Retaining Employees is About More Than Compensation
Improving Employee Retention Rates Starts With Getting the Right Employees in the First Place
Just like you’re competing to keep your customers, you’re also competing to keep your employees. Retaining employees should be a major focus of any talent management plan, because hiring and training new team members is costly and time consuming. Do you know what it takes to be a competitive employer in your industry?
Retaining employees that drive your company and contribute to your success takes more than offering a competitive compensation, though that helps. Check out a few considerations that you should be including in your approach to talent management:
- Look for candidates that share your mission. No matter what industry or business you’re in, you want employees that have a passion for that work. These employees are in the job because they love what they do. This requires, of course, that you know what your mission is, and even if it’s not flashy at first glance, a mission like delivering accurate, high-quality data for analysis, for instance, is one that should be done with a high level of commitment.
- Offer remote opportunities. Smart and competitive employers are embracing the idea that a job supports life, not the other way around. So if you can give your employees the ability to work from home part or all of the week, make it happen. Give them whatever flexibility you have the ability to offer.
- Compensate competitively. It’s not everything, but it’s still important. Make sure you are benchmarking your industry and paying your employees competitively. Then, up the ante by throwing in additional perks for appreciation and making a point to express the value that individuals bring to your company. If you don’t want your employees to leave for another company, make sure you are verbalizing their unique contribution to your organization and your goals.
- Provide career development and mentoring. You want your employees to invest their best efforts into your company, so make sure you are investing in them, too. Make career development a core focus of your talent management strategy, rather than tagging it onto an annual review as an afterthought. Offer training opportunities and as much tuition reimbursement as you can. Your company will only benefit from investing in your employees.
- Be sure you’ve got the right people in the right place. There are objective measurement tools that can help you evaluate your star employees and zero in on why they thrive in their roles. Using that baseline, determine whether other team members are in their best positions. Rather than losing an employee that’s disengaged in a particular role to another company, you can identify why they’re not thriving in that situation and help them get into a better role for their specific talents and strengths.
PI Consulting Group regularly works with companies to help them develop strategies for retaining employees. Using the PI System, we help you identify the motivations, tendencies and behaviors of your staff to help align them with their ideal position within your company. Make an appointment to talk more about the resources we provide for your goals for retaining employees. We look forward to talking with you!