As we move into 2023, companies have plenty of time to identify issues and implement changes to ensure the year ends better than before. Part of that includes honing in on issues that impact employees and their desire to stay with the company, also known as employee retention.
Employee retention is defined as a company’s ability to reduce the number of people that leave the company, whether voluntarily or involuntarily. Improving employee retention allows a company to produce a more stable and productive workforce. Companies can then pour into their employees through training and other resources that will, in turn, benefit the company.
Another benefit to improving employee retention is that companies get to keep their top, high-achieving talent. This assists a business with attracting new talent and places a company in a better position than its competitors.
However, it begs the question, how exactly does a company identify these high-achieving employees and what can a company do to keep them?
Look Out for Exceptional Workers
You can do several things to identify which of your workers will be your key employees. These are employees that play a large part in the success of your company. They will likely hold special skills or expertise that are hard to find. This may come in the form of certifications, degrees, or licenses. Here’s how you can identify these workers:
Exceptional Work Ethic – A key employee will go above and beyond what is expected from them.
Strategy Development – This worker is always looking for ways to improve operations or workflow, without being asked to perform this task.
Performance Outcome – You may notice that when this employee is absent, it impacts results. Their presence at work encourages productivity and high performance.
Established Relationships – This employee may have special relationships with certain partners, clients, or vendors. Without this employee, those relationships would weaken and possibly impact results.
Infectious Personality – Sometimes a key player is identified by their personality. Other employees may be drawn to the key employee because of their friendly disposition. Or maybe they show a certain drive and enthusiasm that inspires others around them to work hard.
Keeping Up With The Best
Once you identify which of your employees are considered key employees, you then have to determine how you can retain those employees. This is another factor in maintaining and improving the success of your business. Here are some ways you can retain top talent:
Communicate Openly – You want your key employees to feel as if they can come and speak with you about issues concerning work, or even their personal lives. Employees tend to be happier in environments where they can comfortably speak up.
Competitive Salary – Another key to keeping an employee happy is by determining whether their salary matches the work that they do. It’s a good idea to take a look at what other companies are paying people in similar positions. Employees want to feel as if they are making a fair salary. Pay is a big reason why some employees leave one company for another.
Growth Opportunities – Employers should consider providing their workers with opportunities to grow within their careers. You can do this by offering learning and development resources. Employees like knowing that their company wants them to improve their skills and become better at their craft.
Desirable Benefits – Take a moment to ask some of your key employees, which benefits they like that the company provides. Also, ask them about benefits they might want to be added to the company. This could provide another incentive for key employees to remain at their current company.
Show Respect – One study found that many employees listed a lack of respect as a reason for leaving their company. This may seem like common sense but it’s an important factor in improving retention rates within a company.
Work Culture – Making improvements to a company’s culture or environment could mean strengthening trust and transparency. Leaders should let their workers know what’s going on with a company to establish trust and better the company’s culture. It makes your employees feel like everyone within the company is on the same page.
Give Praise – Take time to recognize key employees for their hard work and dedication to the company. A small ‘thank you’ made in person or through an email can mean a lot to a worker that recognizes that their efforts are benefiting the company. You can also show appreciation through a bonus, public recognition, prizes, and many other fun ways.
We’ve Got What You’re Looking For
Alltrust Insurance can help you offer your executive team better benefits and compensation. These are two incentives that can help you retain top talent within your organization.
We have an experienced team of HR professionals that uses their knowledge to help elevate your company. We’ll walk you through the process of creating a tailored solution for your business. Our goal is to ensure your company can improve its growth and profitability by selecting and retaining top talent.
An Alltrust benefits plan might include:
- High-limit executive life insurance
- Charitable planning solutions
- Executive bonus and retention plans (click here to see a complete list)
Alltrust: Your Choice for HR Benefits
When you work with Alltrust, you make a step toward placing your company in the best position for improvement and success. We take time to understand your company and its needs.
As one of Florida’s leading employee benefits and HR consulting firms, you can be sure that our team members want to help your business with comprehensive employee benefits. We represent every major medical provider in Florida. Our history and relationships will help you obtain the best solutions for your company. Please contact us to get started.