How to Retain Star Employees
Attracting and hiring the right candidates for the job takes both time and money, and it is well-spent when you can retain those star employees for years to come. But the same perks that attract a person to a job aren’t often the same ones that help retain them.
According to a Human Resource Executive Online article, companies tend to succeed more when they separate their tactics for retainment, motivation and attraction. One of the most successful methods for retaining employees is to emphasize career development, even though it is only a moderate method of attracting highly qualified staff. Your star employees may take their skills elsewhere if they feel they aren’t improving themselves and increasing their knowledge of the industry during their tenure at your company.
This doesn’t mean you need to send your best employees to huge conferences for every career development opportunity. Other options are available: Online training is available for many industries, and consultants can come into your office to give presentations to your top staff on relevant topics.
Communication and appreciation are also key retainment factors. If your star employees don’t feel like they’re being heard or they don’t feel like they’re getting enough feedback from above, this can create dissatisfaction that ultimately lead to a resignation. Communicating well doesn’t mean communicating more — just be clear, respond to questions and listen to their ideas.
Feedback is a critical and often overlooked component, as many star employees don’t even realize they’re considered “star” status. They don’t hear enough appreciation from management, and so they don’t recognize the value they bring to the company. Giving honest feedback is important for retention and for productivity, so show appreciation when its due and work with your star employees if an area of their performance needs improving.
Pay increases are a common method used for retainment, but sometimes there is some confusion at the employee level. According to a Human Resource Executive Online article, employees can become frustrated if they don’t understand the company’s pay practices, so be sure managers are trained and employees are educated on your company’s particular pay practices.
Communicate with your employees, help them develop their skills, provide honest feedback and make sure they understand your pay practices and you’ll be much more likely to retain those star employees.
The information provided in this blog is intended for general information purposes only. Readers should seek the help of an HR professional for guidance on specific issues.