8 Ways To Retain Top Employees

By Catherine Lang-Cline

With the unemployment rate so low, companies are not getting the normal number of resumes from the unemployed. This requires companies to dig deeper into a shallow pool, which means that people you currently employ could get lured away. Why? Here’s a little insight to what we hear as recruiters:

  1. Money – No surprise that money is the number one reason people leave. Some people really love their job, but can’t keep living on what they are being paid. Some know that with their skillset they can make more. So make sure that the salaries of your top people are in check. You can use resources like salary.com to give you an idea of the range. Granted, you still might not be able to pay that. Just know someone else might. Really think if it is worth losing someone over that dollar amount as well. Sometimes a raise in pay will show that your person is valued.

  2. Don’t feel secure – If there have been layoffs or discussions around the office about not being to pay bills or salaries, chances are, your people do not feel secure. What you can do is talk to your top employees and tell them exactly what their role is there and why you need them. Security comes when people feel like they have a place at your firm.

  3. Unclear of company value – Many people want to have more of a purpose to their career. Why are they doing what they do? Let your team know why your company exists, who are they helping and why this is important.

  4. No realistic goals – Everyone likes to win. Is it clear what what it means to win at your company or do people just punch in and punch out? Offer your people obtainable goals and stretch goals. Also, let them know what happens when they reach those goals. What does it mean for them and for the company?

  5. Stifled creativity – Everyone wants to be heard and if your team doesn’t not think they can speak up, they will get frustrated. Listen to the voices from the trenches. Listen and let them collaborate on new ideas and solutions to problems.

  6. Lacking the right tools – Another source of frustration is when simple tasks are a struggle. Get your team the right tools and processes in place to help them be more efficient. Yes, it means spending money, but things and processes get outdated. Review them and talk to your team about what can be better.

  7. No acknowledgement – Sometimes people wonder if it even matters if they show up to work. Your top players need to know that they are appreciated. Praise is cheap, apply it liberally.

  8. Bad company culture – You could have a great team, but if one person is not engaged, brings drama, or has values that do not reflect those of the company, the good ones start to leave if nothing is done to address that one bad employee. Live your values, value your team, and save them from poor hires. Think that it is a hassle to place them? It will be a bigger hassle to replace a top performer.

Overall, it is fun to work for a great company with a great group of people for a great purpose. You can be the change that makes your workplace the place that everyone wants to work.