Retaining Top Talent

 

Lori Grimmig
Recruiter
U.S. Chamber of Commerce

 

Retaining highly productive employees is simpler than you think. You can fulfill employees' desire for recognition and appreciation without doling out large bonuses or cash rewards. Often, it's the little things that mean the most. Below are some cost-effective retention strategies that pay big returns and won't break the bank.

 

Work/Life Balance. When work begins to put a significant strain on one's personal obligations, no amount of money will retain that employee. Occasional extended lunches, telecommuting, flexible schedules, and staggering start/leave times will likely be repaid with loyalty.

 

Feedback: Managers typically wait for the annual performance review to give their employees feedback. More frequent communication will help keep performance high and reinforce positive behavior. Stopping by and letting employees know how they are doing can do wonders for morale.

 

Training: Training keeps employees engaged and motivated because the organization is taking an interest in their continued learning. Provide training for employees, including cross-training where employees learn how to perform the jobs of others in your organization.

 

Celebrations: Recognize employees on their birthdays and work anniversaries by giving them a card or gift certificate or by taking them to lunch. Saying thank-you or sending an e-mail to recognize a job well done is also a motivator.

 

Peer and recognition programs: Create a mentor system by pairing a new hire with a peer or "buddy," or start a recognition program so that employees can acknowledge their peers. Both programs cost nothing, require minimum effort to establish, and produce positive results.

 

Internal positions: Allow a lateral move or promotion into another division or location in your company. This way, employees continue to add value with their institutional knowledge while enhancing their skill sets. Opportunities should be offered to employees before positions are advertised outside of the organization.

 

Fun in the workplace: Work days can be long and hard. Therefore, it is important to create a fun environment. Employer-sponsored volunteer activities, team breakfasts, lunches, ice-cream socials, and company picnics are just a few ways to put smiles on employees' faces.

 

Human capital is your company's most important asset. To the extent that you can implement these and other ideas, you are steps closer to winning the battle for retaining top talent.