A 2020 report by the U.S Bureau of Labour Statistics revealed that 40% of workers plan to look for a new job within the next 6 months, and 69% are passively looking for a job already. According to the study, the median number of years that salary and wage workers stay with an employer is 4.1 years. Obviously, employee turnover is a challenge that almost all employers struggle with. However, in this article, you will learn how to retain your most productive employees.
When considered from the employees’ perspective, it’s surprising to note that many employees are willing to commit to their current positions or companies for the long term. However, the reality — as represented in the above statistics — is almost the exact opposite. This begs the question, “What will make an employee stay in a company for decades?” or, ” What are the ways to retain your most productive employees?”
Honestly, it can be exhausting to go through the pain of searching for and hiring good hands to join your business, only to realize that they won’t stay for long. It is both a waste of time and resources. This is not to mention the impact of a staff member’s abrupt departure from work.
One thing is certain though, employees will always leave, no matter what. But the majority of the reasons why they leave can be addressed by the employers.
As an employer, you may not stop everyone from leaving, but you can look for ways to retain your most productive employees.
If you’re an employer of labor, here are 5 ways to retain your most productive employees:
#1. Offer Competitive Compensation
This is perhaps the most important factor on the list. For most employees, the priority when it comes to job search and job fulfilment is compensation. Most people will go without hesitation as soon as they find a better payout there.
In light of this, it’s a wise move to place your best staff at the best remuneration. You must also understand that some categories of work deserve better pay than others.
Some professional fields, like data science and ICT, require yearly review because they develop fast. In other words, you can expect your staff to grow as the industry grows and bring back the latest technologies, skills, and knowledge into your organization.
Honestly, if most staff are placed on a competitive compensation plan, chances are, it will be tough for them to go anywhere.
#2. Consistently Offer Opportunities for Growth
There’s nothing as exciting or encouraging as an opportunity for growth. While many job seekers are merely interested in getting a job where they have a fair wage and a few benefits, quite a lot are still interested in growth.
Lack of growth is another reason why millennials leave their jobs and move on to other companies. As an employer, creating opportunities for promotion is a highly effective way to retain your best staff and most of your workforce.
No one wants to remain in a position where their growth is capped. Corporate bureaucracy is also one of the factors that contribute to delayed promotion in lots of firms. So, creating a transparent culture that recognizes and rewards your most productive employees’ input is a sure way to keep them around for a while.
#3. Promote a Healthy Work Environment
Everyone likes a warm atmosphere. The best work is done in the most conducive environment. Employers who are interested in retaining their most productive employees — undoubtedly, all employers are — ought to foster an environment where cooperation and teamwork, instead of competition, is encouraged.
There’s no doubt about what a toxic work environment will do to an employee’s morale, which of course, will tell on the overall productivity. Your best workers should know that they’re doing great. The not-so-good staff in the group should also get some commendation when they improve. This way, most people working with you will look forward to spending more time around.
#4. Invest in Training Managers
Every great organization is built both on the input of junior workers and senior staff members. There ought to be managers who are good at mentoring and encouraging others.
Senior staff members ought to provide guidance and adequate support to upcoming staff members. They should respect junior staff and accord them due respect. Communication is equally crucial. There must be excellent communication between senior and junior workers.
When tasks are assigned to workers, the deliverables should be clearly stated and communicated. When corrections are to be given, they should be done in a proper manner and language. Verbal and emotional abuse from line managers and top executives is one reason why people leave their jobs. Bad bosses may not realize how their actions and reactions affect the company until it’s too late.
Strive to create a healthy work culture that encourages smooth and decent relationships among the staff of all cadres.
#5. Create Attractive Perks
By and large, organizations with creative side benefits tend to retain their staff better than others who don’t. How good is your staff insurance package? Do they have sick leave, study and exam leave? What’s your company’s policy on staff annual vacation?
Furthermore, studies have shown that employees are most productive when they have enough time to rest and relax after work.
These are the extra attractions that ensure you retain your most productive employees. Some offices have gyms, eateries, and several other niceties that make for a great workplace. Retaining your best staff can even be achieved by creating a flexible work environment or asking your staff to work from the comfort of their homes.
There are many different ways to retain your most productive employees and make them stay for long. But it goes both ways: if you want them to stay, you have to make them stay. Sometimes, you may need to discuss with each staff member what their goals and expectations are.
This will most likely vary from employee to employee, but you have to be willing to create an environment that’ll make them stay — whether it’s by recognition or reward.