Retaining highly qualified and specialty skill employees is something every company strives for: turnover, especially among higher-level employees, directly affects your company's bottom line. Keeping the people who have demonstrated excellence over and over again requires a more intensive effort than keeping moderate performers. Those with an excellent work history, especially if they're on the fast track, are often being approached by other companies and may be tempted away by lucrative offers.
Keeping employee retention high among the top performers on your team is essential to your success for a number of reasons, but figuring out how to do that can be a bit of challenge. Here are a few simple things you can do to keep that top talent on your team.
Every employee needs communication, from the CEO down to the brand-new line worker. Effective communication is timely, relevant, and concise, and focuses on aspects of your business that that particular employee is involved with, from database development to customer support to accounting. Ask and ye shall learn, both about frustrations that you may be able to alleviate and successes driven by that employee.
Plus, making a point to know what’s going on in the daily lives of employees makes them feel like valued members of the team, which increases loyalty.
Communication is a two-way street. We've all heard it before, but by putting it into practice, you demonstrate to your employees that they are valuable to you, that their concerns matter. You've been given two ears and one mouth, and in general, should use them in those proportions.
Pay attention to what your employees are telling you, not just about the work they're doing, but about themselves, too. Rephrase what they've said, repeat it back to them to ensure that you both understand one another, and remember what they've told you, as much as you can—it may come up again.
Underappreciated employees will quickly lose interest in their jobs, regardless of how well they perform for you. If you don't let them know that they are valued, other companies that are hunting them down begin to look more and more attractive, especially if there are competitive benefits packages, bonuses, and higher base pay rates involved.
Sometimes you can compete in those areas, sometimes you can't, but you can always let your employees know just how much they are valued for their contributions. Say so, daily if possible, or whenever the opportunity presents itself. Simply expressing legitimate gratitude can reduce the odds that your employee will seek work elsewhere.
Tailor Recognition to the Appropriate Setting
Employees might be recognized for the amount of effort that they're contributing, regardless of the level of success, or the amount of success that results from their efforts. Either way, it's important to understand that each employee will value recognition in different ways.
Understand your employees well enough for the accolades to matter to them. Some employees value being recognized in front of their coworkers, while others will appreciate less public expressions of appreciation. For some, recognition itself will be enough, while for your top performers, you may consider some kind of rewards program. You have to understand which of these will work best for a given employee.
Revamp as Necessary
Your employee came on board with a specific benefits package that probably suited them at that point in their lives. As they've grown with you over the years, their needs may have changed. Offer opportunities for their benefits packages to change, as well.
Fresh college graduates don't aren’t usually interested in life insurance, but after a few years of working for you, that may have become more valuable to them if they’ve started their own families. Your employees’ lives are not static, and neither should their benefits be. You may or may not save money in the exchange, but you're far more likely to keep that employee that you've invested so much time and effort into.
These are just a few of the motivational techniques you can use to keep your stellar performers on board with you. Communication and recognition, along with a high-quality, flexible benefits package, will ensure that your employees feel valued and taken care of for the long term.