One of the best assets you can have is your employees when it comes to competitive business markets. Sometimes retaining your top talent can be a struggle, but there are many strategies that you can employ to keep your most talented of workers close by.
Why is top talent retention important?
Retaining your top talent is essential in a competitive marketplace for many reasons.
Firstly, since the cost of employee turnover can be a great expense, as this not only lies in the salary of the talent you are hiring but also for the troublesome extra expenses that are involved, including that of training and the few weeks in-between that will inevitably include a period of lowered productivity and engagement - these of which can come with the great hassle and are sometimes not so straightforward.
In fact, organisations that prioritise talent retention usually always see an improved payoff resulting, and it is a practice that will certainly pay back its worth in investment.
Retaining your best employees can improve overall performance, worker satisfaction, and inevitably, result in a better quality of work in general. If an organisation has employees that are truly dedicated to the company’s cause and providing they are talented and hardworking individuals, they will be much more valuable assets than new employees that otherwise might come and go without giving as much in return.
Begin with recruiting
To retain top talent, you must start from the beginning, which in this instance, is the recruitment process.
An organisation should aim to be more rigorous in their selection process to identify the exact talent they are looking to recruit in the first place. A large majority of employers will get caught in the loop of employing people too quickly to fill as many roles as possible.
Instead, you want to work closely with these new talents, implementing strategies that will evolve and improve the new employees for the better. This will be an effective, long-term investment, as these top talents will usually become more productive over time.
During the recruitment process, you can also look at attributes like longevity and skillsets; an employee who has previously worked at companies for a long period is likely to be more loyal and devoted.
Ensure education and promotion
When dealing with talented individuals, organisations must ensure them they will be given education, as they will be looking to improve along every step of the way.
Provide these employees with training courses and education to improve their skill sets, knowledge of technology, or even offer reimbursement for courses they may have already engaged themselves with.
As well as this, they need to be aware that all this training and hard work will allow them to advance within the company. Not only does this help employees to feel valued, but it can also assure them that by being loyal, they have room to develop and grow.
Be beneficial and open.
The well-being of your employees should be of the utmost importance. So offer them a range of job perks that will allow them to stay engaged and content in their workplace.
Healthcare or sick pay is an obvious one, but perhaps investigate options like rewards and bonuses to really entice the best of your talents. Remember, there will always be a workplace that will offer them a better option, so you might as well give them your best.
Finally, be open and flexible. Creating a positive communication channel between you and your employees is essential. By holding regular meetings and adhering to their queries, you will only improve quality relationships with your workers.
There is no doubt that if you implement these methods into your workplace, your organisation’s progress will see a great return, as will your customers, who will benefit through improved interactions and satisfaction.
Virtue talent www.VirtueTalent.com partners with engineering and construction organisations to recruit skill shortage and underrepresented groups in the workplace; contact us to find out how we can assist in achieving your employment objectives.
Virtue talent www.VirtueTalent.com partners with engineering and construction organisations to recruit skill shortage and underrepresented groups in the workplace; contact us to find out how we can assist in achieving your employment objectives.
VIRTUE TALENT PTY LTD
903/50 Clarence Street, Sydney, NSW, 2000.
02 8880 0242