When the labor market is tight, finding ways to help you retain top talent is essential. For every skilled worker you keep onboard, you eliminate the need to recruit for that role. Plus, the longer a professional is a member of your workforce, the more familiar they are with your company, and that can bring along benefits like increased productivity.
The key is to adopt strategies now that can enhance retention going forward. Here are some tips to get you started.
How To Retain Your Best Employees
Review Your Salary Schedules Annually
The pay rates you offer impact retention. If you haven’t reviewed your salary schedules to make sure they are still competitive, now is the perfect time to take a look and make adjustments.
Begin by researching the average compensation in your area for each position, focusing initially on those that involve in-demand professionals and existing labor shortages, such as technology. Often, shortages cause wages to rise rapidly, so there is a higher chance that your once competitive salary offering is no longer sufficient.
Then, after conducting your research, make changes accordingly. By increasing pay rates for jobs where you were falling short, you decrease the odds that you’ll lose a skilled employee because of the salary.
Offer Professional Growth Opportunities
The vast majority of your workforce likely has career aspirations beyond their current role. By creating pathways for advancement and chances to grow their skills, you can help your employees move forward. When that occurs, engagement rises as well as loyalty.
Ideally, you want to offer a variety of professional development opportunities. Formal education, conference attendance, mentorship arrangements, and cross-training can all be parts of a well-rounded program.
Similarly, finding chances for top performers to take part in exciting projects that introduce them to something new can also work. Plus, being selected to take part can be very motivating, leading to higher productivity overall.
As a side benefit, by offering the right kind of professional development opportunities, you can close skill gaps internally. Upskilling is an excellent option if you can’t find the skills you need inside or outside of your organization, as it allows you to cultivate the capabilities in your team while you help them grow and advance.
Make the Work Meaningful
Nearly every professional performs better when they feel their work matters. By connecting your team’s daily tasks to broader company goals or the organization’s mission, you can make these activities more meaningful. When this occurs, workers tend to be more engaged and productive, as they are getting an intrinsic reward for being at their best. Plus, it can make their jobs feeling more satisfying, as their duties aren’t just about enhancing the bottom line, but doing something bigger, like supporting their customers and community.
Ultimately, retention needs to be a priority because the labor market may only continue to tighten, especially in fields where shortages already exist, and skill gaps are common.
Looking for staffing solutions?
If you would like to learn more about creating winning retention strategies, the professionals at TRC Talent Solutions can help. Contact us to speak with one of our talented team members today and see how our employee retention expertise can benefit you.