8 Strategies for Retaining Your Best Talent

WOW Recruitment

Working in recruitment, one thing’s currently pretty clear to us – top employees have no qualms about moving to another organisation if a better opportunity comes calling. And losing a staff member really hurts, not just in dollar figures but in taking those years of company knowledge with them.

If you want to avoid the pain of productivity, performance and culture losses and hold onto your best talent, here are eight suggestions on how to improve employee retention.

1. Review Your Salary and Benefit Offerings

It doesn’t matter what industry you’re in right now, competition for great talent has hit a fever pitch. In such an environment, it’s difficult to remain ahead of the curve in relation to salary going rates (hot tip: ask us!). But it’s oh-so-important you do for two reasons:

Your valued staff don’t have to feel the pressure to ask for a pay packet boost (or worse yet, go looking elsewhere to find it)

It clearly shows them how much you value their contribution (an essential for employee engagement and retention)

However, keep in mind that money isn’t the be-all and end-all of retention. It also pays, literally, to try to go beyond the pay packet. What can you offer by way of benefits? Better yet, find out what your staff really want. Many will happily forgo the office ping pong table for greater work flexibility, whether it’s start and finish times that make it easy to attend to a family emergency or school function, or a work from home option. With more employees now enjoying working from home (having got an enforced taste thanks to the COVID-19), offering this is an impactful employee retention strategy.

The ability to personalise benefits is also attractive. If it’s realistic for your organisation to do so, you could consider allowing employees to swap out benefits as their circumstances change. A staff member who has recently become a new parent, for example, might appreciate a bit of extra parental leave over a company-sponsored gym membership.

2. Realise Recognition Reigns Supreme

Rewards needn’t be financial to be effective as an employee retention strategy. Recognition for work well done is just as important as the dollars and cents that make up an employee’s pay packet, as it boosts their motivation and loyalty stores (and those are some great retention boxes to tick!).

Take a few moments to think about what you do on a daily or weekly basis to show your employees how much you and the business at large value their efforts. If you need a bit of inspiration, a simple “thank you”, acknowledging their efforts one-on-one, or giving public recognition in team meetings or across digital communications can make a big difference. Awards are always appreciated too.

Some examples are:

Team member of the month
Gift cards
Social activities (pizza nights, tenpin bowling etc.)
In-office treats (lunch delivery, lunchtime games/trivia etc.)

3. Ensure Employees Have a Clear Career Progression Pathway

Another vital component of learning how to retain top talent is to ensure they’re confident they have a bright and engaging future at your company. Invest in the time to uncover your employees’ professional goals and try to understand what excites them. Your sales star might want to eventually lead their own team, or your tech support guru might have a hankering to get into development in the future.

Once you’re clear on where they want to go, set up an appropriate development pathway encompassing short and long-term milestones. And don’t forget to check in regularly to ensure their role still aligns with their long-term goals.

4. Provide Regular Opportunities to Upskill

For many employees, stagnation puts them firmly on the fast track to looking for greener employment pastures. Upskilling and further training is one way to avoid this and keep those engagement levels high.

Give your staff plenty of opportunities to update and expand their skillsets, from internal and external training to mentorship and job shadowing, to a commitment to promote from within (both laterally and up the ladder). Aim to connect this to each employee’s personalised career progression pathway so it’s relevant and valuable to them.

5. Foster an Open Communication Culture

Another essential to improve employee engagement and retention is nurturing an ‘open door’ culture – one where employees know their opinions are welcomed and their feedback is actioned. This way, you can quickly address any frustrations or worries with salaries, tasks, deadlines or management before they come so deep-seated the staff member entertains the idea of other job options.

Soliciting feedback is one part of developing a truly open culture. You can consider a mix of anonymous (online) and direct (face-to-face in meetings) at regular intervals. A simple form might be a short survey that asks “Can you identify any bottlenecks in your daily workflow? What suggestions do you have for improvement?”.

Whatever form/s suit your company, follow-up is vital. Act on the suggestions, or provide an explanation if you can’t.

6. Reflect on Your Leadership Style

it’s widely acknowledged that a bad boss is one of the main reasons people decide to move jobs. While it could be a tad uncomfortable, consider critically reviewing your leadership style. Are you a ‘hoverer’, always asking for updates or requiring approvals before your staff can take action?

If you’ve successfully fostered an open culture, you could also directly ask your employees for honest feedback about what is and isn’t working in the way you manage and lead. And again, follow through by taking steps, no matter how big or small, to action it.

7. Learn From Your Exit Interviews

Ok, so you lost an employee. While it’s frustrating, you can still salvage something valuable from it, and you will find it in your employee’s exit interview.

An exiting team member holds crucial intel about the health of your company. If done properly, the exit interview can allow you to extract great feedback to assist in improving your culture, minimise further turnover and, even improve your brand. Aim to do it during your employee’s final week with someone who’s not their direct manager, as a neutral party increases the chances of them opening up and speaking freely.

8. Recruit Smart

While the above seven employee retention strategies are focused on what you can do with your current employees, this one sits in the ‘prevention is better than cure’ vein.

Carefully reviewing your recruitment processes helps you achieve an optimum alignment between what you want and what the employee wants from the get-go, resulting in a better match and longer-term retention.

This involves:

Understanding the job and the skills, abilities and qualities needed in a potential employee
Asking the right interview questions
Setting and managing employee expectations during the recruitment process
Maintaining communication momentum so you don’t lose a great potential hire to another company.

Sounds like a lot of work, right? As Sales, Marketing, Business Services and Technology recruitment specialists, this work is something we love doing! We’ll happily take the stress out of the recruitment process for you, along with providing an ideal candidate experience throughout every touchpoint of the journey. Feel free to get in touch or give us a buzz on 02 8320 0683 to find out how we can help.

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Stop the Revolving Door: Practical Strategies for Retaining Your Best People

By Daniel Tonkin • 16 Apr, 2024

Retaining top talent is more crucial than ever for Australian businesses. With the evolving expectations of the workforce and the constant threat of competitors poaching your best employees, you might be wondering how to increase employee retention. That’s where a strategic approach to employee retention is essential. Fortunately, there are plenty of proven strategies that you can implement to create a work environment that fosters loyalty and minimises turnover. These include building a positive work environment, offering competitive benefits packages, actively engaging employees in meaningful ways, and demonstrating strong leadership. Why Are Your Employees Leaving? Employees can exit a business for any number of reasons, but often a desire for better compensation, clearer paths for career progression, and a healthy work-life balance come out on top. Dissatisfaction with leadership or a negative company culture can also be significant drivers of employee turnover. Given that Australian job seekers in particular are highly mobile, with research from SEEK indicating that 37% were considering a move within the last 6 months of 2023, it’s important to create a work environment that prioritises competitive remuneration, professional development opportunities, well-being initiatives, and strong leadership. Quiet Quitting A common result of dissatisfaction in the workplace is a phenomenon that’s emerged over the last couple of years called ‘quiet quitting.’ Quiet quitting refers to employees who stick to their core job duties but withdraw from going above and beyond. They limit their efforts at work, consciously avoiding extra tasks that exceed their defined responsibilities. This shift often stems from feelings of being underappreciated, undercompensated, or burnt out. As workers seek better work-life balance and mental health, many are opting to ‘quietly quit’ rather than overextend themselves or leave their positions outright. This trend underscores the importance for employers to foster supportive and engaging workplaces. How Do You Retain Employees? Talent Retention Strategies that Work According to our recent Job Satisfaction and Wage Trends Report , what matters most to employees are their salary and benefits, their ability to make a positive impact, and achieving a good work-life balance. We also discovered that employee retention is closely linked to job satisfaction—those who express their love for their job are overwhelmingly more likely to have been in their role for three to five years, while those ready to quit usually want to leave sooner than that. To significantly reduce employee turnover and retain top talent in your business, here are some of the most successful retention strategies to try. Create a Positive Work Culture The foundation of employee retention is undoubtedly a positive work environment. This encompasses not just the physical space but also the culture, the values, and the way people interact within an organisation. A positive work environment is characterised by mutual respect, open communication, and a sense of belonging. You can create a positive work culture by: Encouraging Open Communication Create channels for open dialogue to ensure employees feel heard and valued. This could be through regular town halls, anonymous feedback systems, or open-door policies with management. Promoting Work-Life Balance Show understanding and flexibility towards employees’ needs outside of work. A recent report from the University of Melbourne found that 75% of employees under the age of 54 reported that they would leave a job that didn’t allow for flexibility. Flexible working hours, the option to work remotely, and mental health days are examples of practices that contribute to a supportive work environment. Recognising and Rewarding Contributions Make sure employees feel appreciated for their hard work and achievements. Recognition programs, whether through awards, bonuses, or simple shout-outs in team meetings, can boost morale and loyalty. Offer Competitive Benefits To attract and retain top talent, offering competitive benefits is key. However, competitive does not only refer to salary. While fair and attractive compensation is essential, today's employees look for benefits that enhance their quality of life and offer security for their future. Consider offering some of the below to increase talent retention: Tailored Benefits Packages Employees have diverse needs, and that’s why you should be tailoring your benefits packages to suit different life stages and priorities—from health insurance and superannuation to childcare support and education allowances. Professional Development Opportunities Investing in your employees’ growth not only benefits them, but it also benefits your organisation. Consider offering access to training, courses, certifications, and pathways for career progression within your company. Wellbeing Programs Employee wellbeing directly impacts productivity and satisfaction. Initiatives like fitness memberships, wellness apps, or even in-office health and wellness activities can make a significant difference to the productivity and longevity of your employees. Engage Employees in Meaningful Ways Engagement is the emotional commitment an employee has to their organisation and its goals. Engaged employees are not just there for the paycheck; they believe in what they are doing and are committed to the organisation's success. Engaging your workforce in meaningful ways involves: Empowering Employees Empowerment can boost your employees’ investment in their work and the company. Be sure to give them a sense of ownership and responsibility, encourage innovation, and allow them to bring their ideas to the table. Building a Strong Team Culture Team-building activities, social events, and collaborative projects can help strengthen bonds between employees, making them feel part of something bigger and fostering a sense of community within your organisation. Communicating a Clear Vision Sharing successes and challenges openly can help employees see the impact of their work, increasing their engagement and loyalty. It’s also important to ensure that every employee understands how their work contributes to the company’s objectives. Demonstrate Strong Leadership Leaders play a pivotal role in employee retention. Leaders who are approachable, empathetic, and supportive can inspire loyalty and dedication and can identify and address issues before they lead to dissatisfaction. Here’s how strong leadership plays a crucial role in talent retention: Inspiring Trust and Confidence Leaders who are transparent, ethical, and consistent in their actions inspire trust among their team members. When employees have confidence in their leaders, they’re more likely to feel secure and committed to the organisation. Providing Support and Development Exceptional leaders are committed to the growth and development of their employees. By offering mentorship, feedback, and opportunities for professional development, leaders can help employees advance in their careers without looking elsewhere. Creating a Vision and Purpose Strong leaders articulate a clear vision for the company. By aligning individual goals with the company’s purpose, leaders can foster a deep sense of belonging and dedication among employees. A Happy Employee is a Loyal Employee Now that you know how to keep employees happy, you can create a dynamic workplace that attracts and retains top talent. Remember, happy, engaged employees are more productive, creative, and less likely to leave for greener pastures. A successful retention strategy is an ongoing process. By actively listening to your employees, adapting your approach, and creating a truly positive work environment, you can turn your company into the ultimate dance partner, attracting and retaining top talent for the long haul. Let's not forget, a strong employer brand also goes a long way. Positive employee experiences translate into positive online reviews and word-of-mouth recommendations, making it easier to attract new talent in the future. WOW Recruitment is a recruitment agency that’s passionate about helping Australian businesses build successful teams. We offer a range of services, from talent acquisition to employer branding, to help you create a workplace environment where top talent thrives. Contact us today to find out more.

Bridging the Renewable Energy Talent Gap: Why Recruitment Partners Are Essential

By Daniel Tonkin • 12 Apr, 2024

Partnering with a specialised recruitment agency in Australia helps you unlock a multitude of benefits that put your renewable energy business front and centre.