Keeping Top Talent Takes More Than Money
Intrinsic to the success of your company are your key employees & your talent. Even in today's economy, churning through talent isn't good business sense. The time, energy, and money spent in recruiting and training new talent could be better spent elsewhere.
Obviously, offering competitive compensation attracts and helps to retain your talented employees. Beyond money, what can you and your company do to hold on to your best and brightest?
Offer more control over work time. Telecommuting can make sense on many levels, offering flexibility to complete tasks and projects. Allowing employees control over how and when they work can boost morale considerably. The emphasis is on the results — not the face-time, not the hours clocked, not the 9-5 mindset. For this to succeed, senior management needs to buy into the process and have defined goals and expectations of their staff. Companies that offer employees more control tend to experience higher satisfaction and less turnover.
Provide meaning. Ask your talent not only to contribute to goal setting, but the path it will take to complete the goals. In addition, remind your staff about how their part of the process benefits the company — and themselves. People who feel meaning and competency behind their work are more likely to want to do the work, do it at a high level, and look for ways to benefit the company even more.
Competition is good! Company-wide or department-wide contests feed the need to succeed and shine in high-performing employees. Not only is competition between people, it is often within the individual. Offer facts, statistics and challenges to your top talent and watch them strive within themselves to produce more.
Recognition and Rewards. Make sure that you trumpet your talents and successes, through company-wide communications and meetings. Your customers matter and your staff matters. Make your employees feel valued, and your customers benefit. Listen to your employees, find out what matters to them, and recognize and reward your go-getters.