5 Strategies to Retain Your Top Employees in 2020

5 Strategies to Retain Your Top Employees in 2020

Like + Share:

CorpStrat Retain Employees

Did you know that retaining your employees is more cost effective than hiring? The time and money it takes to train a new employee costs your company far more than retaining your employees. Overall, having a high employee turnover can disrupt productivity and morale, as well as your company’s bottom line.

For those looking for ways to re-engage and retain their top employees, here’s a list of 5 strategies your HR department can incorporate in 2020.

1.    Find out why people are leaving and fix it.

If your company has seen an increase in the number of employees leaving, it is important that you find the underlying cause. Finding the root cause—whether it’s about the treatment of employees or the lack of a competitive salary—and fixing the issue can make the difference in employee retention.

Information obtained from exit interviews and honest conversations with current employees can be helpful in pinpointing what the problem is and how you can solve it. In addition, being proactive and conducting engagement surveys can reveal early warning signs to help you get ahead of the problem.

2.    Give positive feedback.

The simple act of positive feedback boosts employee confidence. Encouraging the efforts of your top employees and positively reinforcing their work improves morale and builds trust. Solidifying this trust is especially important when negative and constructive feedback becomes necessary.

Establishing a program where hard work is recognized and rewarded—or even using an employee recognition software—can foster a positive feedback culture where employees feel valued for their wins and ultimately stay.

3.    Communicate your organization’s shared vision.

Communicating the company’s short- and long-term goals can make your top employees feel engaged and valued. Knowing the bigger picture helps them align their goals with the company’s, cultivating their sense of purpose and sense of loyalty to the company.

In order to start this process, you must set aside a time for a company meeting where you lay out the organization’s goals, such as where the company is going and how the company aims to get there.

4.    Conduct a compensation analysis.

Although pay isn’t as big of a priority anymore,  it is still important to offer competitive salaries. Since salaries are a reflection of how valued an employee is, a fair compensation package, with a competitive salary and benefits package, is crucial in lowering employee turnover and increasing retention rates.

The first step is to conduct an annual compensation analysis, in comparison to your competitors, to see how much you should be compensating your employees. By offering a competitive package, your top employees won’t be enticed to leave your company for another.

5.    Offer opportunities for learning and continuous education.

According to LinkedIn, 94% of employees said they would stay at a company longer if it invested in helping them learn. As such, providing opportunities through which your top employees can grow and learn new skills can help with retaining them.

Access to workshops and certifications on relevant and useful topics are two ways your current employees can improve on and learn new skills. These will naturally engage current employees, making them feel like they can continuously grow with your company.

With these 5 strategies, you and your company will be able to retain your top employees for 2020. But for a smarter, long-term retention strategy, reach out to CorpStrat and learn how we help companies likes yours attract, reward, and retain your most important asset – your people.

Leave a Reply

Your email address will not be published. Required fields are marked *