Competition in the global economy is directly affecting how businesses view securing and retaining their best employees. With competition growing fierce every year; employers are faced with the challenge of finding the ‘best man for the job’ and the even greater task of securing them. The loss of human capital has a huge impact on any company’s revenue and profit. Employers who fail to drive an engaged workforce and provide solutions that will sustain them will struggle to stay abreast of the competition.
Apart from a costly candidate search; failing to retain a key employee has costly consequences for the bottom line of your business. Employee loss incurs various expenses such as time and investment in training new labour and significantly decreases productivity. While staff retention is a challenge which exists across many businesses; studies reveal that a one-size-fits-all approach towards boosting employee engagement does not have long-term sustainable effects. Navigating through the “Top 10 lists of things to do” and “how tos” to find a retention strategy that works for your organisation may be another task on its own. The best approach is to keep it simple:
Keep top performers engaged
While a competitive salary and benefits are a great perk to any job; most of today’s talented employees are driven by a passion for the work they do. Top performers want to know that their efforts are recognised and have a direct impact on the business overall. Where possible, keep key employees engaged by designing jobs with various tasks that avoid monotony and allow them to enhance their skill set.
Recognise and Reward a job well done
Recognising and rewarding hard work shows employees that their work is appreciated. Recognition can come in various forms.It is important that you find a recognition and rewards programme that suits your organisation and will drive employee engagement.
Your top performers are the corner stone of your business and play a vital role in its growth. The key is not only in securing the best person for the job, but in retaining them to keep your turnover costs low and accelerate the success of your business.