The war for talent is real. Today’s strongest businesses are those with a constant stream of top-notch employees, and now more than ever, employees have greater choice with remote working options also available to them. 
The companies that win in the war for talent do so by creating an employee experience that exceeds the hiring candidate’s expectations. By implementing the right retention strategies, you can boost your company’s ability to attract and retain top talent, which will lead to your company’s success. Improving employee retention will also have an impact on the quality of new hires from here on out. 
 
As leaders, we all know that happy employees are more productive and will stay longer with your organisation. But it can be challenging to implement retention strategies as a smaller business leader or first-time HR manager. Here are 4 ways to retain top talent to ensure your company’s success. 

Hire the right team 

When you’re interviewing candidates, you’re essentially hiring their potential. You want to hire people who have the skills, abilities, and knowledge that your organization needs. One of the best ways to retain top talent is to hire the right team members from the beginning. Doing so will prevent you from having to invest in the training and onboarding process for new employees, which is time-consuming and expensive. It will also allow you to develop your company culture more quickly and with more efficiency. To hire the right team members, you can do a skills assessment or skills audit to determine what you’re currently lacking and what gaps your company has. It’s also important to create a hiring process that’s consistent and efficient. Determine how many interviews you will conduct with each position, how much time you’ll spend on each interview, and what the next steps are in the hiring process. You want your hiring process to be simple and straightforward because you don’t want to lose top talent over a long and confusing process. 

Build an Effective Onboarding Process 

Onboarding new employees can make a huge difference in employee retention. In the first year, employees feel as though they are a part of the organisation, but it isn’t until year two that new employees reach the same level of productivity as existing staff members. Making them feel comfortable and capable at the start can help keep them around. To help new employees become insiders, educate them on their responsibilities, give them the freedom and resources needed to complete their jobs and objectives, and create an environment where they feel accepted. Ask employees for feedback on your HR programmes, policies, and procedures, and provide them with digestible guidelines as you iterate on your onboarding process. 
 
Provide a sense of ‘team’ from the outset. By introducing new starters to managers, team members and stakeholders and by providing a mentor for them can go a long way. By providing opportunities for teambuilding in a less formal setting, such as team away days or social events, can help build an employee’s loyalty to a company and its culture. 

Provide regular feedback and coaching 

Another key strategy for retaining talent is to provide regular feedback and coaching. You want to make sure that employees feel like they are growing and developing within their roles. You can do this by holding regular one-on-one meetings with your employees to give them the opportunity to receive feedback and have open conversations about their progress, areas for improvement, and future career opportunities. This will help you to identify your employees’ strengths, weaknesses, and goals so that you can offer assistance and advice to help them meet their career aspirations. 

Create Opportunity for Personal Development 

Retaining talent is about more than just providing an employee with a competitive salary and benefits package. It’s about making your employees feel valued, appreciated and important to the company. One of the ways to do this is through offering the opportunity for personal development. This can include providing coaching and mentorship, giving access to conferences and workshops, professional courses, or by giving them the chance to apply for internal promotions or secondments. Allowing and supporting your employees to advance within the company and their role helps to keep them motivated and engaged, and overall, more committed to the business 

Focus on Wellness and Avoid Burnout 

Another key strategy to retaining top talent is to focus on employee wellness. This can include offering wellness benefits like gym memberships, yoga classes, meditation sessions, or health screenings. It can also include creating a wellness plan for your employees. This can include offering flexible hours, a work-from-home option, or a work-life balance program. By focusing on employee wellness, you can help to avoid burnout and exhaustion among your team members. This will allow your employees to feel supported and appreciated. This will allow them to focus on their role and output in the long run and is crucial for the company’s success. 
In summary, it’s important for any organisation to focus on retaining top talent, as the price of losing it is so high. Even if we ignore the time spent interviewing, the knowledge lost, the productivity lost, and the cultural impact, there is still a substantial cost. Before employees leave, they may become less of a team player, work only minimally, and refuse to accept long-term deadlines. That is why employee retention rates have an impact on motivation, productivity, and performance. By implementing robust retention strategies, a company can keep their employee turnover to a minimum and create a long-term talent pipe-line to help drive the success of the business. 
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