The recruiting environment has been forever changed due to social media being at our fingertips. Nowadays, we do not need to find new jobs, new jobs tend to find us. Given that, your employees have a world of new opportunities that are coming their way. The competition for talent is fierce and it’s your job to do everything you can to retain your people. But where do you even begin?
Provide Career Advancement - According to the Census and Bureau of Labor Statistics, 95% of hiring is done to fill existing positions. Employees are often leaving to secure career advancement opportunities from other companies. As an employer, what you must work to do is show that career advancement is viable at your business. This is something that should be communicated with your team members if they are critical members to the success of the business. Growth plans should be a regular topic on your 1-1 meetings with those team members that you cannot afford to lose.
Promote Internal Opportunities - A culture that values its employees best interest and provides them with opportunities to grow is a significant tool in improving retention rates. Ultimately, if an employer can work to retain its employees, it is ensuring that it keeps institutional knowledge which can improve productivity and efficiency. Provide your employees with clear direction and expectation for growth. Ensure that you spend time meeting with your top talent employees and discuss how they are working toward their goal.
Acknowledge Their Hard Work - It is so important to ensure that you acknowledge the hard work that your stellar employees do. In doing so, you should ensure that you reward your top performers and try to improve the poor performance of other employees. Ultimately, you do not want to disregard low performers as that may make your top performers feel unappreciated. In that case, you should work with your low performers to increase their efforts and meet expectations.
Companies are constantly hiring to fill their current employee count. What they fail to understand is that they need to take an internal look at their practices and ask themselves what they can do to keep their people. Through providing career advancement, promoting from within, and acknowledging hard work, employers can ensure that they save money on recruitment costs and build a culture of excellence.