Losing gifted and experienced team members to other external roles is costly for a business. A high turnover rate of employees means spending unnecessarily large sums of money on recruitment and training only for these people to find alternative employment elsewhere before a return on investment can be obtained. It is preferable for everyone if you can offer a role where employees are nurtured and appreciated so that they have the incentive to stay and grow as part of your company.
Offer Meaningful Work
Everyone seeks meaning to some extent, and since work takes up so much time in life, it makes sense that employees who have a lot to offer will expect their jobs to provide a level of purpose. Don’t expect highly valuable employees to be satisfied with mundane tasks when they know their skills would be better suited elsewhere. It is better to be challenged than to stagnate with boredom.
Generate a Strong Company Culture
Company leaders set the tone for a workplace’s unique culture. Encourage creativity, bold decision-making, and collaboration for an attractive environment where talented individuals will want to work. Pitting employees against each other in competition only works if the atmosphere doesn’t also promote selfishness and ruthlessness. You want talented recruits to feel welcome and to fit in easily with their teammates.
Reward Milestone Achievements
Many talented employees will respond well to their contributions being positively acknowledged. Not all rewards need to be grand gestures celebrating huge achievements. Thanking your employees individually for their hard work shows you respect their efforts and appreciate their commitment. You can prepare for routine rewards by arranging the prizes ahead of time, such as by ordering Uber Eats gift cards in bulk for the sake of simplicity. Apply progress systems where people are rewarded at various stages along the project timeline for completing certain tasks. This type of reward is ideal for encouraging individuals and teams to stay on track.
Seek Regular Employee Feedback
Demonstrate to your recruits that you care about their opinion by making it easy for employees of all levels of seniority to make suggestions and give feedback. Your company becomes more attractive as an employment possibility when communication and respect constitute the foundation of the business.
Provide Opportunities for Internal Growth
Even if the company culture is perfect and the work is meaningful, talented employees may still leave for better opportunities if you fail to offer ways for them to grow within your business. Training and promotion ladders will help promising recruits to envision themselves developing their skills for your company rather than moving elsewhere.
Employees who have nurtured their own skills and brought them to your company deserve recognition. Without this, you can expect to see many of your most talented people leaving for roles in other businesses. To keep talent within your company, you can offer more meaningful work, inspire a positive working culture, reward achievements, and develop promising individuals with excellent training. Holding onto amazing employees comes down to respect and appreciation.