How to Attract and Retain Star Employees
A recent article revealed job seekers cite company culture as more important than pay. These findings determined that over everything else, 87% of employees want a company ‘that truly cares about the well-being of its employees’. By contrast, only 66% of respondents rated a high base salary as very important.
Long gone are the days when employees would stay with a company for their whole working life. Instead, most staff want an exciting, rewarding career, and to be appreciated. By creating a culture that retains your star employees, you could add value to your business, as well as improve their lives.
Here are some tips to help attract and retain the top employees:
Establish a series of values as the basis for the culture of the company. This will give you a huge advantage when it comes to attracting and retaining good employees. Consider factors such as honesty, excellence, innovation and teamwork.
Career guidance and progression
Set time aside for coaching an employee and offer sufficient job challenges that will expand their knowledge to help them develop and progress. Research has shown employees are more likely to stay engaged in their jobs and commit to an organisation that makes investments in their career development.
Recognise their value
Employees who are allowed to have meaningful input into the organisation feel attached and appreciated. Whether its work rules, workflow processes or social events – the more they are involved, the more they take ownership and contribute with commitment and conviction.
Consider primary motivators
Herzberg found certain factors in the workplace cause job satisfaction, such as challenging work, recognition and responsibility. Factors that cause dissatisfaction include salary, work conditions and job security.
Based on this, create a work culture that offers proper recognition for good performance, ensure work is meaningful and provide an environment employees can learn, grow and use skills and knowledge.
When employees’ skills are continuously developed: they feel valued. One of the best ways to do this is through training. If you don’t have the time, why not ask staff who want more responsibility to train others? There is a great deal of satisfaction in being the subject matter expert and having the responsibility of sharing knowledge.
Social events and fun work outings give employees the chance to form relationships other than just working together. Stronger bonds create better team work, so every now and then; hold some playful activities like bowling or a meal out.
Make sure you communicate plans: hold company and department meetings, or send out a monthly newsletter. Rumours are one of the most destructive elements in any company. By letting employees know the bigger picture; they will feel more involved and part of the company.
Show appreciation via benefits
Benefits, such as competitive salaries, bonuses, profit shares, pension and health plans send a powerful message to employees about their importance within the organisation. These meaningful rewards will influence their perception of the organisation and retain the star employees.
What drives the culture in your industry? Does your culture entice star performers?