Since the beginning of 2021, almost 4 million workers quit their jobs each month, according to data from the Bureau of Labor Statistics. Companies are struggling to find high-quality work talent (impact players) and retain top employees. The simplest way to retain these highly sought-after “impact player” candidates is to make long-term investments in their professional development and their work-life balance.
The current employment cycle is one like no other, with high turnover and countless resignations, the current employment cycle is one like no other. In this period known as the ‘Great Resignation’, highly recruited talent are looking for companies that invest in their employees and are committed to the personal wellbeing of all workers. Below, are a few strategies that can help retain talent effectively.
Invest in the Big Picture
By making resourceful investments in your staff, you are signaling to prospective employees and current staff that you care about your people, and don’t see them as numbers and dollars. Attracting potential impact players is the first step in retaining high valued talent. Here are a few sure-fire ways to retain talent within your company:
- Cross-training and Professional Development
- In a survey conducted by PAN, over 74% of respondents had career development as an “important” or “extremely important” trait of a company when looking for a new job. This shows that workers want companies that are looking to set promotional goals and cross-training in higher levels of work.
- Health is Wealth
- Having an understanding of your employee’s health is critical to retaining top-tier talent. Employee well-being should be a priority for any company to ensure staff is well taken care of outside the salary category. Some of the top companies in the world are now providing employees with adequate mental health solutions, according to a report conducted by Wellable Labs.
- Employee Feedback is a Must
- Having an open ear to your employees will go a long way in improving both staff retention and customer satisfaction. First, learn how your employees feel about the systems and procedures. Then, adjust your business to keep your workers satisfied. The best worker is a happy worker. It is essential to fine-tune business processes that allow your employees to work freely without unnecessary restraint.
Offer Competitive Compensation Packages
Compensation is arguably the largest driving factor in searching for a new job. In today’s candidate-driven market, it is critical to understand market rates and job talent needs. For example, some of the top corporations offer extensive compensation packages:
- Base salary with a sign-on bonus
- Stock options
- Insurance that goes beyond the typical health, dental, and vision
- 401k matching
- Fully covered health and wellness programs
Try to find ways to incorporate these benefits into your compensation packages where possible. We have a video on salary negotiation tips and tactics which you can watch here.
Above all, it is imperative that your job offer is close to or equal to the value of the same position at a similarly sized company. The salary and benefits package does not need to be exactly the same. However, it is important to have an equally estimated package that extends beyond the salary. The first step in retaining high-quality job talent is acquiring high-quality job talent.
At Management Recruiters of Tallahassee, we take pride in helping prospective candidates find their dream job. We offer extensive client services and have a large network of hiring authorities at some of the best manufacturing companies across the country. Feel free to reach out to us here or connect directly with our top executive recruiters. We love guiding individuals and helping build careers and companies wherever we can.