Recovering from the loss of a talented employee takes time and resources, which can have an adverse effect on a company. A recent article from Payscale titled, 7 Tips for Hiring and Retention of Top Performing Employees states that, “It has been estimated to cost a half-year’s salary to replace even one good worker.”
Consider these factors when building a talent retention strategy to avoid the loss of great employees and to achieve employee retention goals.
- Culture and Values – Establishing a strong culture which stems from the core values of the company creates a positive environment where employees feel comfortable and secure. Once established, these values should be communicated frequently throughout your company to keep it at the forefront of employees’ minds. Publicly displaying the core values can also build an employment brand that attracts and retains the type of employees who fit well within your organization.
- Train and Develop – Skill enhancement and development is important to the growth of your employees. Discover what areas they would like to improve upon and provide them with opportunities to engage in their role. Professional development for your employees can be an effective form of recognition that keeps them passionate about learning new things and reaching their goals.
- Review and Reward – In the book, First, Break All the Rules, by Marcus Buckingham and Curt Coffman, it is said that people don’t leave jobs, they leave managers. From formal reviews to frequent one-on-one’s, open communication between an employee and their manager is the chance to discuss and address concerns that might cause an employee to leave before it actually happens. It is also an ideal time to recognize employees’ hard work and begin thinking about an appropriate reward.
Sources:
7 tips for hiring and retention of top performing employees
What Should HR Leaders Focus On In 2014?
Why Your Employees Are Leaving