Retention of key talent is a hot topic for every employer. It is crucial for you to identify your top 20% in your organisation and spend time in nurturing them. Some ideas on how to keep your good Employees from looking for other jobs:
The most obvious one is to pay higher than market value for your key talent. Research how much competing employers pay their employees. Use this information to create a budget to pay employees fairly for their skills and dedication. But there are also other creative ways that one can adopt to retain talent.
Understand what motivates your employees. Money is important as it does pay the bills and makes one feel valued, but knowing all your employees key motivators will also help. If they are someone motivated by learning and development, you could send them on a course or a field of study that would benefit you and them. If their key hot button is family time, you could reward them with extra leave days (some candidates will stay longer in their job because they currently get 25 days leave per annum). If their motivator is ambition and climbing the corporate ladder, you could get creative about the structures in your company. The key point here is getting to know your Top Talent well enough to reward them in ways that they will appreciate. Once you know what it is, you can get creative.
Help Employees feel proud about working for your company. There are a couple of ideas here. One could be to inform all employees of your story, why you started the business, how it has grown and to paint a picture of what the future together looks like. Another one could be team building activities. Another suggestion is to get everyone involved in charitable ventures. If members on the team have altruistic motivators they will especially rise to the occasion here knowing that their special efforts in pushing hard to achieve a target will also help those in need. People like to feel good about their company.
Show your Employees a path to professional growth. This is crucial. If a top performer feels like they have outgrown the current structure and they don’t see any further room for their own personal growth and development, they will be open to hearing about opportunities that will stretch them out of their comfort zone again. Get creative on what projects they could take on in the company, what else could they be exposed to, where can they learn more?