Retaining your top talent

The job market is ‘on the road to recovery’ according to a new study. Great news. Now I don’t want to put a negative twist on this… but I am going to have to – what will this mean for staff retention rates? In the depth of the recession, staff were happy to stay put, grateful to even have a job in times of such high employment. You couldn’t be sure of the stability of a new company, so why take the risk of moving? But now the job market is beginning to recover, employees are going to feel far more confident to hand in that resignation.
 
I’m not saying this is something that is going to happen overnight, and with spending cuts in the public sector combined with a VAT increase, we won’t be overrun with employment opportunities for a while yet. But if you want to engage and retain your employees, you need to start now.
 
There are various ways to improve your retention rates. Competitive pay remains one of the strongest factors in keeping employees, but pay rises are not always an option. Keep your staff happy and engaged by offering training, development and career opportunities. Numerous studies state that the number one reason that employees leave an organisation is lack of recognition. If your star performers feel that their efforts are going unnoticed and unrewarded, they are going to look elsewhere. So recognise their work, and do this publicly where appropriate. Make them feel appreciated and watch their loyalty to the company grow. After all, can you honestly say that your employees aren’t thinking that the grass is greener on the other side?

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