advertisement
advertisement
The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience.

Six ways to retain your best talent

If you’re struggling to retain your talent, consider implementing the following employee retention strategies.

Six ways to retain your best talent
[Дмитрий Ткачук / Adobe Stock]

Retaining employees is a matter of utmost importance in any company. It is not only important for the company’s growth, but also for the employees themselves.

advertisement
advertisement

When it comes to retaining employees, it’s important to consider how you can make your company stand out from other businesses. Some companies use perks and incentives to motivate their employees to work harder and stay longer with them. These incentives can be anything from financial rewards to time off or even a chance at an exciting new job opportunity with the company.

Other companies may offer tuition reimbursement and other educational benefits. Still others don’t offer any benefits, or very few benefits. Those are the companies most at risk of losing their best talent.

If you’re struggling to retain your talent, consider implementing the following employee retention strategies.

advertisement
advertisement

1. Create an engaging workplace culture that makes all team members feel welcome. This is the most important aspect of retaining employees. When employees are happy to come to work and feel like part of a team, they are more likely to stay with their current company for the long run.

2. Offer competitive benefits and other attractive perks. Lucrative benefits such as medical and dental coverage can help keep employees engaged and committed to their career goals. Additionally, allowing employees to work remotely can entice them to stay with your company. Employees often feel more comfortable and productive when they don’t have to be tied down to a desk in the office.

3. Provide ample opportunities for growth. Employees who feel like they can grow within their company will be more likely to stay with it, even if they are not getting paid as much as others in the same position at other companies.

advertisement

4. Offer employees more opportunities to use their skills. When employees feel like they have something meaningful to contribute to a project or a company, they will stay at the company longer and be more engaged with the work they are doing.

5. Make sure employees have a clear understanding of their role in the company to prevent miscommunication. When employees don’t know what their role is, they may feel pressure to perform tasks that are outside their scope of work. This can lead to missed deadlines and resentful employees. Your company’s culture should be one where people know what they need to do and when; this makes it easier for your team to be successful.

6. Provide recognition and rewards for employees who go above and beyond their duties. Employees are the heart and soul of any company and providing recognition for their hard work is one of the most impactful ways to motivate them. A simple “thank you” is a start, but an award with a personal story behind it or public praise can go even further.

advertisement

Retaining employees is a challenge for any company. Employees are constantly looking for better opportunities and tend to leave a company if they don’t feel valued. So, to retain employees, companies need to focus on the employee’s needs and keep them engaged. This can be done by providing them with challenging work, growth opportunities, and a fulfilling work-life balance.


Kristin Marquet is the founder of Marquet Media, LLC and FemFounder where she oversees the growth and operations of both brands. 

advertisement
advertisement
advertisement