All too often, the bulk of a company’s time, energy, and financial resources are spent sourcing new talent at the expense of existing star employees left languishing for some attention. Can it be too long before these top performers seek greener pastures?
This is a dismal state of affairs, and it’s completely avoidable. Yes, hiring great employees is important, but it’s also important to make sure your retention strategy is firmly in place so that once on board these employees stay put for a while.
Each time a top employee flies the coop, it’ll cost on average roughly six months’ salary to recruit and hire a replacement. Aside from the financial blow, a significant amount of productivity and innovation will be tossed out the window, never to be seen again until the new hire gets up to speed.
Here’s how to avoid all that.
Of course, compensation encompasses more than cash. Benefits and perks count, too. Thoughtful benefits and perks, like generous wellness incentives, show employees the company cares about them as whole persons and not just as worker bees.
Reward good performance
If you haven’t already, implementing a performance-based pay system is a great way to retain top performers and keep the rest of your team motivated. Employees given the chance to earn more through their efforts are often more engaged, more loyal, and more productive.
Create a positive work culture
Rigid work schedules, formal attire, and dreary cubicles are no longer considered part of an optimal work environment. Instead, employees are looking for flexible hours, telecommuting options, casual attire, and open work areas.
Stand for something
Most employees want their work to have purpose, and so generally, you’ll have a much easier time retaining employees when they believe in your company’s core values. These values will be the driving force behind employee motivation when the workload is heavy or stressful, so be sure to clearly communicate the values often.
It’s not always easy to maintain a high retention rate while growing your business, but ultimately it’s in your best interests to make sure you’re taking care of your long-term employees just as much as you’re attracting new ones.
Learn more about employee turnover with this PayScale whitepaper: Turnover: the Good, the Bad and the Ugly