Retaining your best employees is a great yet daunting task. Over the years, the standard for keeping the workplace competitive and satisfying enough for them to stay has evolved. A company with a good retention rate attracts top talent & builds a good reputation.
Failing to retain your top talents has a costly and detrimental effect on your business. It can produce insecure employees, inefficient workflows, and added expenses for training new hires.
Follow our five key strategies below to learn how you can keep your team in the long run.
- Schedule stay interviews.
Companies would typically hold exit interviews when the damage has already been done. While the info given by their soon-to-be ex-employees can be useful, having the foresight to check in with existing teammates can help you assess what’s lacking and what can be worked on at the moment.
- Make them feel appreciated.
Whether it’s through freebies, promotions, or even upskilling, it’s crucial to recognize your employee’s worth. Be fair and generous to your new and senior employees. The management should always make it a point to validate their team’s work through verbal or financial means.
- Check the work system regularly.
Having a disorganized workflow can bring tremendous stress to an employee. They might feel slighted over the imbalanced approach, absorb additional tasks, and feel burned out in the long run. Make it a point to ensure that the current process is operating productively and justifiably.
- Give ample opportunities internally.
Indeed, happy people don’t look for jobs often. Providing a clear career path for your employees can foster a more positive outlook towards the company. If they can see how they can succeed, they can manage their expectations and learn the skills needed to climb up.
- Give quality supervision.
An employee who does not feel ‘seen’ is like a doormat: it’s close to the door. Don’t take a top talent for granted by failing to recognize the guidance they deserve. Managers and supervisors must set an encouraging environment for the team, or they will soon fall off.
Retention is a tough road that takes time. You may think it’s barely any good, but it can lead you to success that lasts a lifetime.
Invest in leadership development and employee retention today with our help at LHH Philippines. Our long-standing legacy has shaped thousands of career-centric organizations and individuals in their journey.