To retain their employees, companies should implement the following best practices:
- Hire right to begin with.
- Engage in longer orientations with new employees.
- Live the values.
- Use creative rewards and recognition.
- Create annual personal growth plans for each employee.
- Consider non-compete agreements.
- Recruiter-proof your company.
- Make it easy for people to get their jobs done.
- Do corporate succession planning.
- Conduct exit interviews with employees who resign.
Retaining Key Employees
By focusing on key players who truly make or break your business, you can get the most leverage from your employee retention efforts. Retaining key employees requires a five-step process:
- Identify key employees and positions.
- Know what motivates your key employees on an individual level.
- Provide a deferred compensation plan.
- Monitor and manage key employee performance.
- Review key employees annually.
Using Benefits as an Employee Retention Tool
Employee benefits provide a powerful tool for attracting and retaining top-notch employees. To design a retention-oriented benefits program, use the following steps:
- Create a benefits mission statement.
- Identify your audience and their specific benefits wants and needs.
- Define a benefits budget that fits within the financial constraints of the company.
- Give employees as much control as possible over their benefits.
- Communicate the plan.
Creative Rewards and Recognition
- Reward people for specific behaviors/results.
- Make your rewards program simple and easy to understand.
- Get employees involved in designing and running the program.
- Make it fun!.