You’ve poured countless hours into attracting top talent, honing your recruiting strategies, sharpening your interviews, and ensuring your offers are both timely and competitive. Now that you’ve landed the best talent out there, the big question is: how do you keep it?
Securing top talent is just the beginning. With voluntary turnover rates expected to increase, companies must continue to show employees that they made the right choice in joining their organization. Here, we outline the top strategies to help you do just that.
Start With Stellar Onboarding
The onboarding process is the first real impression your new hires have of the organization they’ve joined — not just the work but the culture (and their place within it). Effective onboarding programs do more than cover basic job functions; they immerse new employees in the company community, potentially increasing employee retention by as much as 82%.
Consider implementing interactive onboarding sessions, including leadership introductions, team-building activities, and detailed overviews of the company values and goals. Pair new hires with mentors who can offer guided support and help them establish immediate connections. When you go beyond just duties and policies, new team members will more likely feel welcomed, valued, and prepared to contribute from the start.
Encourage Continuous Learning & Growth
Top talent thrives on growth and new challenges, so it’s no surprise that 22% of employees cite a lack of professional development opportunities as their reason for quitting. To keep employees engaged and motivated, provide ample learning opportunities in-house and externally, such as skills sessions and reimbursements for further education.
And don’t just give employees the chance to learn. Give them the chance to apply their skills and knowledge in a new role. Career pathing helps employees envision their future within your company. When they see a clear future at your company, they’ll be more likely to stick around for that future.
Prioritize Transparent Communication
The cornerstone of any strong relationship is communication, and this holds true in the workplace. With managers accounting for 70% of the variance in team engagement, it’s vital that employees feel they can approach leadership with ideas, questions, and concerns without fear of retribution.
Schedule regular check-ins, such as one-on-one meetings, to discuss progress, provide feedback, and listen to their concerns. This consistent interaction keeps lines of communication open and demonstrates that you value their input.
Recognize & Reward Excellence
Recognition is a simple yet powerful retention tool. When employees feel recognized, they are 56% less likely to look for jobs elsewhere. To show your tangible appreciation for your people’s hard work, consider implementing a recognition system that includes fair, transparent, and systematic performance bonuses.
If bonuses are outside the budget, consider offering flexible scheduling, extra vacation days, and other non-monetary rewards. Public acknowledgment, like recognizing achievements in company meetings, newsletters, or internal communications, can also be an effective and cost-efficient motivator.
Cultivate a Positive Work Environment
You can offer the best pay and the best benefits, but if your work environment is toxic or unwelcoming, your employees won’t stick around. Companies that foster a positive workplace and prioritize diversity, equity, and inclusion (DEI) initiatives have retention rates 5.6x higher than companies that don’t.
To join the ranks of these successful organizations, focus on creating a culture with respect and inclusivity at its core. This might include revising company policies, investing in DEI training programs, creating employee resource groups, and encouraging employees to provide feedback.
Provide Competitive Compensation & Benefits
Recognition, growth opportunities, and workplace culture are critical, but compensation remains a significant factor in retention. In fact, it’s one of the top reasons many U.S. hiring managers expect to see their employee turnover rates increase. To prevent this, you need to ensure your compensation packages reflect your employees’ needs and market trends.
Regularly review salaries to ensure your offerings are competitive and fair. Traditional benefits like health insurance and retirement plans are standard, so offering more innovative perks can enhance your company’s appeal. These might include wellness programs, work from home opportunities, or unique office amenities — all of which help demonstrate a commitment to your employees’ best interests.
Let Us Help You Keep Your Best
We’re here to help your company attract and retain top talent with data- and people-driven strategies. Together, we can create an environment that nurtures and sustains your most valuable asset — your employees.
