5 Strategies for Retaining High-Performing Employees
Posted September 30, 2020 in Articles
Building a talented and high-performing team requires time, effort and capital investment. As a result, retaining desirable employees is about more than just continuity—although this is certainly an important factor as well. In order to maximize their profitability, companies need to be able to retain their high-performing employees, particularly in leadership positions and in roles that require significant training and experience.
So, as a company executive, department manager or human resources (HR) leader, what can you do to keep your company’s best employees around? Here is an introduction to five strategies for retaining high-performing and high-level personnel:
Strategy #1: Invest in Recruitment
Retaining top-level talent starts with finding the right candidates. During the recruitment process, companies should focus not only on finding candidates who have the necessary qualifications, but also on finding employees who value what the company has to offer. If a high-performing employee does not feel fulfilled, or if he or she sees better opportunities out there, he or she is not going to stick around.
Strategy #2: Make Sure Your Salary and Benefit Packages Remain Competitive
Salary and benefits remain top considerations for most high-level employees, and industry standards are constantly changing. As a result, in order to retain your company’s top employees, you will need to make sure that the salary and benefits you are offering remain on par with those offered by your company’s competitors.
Strategy #3: Offer Benefits that Other Companies Don’t
In todays’ job market, many top job candidates expect more than a good salary, good health insurance and a matching 401k. They want other benefits as well. From well-equipped break rooms to the flexibility to work remotely, if your company offers benefits that other companies don’t, this can go a long way toward keeping high-performing employees from looking elsewhere.
Strategy #4: Listen to Your High-Performing and High-Level Employees
One of the best ways to keep high-performing and high-level employees satisfied is to ask them about their wants and needs. What do they value most about their current employment? Do they have any complaints; and, if so, what can the company do to improve their work environment and work-life balance? By asking these types of questions, companies can ensure that any changes they make will have a direct return in terms of improving employee retention.
Strategy #5: Lay Out a Clear Path for Advancement
Finally, while statistics suggest that some of today’s employees are less career-oriented than those of prior generations, a significant percentage of today’s employees still place significant value on having a clear path for advancement. By telling employees what they can expect, when they can expect it, and what they need to do in order to achieve their career objectives, companies can avoid having high-performing employees leave because they are concerned about the future.