Performance Management | How to Retain Company’s Top Talent: 6 Useful Tips
The labor market in 2015 demonstrates many positive trends. As the number of job openings grows, so too does the demand for highly qualified specialists. Under increasingly competitive conditions, the matter of retaining a company’s top-performing employees becomes increasingly important.
Every success-oriented company spends a large amount of effort trying to attract the best employees; however, this is only the first step. The real challenge is to retain high-performing staff to ensure the company’s sustainable growth, begging the question, What’s the key to employee loyalty? Essentially, companies should provide their employees room for growth, timely feedback and align company goals with the professional goals of their key team members. To boost the efficiency of your company’s performance and talent management, follow the advice from experienced HR professionals.
1. Train your managers as coaches
If you consider the reasons which prompt employees leave their jobs – lack of feedback, no clear directions, and unclear roles in a company – you’ll find the source in poor management. Having well-trained managers will help retain the best employees as people will be less likely to resign from a job where they have an intelligent and supportive manager.
2. Clarify company goals and the employer’s role in achieving them
If you believe that paying a decent amount of money each month and providing a number of benefits is enough to win the loyalty of your staff, you’re totally wrong. Everyone needs to clearly realize their contribution to shared goals – it increases productivity as well as employee self-esteem. Don’t hesitate to inform employees about your strategic goals and clarify what is expected from everyone to achieve those goals.
3. Recognize and reward good performance
To retain talented employees, you need to make them feel respected and appreciated – and that goes beyond a good compensation package. Recent studies show that recognition of your employees’ results is a helpful way to create goodwill and lay the foundation for future loyal. Make sure that recognition is timely and specific – tell them when and where they did well. Praising excellent results in public works even better.
4. Create open and friendly working environment
Unfriendly working environments are another reason why experiences, well-paid employees start looking for better working conditions. Start a conversation by providing feedback and being open to any ideas your team members may have. Communicate any company news and be ready to discuss any concerns your employees might have. Follow-up often to keep communication lines open and make sure there’s no one left out of the loop. By cultivating transparency and honesty, you’ll create an positive working environment. For many, psychological comfort at the workplace is more important than compensation.
5. Provide and announce opportunities for growth
Help your top employees grow professionally and manage their careers. If your company provides corporate courses and trainings, inform and enroll team members who are willing to attend. Give them challenging tasks and let them know what kinds of career opportunities are available for them within the company. Many top-performing employees leave when they don’t see room for growth. Make sure there are opportunities for advancement and growth.
6. Make it clear what you expect from the employees
Let employees review a detailed job description and the criteria on which their performance will be evaluated. Clearly set tasks, terms, and be open to discuss any questions regarding performing them. When a company has inattentive managers, employers don’t clearly understand their role and what is required of them. Make sure communication between staff and management is well developed – this will not only help save efforts but also time as all tasks set will be done correctly at once. To ensure the retention of top talent, you will need to work on training effective management and may even need to modify the culture of your organization. However, the result are worth it! By creating and maintaining an environment for talent retention, you’ll get loyalty as a reward.
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