The key to retaining your best talent is to invest in their development and recognition. You can do this by promoting employees, rewarding them with an employee of the month recognition, and granting them the freedom to work outside the normal working hours.Here we will present 5 tips that support employees motivation, attract and keep the top talents.
Make sure your top employees are offered retention bonus in case the competition is tough for great talents. The most usual bonus is related to performance, but in some cases where good resources are scarce, you may need to work on a retention bonus.
Another effective employee branding strategy will increase your ability to recruit and retain top talent. When your employer’s brand is strong, candidates will identify with your values and seek your company out.
A strong employer brand can lead to improved talent acquisition metrics and a shorter time to hire. Below are some tips to create a successful employer brand. This strategy should not only target candidates, but also employees. Read on to learn more.
Positive Work Culture
In addition, create a positive work culture. Employees who are satisfied with their work environment will refer other employees to apply for open positions and will spread the good word about your company. Run an employee audit to identify areas of strength and weakness. Make necessary improvements and boost your employer’s brand. You’ll soon be able to attract and retain top talent. If you don’t have the time to recruit top talent, consider implementing a solid employer branding strategy.
Give recognition to your top employees. If you fail to recognize your top talent, it may lead to a sense of dissatisfaction and even doubt about their commitment to your organization. This will ultimately make them question their motivation to work for you, and potentially lead to a higher likelihood of leaving. Therefore, it is critical to develop a solid employee branding strategy and offer rewards to keep your best people.
Employee executive presence rates can be damaging to any business. Investing in your employees’ career development and training is essential.
Make sure that your team members feel appreciated and happy. Ensure they have total flexibility to express themselves and develop their executive presence, otherwise, they may seek other options. In addition, acknowledge a job well done, by offering flexible schedules and learning opportunities. Employees want to work for a company they respect and that feels appreciated. In addition to this, you should focus on overall satisfaction when hiring.
Employee Referral Program
First of all, when creating an employee referral program, you have to think like your employees. You should reward them for referring people who would be a good fit for your company. If your employees are satisfied with their work, they will refer more people, which is a virtuous cycle. You must also ensure that at least 40 percent of the new hires come from employee referrals. That means you need a great referral engine.
Secondly, when contacting referrals, be sure to send targeted emails to employees with the vacancy details. You may want to target the engineering department since it is likely that engineers will know each other, and vice versa. Send monthly reminders to employees to ensure they submit referrals. Also, schedule recurring 10-minute events to remind them to submit a referral.
Thirdly, to maximize the benefits of an employee referral program, be sure to have clear rules and guidelines. Make sure you don’t violate any non-discrimination laws and make it easy for employees to refer people who may be better than your competitors. Additionally, create a resource page with a resource section. Lastly, implement an incentive program for referrals. Offer bonuses and other incentives. You should track the number of referrals, the time it takes to fill a position, the cost per hire, and the quality of the hired candidate.
In fine, offering excellent benefits is a big plus. Top talent may get bored with a company that fails to stretch and challenge them. Employees want perks like medical insurance and free lunches. Investing in such perks is essential if you hope to keep top talent. Employee turnover costs American businesses $223 billion dollars annually, and one in five people leave a job due to negative company culture. Whether employees are leaving because of the financial benefits or because of mental health issues, an unhealthy workplace is detrimental to productivity.
Employees will be more likely to deliver high-quality performance when they are clear about their expectations and boundaries. Be honest and genuine when praising top performers.
The best ways to retain top talent are small gestures and frequent acknowledgment of their achievements. An undervalued talent will soon start looking for better opportunities. Make sure to praise your best employees often, but don’t be overly enthusiastic.
Remember, your employees spend more time with their co-workers than with their families. So, make sure to give them the recognition they deserve.