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How to Increase Talent Retention

Talent Retention
Increase Talent Retention

Written by Alex Roland, Client Support Manager

 

Recruiting and hiring top talent is a time consuming and costly task. Things get even worse when the unemployment rate is as low as it is today. After spending all of this time trying to find the best employee, what is the worst thing that could happen? They quit, and you have to find a replacement ASAP in a bone-dry labor market. The reality is that this is a fairly common situation employers find themselves in.

Some people think once you’ve hired someone it’s over and you are secure with that employee. That’s flat out wrong. Keeping that top talent you so deeply covet is an ongoing process that never ends. With a labor market as bare as this, you can’t risk losing your talent out of the blue. So, here are some ways you, as an employer, can make sure your talent isn’t tempted to leave.

Rewards and Recognition

Making your employees feel like they are being recognized goes a long way in making sure they feel appreciated and want to stay. Consider implementing a reward system to recognize top performers in your company. It could be as simple as a gift, bonus, or a few extra vacation days. If an employee is doing an exceptionally good job and has been there for some time, consider giving them a promotion to a role that they could possibly get elsewhere to make sure they are not tempted to leave.

Just make sure they know that you are aware of them and that you see the hard work they are putting in. Simply just sending a “nice job!’ email can go a long way with people. In the end, your employees just want to know that you see them and that you appreciate their hard work and dedication. 

Compensation

Obviously paying your employees a competitive salary is important, but that’s not the only form of compensation that exists. Compensation can come in the form of paid time off, healthcare, retirement plans, and anything else you grant your employees. This is especially important with the labor market as dry as it is today.

So, if you really want to increase your talent retention then consider compensating your employees with extra time off, additional health benefits, or a bonus structure. How you compensate employees is arguably the most important aspect of increasing talent retention right now as many younger companies are giving their employees more time off and better benefits.

Many of those younger progressive companies are taking a page from the rest of the world, as the U.S is essentially the only developed nation in the world where employees are not legally required to be given at least 15 paid vacation days along with a suite of other benefits. This means that you have the opportunity to set yourself apart from other companies out there and give your talent less of a reason to leave.

Recruit using video job ads

You’re probably wondering how recruiting can increase your talent retention. It all starts with the type of employee you get in the first place. If you could find a way to recruit the best possible candidates, then you would have a greater chance at increasing your talent retention. One way to find better and more qualified candidates for your job is using video job ads. Finding the perfect candidate means you found someone who genuinely wants to work for you.

This also means they will be less likely to leave you. With video job ads, candidates will retain the information from the job ad up to 300% more often, you will increase your first page search results up to 53 times, and the social share function of these videos means that people can share them with others who they know could be a perfect fit for you. All of this will help increase the number of applicants you get while also increasing the amount of better qualified applicants. Better applicants mean better hires which can mean an increase in your talent retention rate.

Work-life balance

Draining the life and soul out of your employees is a sure-fire way to lose your talent. Your employees are human after all and they simply can’t sustain being worked to the bone every single day. If that is the kind of culture you have then you are on the fast track to huge turnover numbers. Giving your employees the ability to work from home, encouraging them to take vacation, or giving them the ability to come in later if they worked really late the day before can all be great ways to show you care about work-life balance.

Considering most work these days can be completed via the internet, there really is no solid reason that your employees need to be in office every single day of the week. Giving your employees the time they need to live and enjoy their own life can really help with increasing talent retention. It will also make your employees feel as though you care about their wellbeing and that’s something you can’t overlook as an employer.

Communication

Communication with your employees is a huge factor in making them feel as though they are heard. The last thing you want entering your employees mind is the “they don’t even know I’m here” thought. It’s only a few short jumps from thinking “they don’t even know I’m here” to thinking “they wouldn’t even notice if I left.” Once your employees start feeling that way then you’ll be lucky if they stick around past the end of the year.

This is why communicating with your employees is such an important aspect of the workplace. You don’t need to talk about work or clients to be communicating. Talk about similar interests, your families, who you are as people. Any sort of communication will make your employees feel as though you see them and that they are at least somewhat important to you.