Key Employee Retention Strategies to Keep Top Performers
When it comes to running a successful business, employee retention is a key factor. Companies spend a lot of time and resources recruiting, hiring, and training new employees, so it’s important to keep your best employees around for as long as possible. This is especially true for top performers, who are vital to the success of any organization. In this blog post, we will discuss some key employee retention strategies to keep your top performers happy and engaged.
Effective Onboarding and Orientation
One of the most important things a company can do to retain top performers is to invest in an effective onboarding and orientation program. Onboarding is the process of introducing new employees to the company and its culture while orientation is the process of providing new employees with the information and other resources they need to do their jobs (and do them well).
A good onboarding and orientation program should be tailored to the specific needs of the company and the employees. It should be designed to make new employees feel welcome and valued, and to provide them with the information they need to be successful in their new roles. Each onboarding program should be adjusted to align with the specific needs of the individual you’re hiring. After all, there’s no cookie-cutter approach to success, so why should there be one for onboarding? Some key elements of an effective onboarding and orientation program include:
- A comprehensive overview of the company, its culture, and its mission.
- A detailed introduction to the company’s products and services.
- A clear understanding of the employee’s role and responsibilities.
- A clear explanation of the company’s policies and procedures.
- An comprehensive introduction to the company’s management and staff.
- A one-on-one with any key members the new employee will be working closely with.
Sure, this may sound like some pretty basic information. It may even be included in some sort of new employee handbook you have lying around. The LAST thing you want to do while onboarding new employees is give them your organization’s handbook and move them along. A human approach to onboarding leads to team members excelling in their roles. Don’t miss the opportunity to start your relationship on the right foot!
By investing in an effective onboarding and orientation program, companies can help new employees feel comfortable, confident, and motivated to stay with the company for the long-term.
Flexible Compensation and Perks
Another key employee retention strategy is to offer a flexible compensation and perks package. Especially when we look at top performers, these individuals are often highly sought after by other companies, so it is important to offer competitive compensation and benefits to keep them happy and engaged in their current roles. This includes offering competitive salaries and wages, a comprehensive benefits package (including health insurance and retirement plans), opportunities for bonuses or other incentives, and flexible work arrangements such as telecommuting and flexible schedules. You can also get creative and offer employee perks such as a ‘Birthday Day Off’!
To create top performers and retain them once they’ve reached that level, competitive compensation and additional perks are an absolute must.
Opportunity for Training and Development
If you’ve hired the right people, your team should be highly motivated and eager to learn and grow in their roles. As a result, it is important for companies to provide opportunities for training and development to keep them engaged and motivated. This includes offering a comprehensive training program that covers the skills and knowledge needed for the employee’s role, opportunities for mentoring and coaching from experienced employees, opportunities for professional development and advancement, and access to the latest tools and technologies to help employees do their jobs more effectively.
Apart from poor compensation and perks, the lack of career advancement opportunities is one of the most common reasons employees mention when they move on from an organization. Ensure you’re offering growth across all areas and you’ll see your retention rate grow as well.
Effective communication is also a key employee retention strategy. Your team members want to feel valued and appreciated, and they want to know that their contributions are making a difference. Companies can improve communication with employees by:
- Encouraging open and honest dialogue.
- Making sure employees are aware of the company’s goals and objectives.
- Providing regular feedback and recognition for a job well done.
- Providing opportunities for employees to give feedback and suggestions.
- Regular Company meetings for organizational updates including new business and new employees.
By investing in these key employee retention strategies, companies can help their talent feel valued, engaged, and motivated to stay with the company for the long-term.
If you’re struggling to implement these changes, or you need some more guidance on how you can improve your retention rate, reach out to us through our contact form, or via LinkedIn! We’re always eager to help.
About BrightMatter HR
BrightMatter HR is a Toronto-based Human Resources Outsourcing (HRO) provider that brings years of experience to delivering results-oriented, flexible HR solutions and employee management services. BrightMatter provides a personalized touch to HR outsourcing while focusing on modernizing your workforce, reducing your costs, and bringing peace of mind to employers and their growing teams.