Recruiting top talent for your business is one thing; retaining that talent is another challenge completely.
Those businesses that focus equal effort on both recruitment and retention will have the best chance at securing a stable and loyal – as well as highly competent – workforce. However, retention strategies are something that we often find to be lacking across all business sizes.
Tapping into the expertise of our recruitment specialists at HW People, this article contains advice on how to retain talented employees – creating a long-term strategy which continues to support and nurture employees long after they’ve been inducted into your business.
The importance of a retention strategy
A good retention strategy ensures that once a candidate becomes part of your team, they are highly valued and not taken for granted.
Taking many forms across a variety of different industries and workplaces, an effective retention strategy will often encompass both professional and more personal benefits for employees – including visibility of the company strategy, training and development opportunities, strong managers, clear career path & objectives, flexible working options, regular performance reviews, access to high end equipment and technology, and a cohesive and inclusive company culture.
In short, once candidates have accepted a position and join your business, your retention strategy is what keeps them in place as loyal team members. Here are 3 of the top ways of boosting your retention strategy.
3 ways to boost your retention strategy:
This is somewhat of a double-edged sword because it deals with both rewarding and training employees. When you acknowledge a team member for their hard work and commitment, you give them the recognition they deserve and that makes them feel valued. Similarly, when you offer team members and employees an opportunity to learn new skills and access training and development workshops, you demonstrate your commitment to improving their skill level for the future of the business.
Both of these strategies show team members that you value them, but in very different ways.
Inclusion and diversity are both important topics and should be considered as part of a greater retention strategy which focuses on your company culture. If employees don’t feel supported and listened to, or they feel like a ‘spare part’ within your organisation, they are
more likely to leave. Thus, nurturing a positive culture built on respect and open lines of communication is key to making yours a business that people want to work for and remain loyal to.
What better way to build an effective retention strategy than by tackling the reasons employees might choose to leave, head on? This is where regular, two-way reviews come into effect by highlighting issues/concerns enabling preventative action before it becomes too late.
When you break down the issues which cause employees to seek a new job elsewhere, you can approach them with the kind of direction which enables you to build a positive employer brand – with some of the most obvious and common issues that can require rectification including career progression, clear direction of strategy, salary and benefits packages and workplace perks.
Retention is an area which doesn’t just follow recruitment; it is directly impacted by recruitment and has a major influence on the quality and success of all future recruitment.
For more insight into how the two collide and how to ensure that you are attracting and keeping the top talent for your business, reach out to us directly here.