition is inevitable, today’s highly competitive hiring market makes retaining your top talent more critical than ever.
Salary, retirement plans, and vacation benefits are the most frequently cited reasons why great employees seek out workplaces, but even these are not good enough reasons for them to stick around for the long haul. They must be coupled with genuine job satisfaction in order for your best employees to put down roots with your company.
At KRESS, we help match employers with the job seekers best suited to the position. We know that job satisfaction comes in different forms for different people. Here are our top three tips for making sure your employees are happy with their jobs, no matter your industry:
1. Recognize and reward hard work.
Monetary bonuses are always nice, but recognition of a job well done goes a long way to creating good will and loyalty. Recognition needs to be specific: “Good job” is acceptable, but “Good job on the Nelson project” is better. In order to retain talent, you must make them feel appreciated, respected and worthwhile.
2. Maintain an open and honest work environment.
Give feedback on work performed and be willing to listen, really listen, to the concerns of your employees. Chance meetings in the hall where social greetings are exchanged are good, but do not take the place of actually sitting down face-to-face and discussing any work-related concerns. Be open and listen to new ideas.
3. Provide opportunities to learn and grow.
Challenging and stimulating work are only the first step. Give your best employees opportunities to try and learn new things. Tap into their passions and allow them to focus their time and energy on projects they can enjoy. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
If you company can’t or won’t provide these three must-haves to your top performers, consider them gone. If they don’t leave for another opportunity, they’re likely to become dissatisfied with their work and let their effort level drop. Don’t let that happen! It’s much easier to retain your best talent than to recruit, hire, and train a replacement.
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