Tips to Retain Talented Employees
As a recruiting firm in Greenville, SC, we understand the difficulties in finding highly talented employees in this competitive market. What can be more difficult is to hold on to those employees once you’ve found them. Businesses have been forced to get creative and innovative when it comes to employee retention. Below are some creative tips we’ve seen along the way as well as our own tips on how to make sure you retain your best employees.
- Competitive Compensation. This will always be one of the biggest areas that affects retention. While they say money is not everything, money pays the bills. Offering a competitive salary shows you value their skills and abilities and believe they are worth investing in as well.
- Competitive Raises and Promotions. Another big area. While we understand small businesses may have a bigger challenge with this, when able, make sure you’re financially rewarding your employees for their hard work and loyalty to your business and giving them opportunities to grow.
- Flexible Schedules. This was a hot commodity before the pandemic but will be even more now that employees have proven in many cases that working remotely is possible and profitable. With the right policies in place and expectations set, any company should be able to allow employees to work from home or offer more flexible schedules to those who need it. “Research shows that employees who work flexible schedules are more productive and loyal to their employers.” – Mental Health America – https://www.mhanational.org/work-life-balance
- Competitive PTO/Holiday Pay. This goes along with health work/life balance. Employees need to be able take adequate time off to de-stress and rest. “When workers are balanced and happy, they are more productive, take fewer sick days, and are more likely to stay in their jobs.” – Mental Health America https://www.mhanational.org/work-life-balance
- Performance Conversations. Having regular meetings between management and employees offers opportunities to discuss feedback, celebrate recognition, and share any concerns, suggestions, changes, etc. These conversations help build trust between managers and employees and help employees feel more valued. They also help alert managers to areas where an employee may be struggling or feeling unhappy giving them the chance to correct before an employee leaves.
- Professional Development /Education Reimbursement Programs. This one can be huge as education has become increasingly expensive over the last 10 years. Offering financial assistance when the additional education/degree relates to your business goals helps the employee continue to feel valued as you are investing in their future.
- Fitness Options/Perks. As a fitness junkie myself, this one is a winner in my book. Whether it’s an actual gym you can provide or some fun fitness programs, either way you and your employee will both win in the end. Happy and health employees are more productive and will be more inclined to stay longer.
- Parental Leave. It’s 2021 and it’s not just moms with newborns that need maternity leave anymore. More companies are offering paternity leave for fathers, as well as, leave for those who are fostering or have adopted. We have even seen some companies go as far as offering time off for those who just adopted a new pet. Now that is pretty cool! Regardless, offering any additional assistance to these employees helps them feel valued and supported.
- Company Socials/Events. When we’re not in a global pandemic, offering these are a great way to help employees get to know one another and help build a more collaborative fun work environment when they’re in the office.
- Paid Volunteer Days. This is a bigger perk for the younger generation as they tend to prefer working for companies who are heavily involved in giving back to their community. While many companies offer campaigns throughout the year to help give financially, offering a chance to volunteer during the week helps those with busy schedules or who cannot give financially still be able to contribute. The more an employee feels their company values their interests and community involvement, the more likely they are to stay.
With all of these great tips, it can be overwhelming to determine which tips to use or which ones will be most popular for your business. We suggest sending a company survey offering a chance for your employees to rate or choose which ones are most important to them. We hope these tips help and would love to hear any other feedback your company has incorporated to retain your best employees!