What are employee and top talent retention?
Employee retention refers to a company’s ability to keep its top employees. When successful strategies are put in place, the turnover rate (number of employees leaving the company voluntarily) is low.
However, it’s not easy to retain top talent. To keep them on your team, it’s important to have an employee retention plan or strategy that can help reduce employee turnover. By using these employee retention techniques, an organization can retain its best employees and reduce the employee turnover rate.
Five main drivers of employee retention are:
- Motivation – encourage employees to do their job well.
- Progression – a guided career path.
- People – working with a supportive team.
- Compassion – providing a healthy work-life balance.
- Benefits – salary and extras.
Consider these five drivers when developing employee retention ideas. They are effective methods for retaining great employees.
It’s a shock to a company to lose skilled talent, especially since this pattern is something that occurs repeatedly. It could indicate that something is going wrong. It may be an issue that is easily fixed, such as poor communication on the intranet platform, to something more serious like poor management strategies.
What is a good retention strategy that is going to produce results?
They should be simple and manageable. The results should be measurable (e.g., a reduction in recruitment costs, fewer employees leaving, staff surveys on the intranet, through social media or face-to-face interviews).
Top 10 Employee Retention Strategies for your Business
Listed below are the top 10 employee retention strategies for your business, along with strategies you can use to implement them.