How to retain top performers

How to retain top performers

 26 Mar 2018

 

After the recession, employers had their choice of candidates and could afford to offer lower salaries while still retaining staff. However, there has been quite a dramatic switch in a relatively short space of time and it is now very much a candidate market, especially in certain industries. This means that employers need to focus more on finding ways to keep their employees happy, in order to ensure they retain top talent within the business. If you offer good benefits and incentives to your staff and treat them well, they won’t want to look elsewhere. It is worth doing this as it can costs thousands of pounds to recruit and train new staff. These are some methods you can use to help retain your top performing employees.

 

Competitive Salary

It may seem tempting to offer low salaries to keep your wage bill down, but this will end up costing more in the long run when you need to replace staff. It is important to offer staff a competitive salary and by doing so, they will be much less likely to leave and join a competitor. In order to ensure you are competitive, you should conduct some research into what your competitors are offering for the same type of roles and do this on a regular basis. It is no surprise that one of the most common reasons for leaving a job is the salary, so don’t make the mistake of paying lower than your competitors or your top performers won’t stick around for long.

Career Progression

Although the salary is an important consideration, you will also find that career progression is just as significant. The top performers in any organisation will want to develop their career and this should be an attribute you are looking for in your employees. Talent mapping can be a good way to find out where your current employees can potentially move within the organisation and where your recruitment gaps are. It costs more to recruit and train new staff, so it is worthwhile investing in talent mapping in order to retain your top performers.

 

Open Communication

Employees like to feel valued within the organisation and this doesn’t mean that you have to praise them every time they do a good job, but more importantly, that you allow them to voice their concerns. You should also let staff know about any changes in the business which may affect them, as soon as you know, as otherwise they will feel insecure about their position in the organisation. Insecurity can then lead to staff leaving the business and it is avoidable by treating them with respect.

 

Employee Perks

An increasing number of organisations are incorporating employee perks into their business and this can not only improve retention levels, it can also increase motivation and productivity. Employee perks don’t need to be expensive, they could include allowing staff to work from home occasionally, offering free coffees once a week or allowing a dress down day. These are all ways to show that you value your staff and you don’t just view them as a number.

Bonuses

If employees are working hard and meeting targets, it makes sense to offer them bonuses for their efforts. Many companies have some kind of bonus structure in place and this can really help improve motivation and retention levels.

 

Interested in recruiting the best people for your manufacturing company? Please arrange a 15 minute business ignition call with us today

 

 

Helping Manufacturing Leaders across the UK to attract the best talent for their manufacturing business

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