7 tips for hiring and retention of top performing employees

header_HireRetentionGoodEmployee

It’s a fact. Each year businesses face too late what happens when employee morale drops and the best begin to leave for greener pastures. This most often occurs when the leadership team forgets that there is a fine line between recruiting and retaining high performance candidates. It’s a sad state of affairs that is completely preventable, with the right efforts and planning.

Employee retention rates are indicative of how well a company measures up to the expectations of employees. It’s about how well the company treats employees in terms of compensation, rewarding tasks, and a corporate culture that allows for career growth. It has been estimated that it costs a half-year’s salary to replace even one good worker, and it’s unknown how much productivity and innovation are lost when a top performance employee heads for the door.

Here, we’re giving you seven proven ideas you can use to hire and retain quality employees.

  1. Hire Quality People
    The number one way to recruit and retain more employees is to set up a selection process that is multi-layered and carefully managed. All candidates need to be educated from the start about the full requirements of each job, along with a three-part application process that includes assessment, screening, and interviewing. This weeds out candidates who are not serious about building a career with your business.
  2. Offer Generous Compensation and Benefits
    Once you have secured the best people you can for your company, treat them fairly with a generous compensation and benefit package. Subscribe to online compensation data and software like PayScale Insight and then do your best to offer new hires the market-based compensation they deserve. Offer benefits that go beyond the normal health care and life insurance programs, by providing a total wellness package that helps employees expereince good overall health.
  3. Give Them a Great Work Culture 
    Your top performance employees may come from all walks of life, but there’s one thing that most employees have in common: the need for a positive work culture. Create work areas that are friendly to all work styles, from private desks to collaborative meeting spaces. Make respect and communication the central parts of your corporate vision so all employees are on equal ground.
  4. Make Learning a Priority 
    In many workplaces, the need to keep up with new technology and processes necessitates a lot of learning. To boost the retention rates of your employees, give them the incentive to obtain special industry certifications and university degrees through a corporate-sponsored educational program. Try virtual classes and those delivered via gamification apps. Employees who earn their credentials through this program are then asked to stay on board for at least a year following their participation, meaning your company reaps the rewards.
  5. Progressive Performance for Pay 
    In a performance based workplace, employees who are given the chance to earn more through their efforts often pays off for employers in the forms of increased productivity, employee morale, and loyalty. When employees understand the connection between their hard work and the company’s willingness to pay more, great things happen. Make performance reviews a proactive measure and hold employees accountable for their own success through recognition programs and succession planning.
  6. Transform Work Norms 
    Over the years, the most successful employers have understood the importance of catering work norms to meet the needs of each new generation of workers. Gone are the days of stringent work hours, stuffy attire, and drab work cubicles. In comes the positive norms of flexible work shifts, telecommuting, casual attire, and open work areas that appeal to the senses. Make transformation a part of your company plan to recruit and retain more employees.
  7. Communicate Core Values 
    It’s been said that if you stand for something significant in the world, others will stand with you. This is very true in workplaces too. A big part of why high performance candidates stick around is because they believe in your core values as a corporation. These values should include a dedication to excellence in your industry and a commitment to positively impacting the communities in which you do business. Be sure you communicate your core values in your company brand and all activities your company participates in. 

Are you sure you're paying your employees fairly?

Get a FREE whitepaper from PayScale about managing pay inequities.

7 Comments

  1. 7 Andres Bustamante 23 Dec
    Please forward me a copy of "Managing pay Inequities". Thank you.
  2. 6 Laleh Hassibi 19 Dec

    Thanks for all of the comments! To get the Pay Inequities whitepaper you have all requested, just click on the red text above where it says "Get a FREE whitepaper from PayScale..." and that will take you directly to the form to complete to get the whitepaper. Please email me directly if you have any issues: lalehh@payscale.com.

  3. 5 Kala 18 Dec

    Thanks for sharing your views...

    I Need to submit an analysis report on Pay Inequities hence please send a copy of the same

  4. 4 Chen 18 Dec
    Kindly forward me a copy of "Managing pay Inequities". Thank you.
  5. 3 SANKARALINGAM NATARAJAN 18 Dec
    Appreciate if you can send Please send me "Managing Pay Inequities".
  6. 2 Lisa Jobe 18 Dec

    I would love a copy of "Managing Pay Inequities".  thank you very much.

     

     

  7. 1 Marva O'Bannon 18 Dec

    Please send me "Managing Pay Inequities".

    Thank you

Comment




  1. Please prove to us that you're not a robot:
SEARCH
GET PAYSCALE NEWS
Sign up for the latest tips and tricks in compensation from PayScale.
Sign up for PayScale News
Career News
SOCIALIZE WITH US
CATEGORIES