4 Proven Strategies for Retaining Top Talent
Since the start of the pandemic, we have seen countless workplace trends emerge in the corporate world. From ‘quiet quitting’ to ‘the Great Resignation,’ many of these concepts seemed to share a common theme: it’s time for employees to take back their power and stop settling for harsh work environments, unfair pay, or toxic bosses.
In 2023, how can you keep your employees happy and productivity high? Today, we’re sharing the effective employee retention strategies that every company should implement. If you want to find (and keep) the best and brightest, keep reading to find out how in this easy-to-read guide to retaining top talent. Let’s dive in.
Top Employee Retention Strategies in 2023
Communicate Advancement Opportunities
Regardless of which industry you work in, people want to know that they have opportunities to advance at their company. In fact, this is one of the most common reasons why employees decide to leave their jobs. While this may not account for 100% of the workforce, it certainly rings true for the individuals considered to be ‘top talent.’
It’s no longer enough to have a career advancement plan in place. In 2023, it’s essential to communicate regularly with your employees about advancement opportunities, discuss their future career goals, and provide them with the tools and resources they need to grow within the company.
Imagine losing one of your most skilled employees –whom you had big plans for– simply because you failed to either convey those plans or follow through with them. You can’t always prevent turnover, but you can certainly make sure advancement opportunities are properly communicated to your team.
Strengthen Company Culture
The days of candidates pledging their loyalty to an employer for providing the bare minimum are long gone. Nowadays, candidates understand their worth and are not going to settle for less. If you want to attract and retain top talent, it’s time to prioritize your company culture.
Revisit your workplace policies and update them as needed to ensure inclusivity. Treat your employees with the respect and compassion they deserve. Ensure that your company’s mission and core values align with your beliefs and that your leaders embody those values. Recognize your team’s achievements and give credit where it’s due. Support your employees when issues arise and help them to grow.
Each of these things plays a critical role in establishing a genuinely positive company culture. It’s not hard to detect a facade, so focus on practicing what you preach and not just boasting about your awesome culture during the hiring process. Today’s candidates are not going to devote one-third of their lives to companies with a toxic work culture, so communicate with your employees to find out how you can better the workplace for all.
Offer Competitive Compensation Packages
While it may seem like offering competitive compensation packages to top talent would be a given, you would be surprised by how many companies fail miserably in this department. More often than not, it’s because they’re stuck in the past and still have this dated idea that candidates should be tripping over themselves to work with them.
Advancement opportunities and company culture are fantastic, but they mean nothing if you aren’t also offering an attractive benefits package to new hires. With so many organizations stepping up and including perks like unlimited PTO, work-from-home flexibility, extended maternity/paternity leave, and student loan assistance, your company stands out in a bad way if you can’t compete.
Review your compensation plan to ensure that it’s on par with the level of talent and experience you’re looking for. Consider including a retention bonus to help entice top talent to join your team. Research to find out what types of perks your competitors are offering and compare them against your own. One of the most critical strategies for retaining top talent in 2023 is ensuring that your benefits make for happy employees.
Utilize a Specialized Staffing Firm
Now that you’re hip to the most effective employee retention strategies of today, what’s next? It’s time to bring in the big guns. Talent shortages often cause companies to speed through the hiring process purely out of panic, which can result in a huge mess that brings even more panic.
By partnering with a specialized staffing firm, you can relieve yourself of the hiring burden with the peace of mind that your open positions will be filled by qualified candidates who align with your company’s culture and vision. If you’re looking to hire top talent, RHM Staffing Solutions is here to help. Contact us today to chat about your hiring needs and discover what we can do for you.