5 ways to keep your best people
If your company is benefiting from the upswing in the U.S. economy, you might want to look at how you can reward your top performers. A recent Accountemps survey of more than 2,000 chief financial officers found that eight in 10 are taking steps to improve employee retention by offering promotions, raises and other incentives.
The take-home point? Retaining your best employees is a high priority, or you could risk losing them and, possibly, your firm's competitive advantage. Here are five steps you can take to improve employee retention as your company's potential expands:
1) Promote from within.
Now is the time to re-recruit your standout employees. Let your top performers know they have a clear career path within the organization. Businesses can lose out on new customers if they don't have their star workers in place as growth opportunities emerge.
2) Offer competitive salaries.
Compensation will always be important in employee retention and satisfaction. To attract and keep the best people, regularly evaluate compensation levels to ensure they're in line with what other firms in your industry are paying for similar positions. If possible, pay slightly more.
3) Give rewards and recognition.
At many companies, raises, promotions and other rewards were put on hold during the recession. Those firms are now indicating that they want to reward the employees who helped their businesses stay afloat. Now may be the time to re-evaluate your benefits package, vacation days, or paid time off for team members who helped bolster the bottom line during the tough times.
4) Offer professional development.
Lack of career advancement consistently ranks as one of the top reasons employees leave. It's expected that employers would want to promote top performers and offer raises when possible. But how about professional development opportunities? It's a huge boost to your staff's morale if they know you value them, and investing in their advancement is a great way to show them you do.
5) Ensure benefits are relevant.
Don't underestimate your ability to improve employee retention by offering an array of benefits and perks to top performers. These may include subsidized training, flexible work hours, remote working options and mentoring. Also, don't forget low-cost but effective options. Taking the time to write a sincere handwritten thank-you note or "good job" card, for example, can go a long way toward making an employee feel appreciated and valued.
Retaining top performers must be a top priority. Fortunately for today's professionals, the Accountemps survey suggests that many companies recognize this and want to take steps to retain their best.
Ryan Sutton is a senior vice president for Robert Half International in its Westborough office. Accountemps is a Robert Half company.
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