Your best employees are the ones who help you drive growth, achieve goals, and maintain a competitive edge. They’re also the ones who are most likely to leave if they’re not happy.
According to a Gallup study, 51% of employees are considering a new job. More than half of your employees may be actively looking for a new position. As an employer, you must do what you can to retain your top talent.
We have asked several business leaders why retaining top talent is important. And we have come up with three top reasons.
It’s expensive and disruptive to replace an employee.
The cost of recruiting and training a new employee can be up to 21% of that person’s salary. So imagine how much it would cost to replace your top performers.
It’s also disruptive to your business when an employee leaves. Losing a key team member can set your business back and make it difficult to meet goals.
Top talent serves as the stronghold stressed by Alvaro Moreira of the Moreira Team. “Resignation of top talent can impact a business negatively – the loss of a highly efficient and productive employee can leave a hole in the organizational structure. Plus, finding and hiring a new one is time-consuming and demanding,” she added.
Retaining top talent helps you create a positive work environment.
When you have employees who are engaged and committed to their jobs, it creates a domino effect. “Top talents develop high-performing cultures and set the example for other employees to follow. It is strategic to retain these employees because they are the ones who take the initiative and go beyond their scope of work to come up with excellent results,” says Maxime Legardez, CEO of Makipeople.
Your best employees are also your brand ambassadors.
Your employees are the face of your company. They’re the ones interacting with customers, clients, and partners daily. If you have unhappy employees, it will reflect in their interactions with others.
“Top talents are our key assets to achieve progress and efficiency in the operation. It is important to retain them to keep the organization competitive and credible in the eyes of the clients and industry. Additionally, as clients’ confidence is largely earned with their assistance, keeping them associated with the business will ultimately allow us to keep those clients as well,” Jacob Villa of School Authority adds.
Engaged and satisfied employees will go above and beyond to deliver excellent customer service. This creates a positive reputation for your company, which can lead to more business opportunities.
We have seen the importance of retaining top talents, so what are the key areas to enhance if you want to create an attractive work environment and successfully retain your best employees? Below are what leaders shared:
Offer competitive salary and compensation.
This is often the number one reason why employees leave their jobs. If you want to retain your top talent, you need to be competitive with other businesses in your industry.
“To retain our top talents, we provide a clear trajectory of growth within the company, including promotions and salary increases. People want to stay where they can grow, and the temptation of going to other companies comes from stagnation within the organization,” conveys Kshitij Nigam of Cheef Botanicals.
Opportunities for advancement.
Employees want to feel like they’re growing in their roles. Offering opportunities for advancement shows them that there’s room for growth within your company.
For example, you can create mentorship programs, offer training and development opportunities, or provide opportunities to work on high-profile projects.
Diversity, Equity, and Inclusion (DEI) initiatives.
A study by Glassdoor found that a third of workers and job seekers (32%) say they would not apply to a job at a company where there is a lack of diversity among its workforce. As our society becomes more aware of social issues, it’s vital for businesses to create an inclusive environment.
This is what Exhale Wellness is doing. Co-founder Deepanshu Bedi shared that they want their employees to feel excited, challenged, and supported. “We’ve done this by building a positive culture, autonomy, and responsibility at all levels of the company. Our employees feel they are part of the greater mission we have. This encourages them to stay with us for the long term.”
Professional development and training opportunities.
“One of the biggest factors in retaining top talent is the existence of ample opportunity to grow professionally within the organization,” Dawood Khan, co-founder of Pixelied, emphasized. Employees want to feel like they’re learning and developing in their roles. Offering professional development and training opportunities shows that you’re invested in their growth.
“Employers should offer a clear path towards career growth within the company. New hires shouldn’t be left to stagnate in their positions. Instead, they should be tested in leadership or co-leadership roles or assigned to strategic posts/responsibilities within the company,” Ankit Bhardwaj, CEO vpnhelpers adds.
Chris Walker of Superstar SEO also suggested funding workshops, lectures, and expanded training that helps employees advance as people and professionals. “You can strategically request and obtain their commitment and time in exchange for your investment. To create a solid system, even if a standout employee leaves, your team should allocate the same amount of investment to each individual.”
But let’s face it, a top talent would want to go at some point – whether it’s to another company or to start their own. As a business owner, you can’t keep your outstanding employees forever. The best way to cope is to be prepared for it.
Make sure you have a plan in place so that you can quickly find and train a replacement. “I try to focus on the positives – for example, the opportunity to bring in new blood and fresh ideas. Additionally, I try to learn from the situation so that we can avoid any similar problems in the future,” Leo Coleman of Gambling’ N Go shared.
It’s always a shame to see a good employee go, but it’s important to remember that it’s not personal. Sometimes people need a change.
Retaining top talent is essential for businesses as they provide value to the company. There are many ways to keep employees, such as offering opportunities for advancement, DEI initiatives, and professional development and training opportunities.
Despite these retention efforts, employees may still leave the company. Business owners should be prepared for this by having a plan in place to find and train a replacement quickly. In the end, it’s important to remember that people need a change sometimes.
What other retention strategies do you use in your business? Please share them with us!