As the economy gets stronger many employees are looking for opportunities outside of their current company. Holding onto employees is something that companies must take seriously both from a morale perspective and a cost perspective.
Here are some suggestions from Meredith Falb of Workstride
1. Focus on building a magnetic culture: If an employee truly loves working at your company, he’ll be much less likely to read that recruiter’s email or click on that job listing. Foster open communication, commit to transparency, minimize politics, and encourage recognition of good work by managers and co-workers. Employees that feel connected to the organization’s mission and their peers are less likely to go elsewhere.
2. Retain good managers, and fire bad ones: A highly skilled employee will leave if she feels stifled by an incompetent or unsupportive manager. On the flip side, a great manager will mentor and develop a star employee to become a future leader in your organization.
3. Offer career development opportunities: Ensure that your employees have ample opportunities for skill development and career advancement within the company so they do not have to look elsewhere. Speak with employees one-on-one about their career goals and work with them to ensure your company is helping them get there.
4. Offer competitive pay and benefits: Top talent is looking for top pay, good health benefits, generous PTO, and flexible work hours. Align pay increases to the market value for the person and position rather than using current pay as your guide. Why would an employee stay for $20k less then he could make elsewhere just because you generously gave him the “maximum 3% raise”?
5. Have an employee referral program: Great employees are often the best source of more great employees. If you’re saving money on a recruiter’s commission, why not put it in the pockets of your staff? Not only is the extra cash nice, but employees tend to be more engaged when they have good relationships with co-workers.
6. Part on good terms: If you do lose a great employee, make it easy for her to come back. Be supportive and stay in touch.