Retaining top performers is a serious issue for HR professionals. Right now, Facebook is at the top of the leaderboard, but its retention rate will hardly blow you away. Employees spend an average of 2.02 years at Facebook.
When you look at other retention statistics, such as the fact that around one-third of employees quit their jobs within the first six months, it’s easy to understand why so many HR professionals are stressed. It’s even more challenging for small companies trying to retain top employees in technology. Technology is a highly competitive field, and it’s all too common to lose your best employees to bigger, flashier companies who can offer larger compensation packages. Fortunately, there are some strategies you can employ for retaining top performers, even in a hyper-competitive environment.
Mentoring isn’t just necessary for ensuring your top talent excels in your organization. Mentors are a key aspect of keeping talent there for the long term. A study conducted by Deloitte determined that 68 percent of millennials who plan to remain with their employer for at least five years have a mentor.
Why is mentoring so important?
For starters, it increases self-confidence and helps employees learn how to take control of their careers. It also teaches employees how to speak up and improves their relationship skills.
In regards to employee retention, it gives employees insight into the company’s culture and how to be successful within that culture.
Empower Your Employees
It’s normal for employees to feel as if they’re on autopilot, doing the same things day in and day out.Sooner or later, they get bored and decide to seek work elsewhere.
To retain top performers, empower that talent to make decisions. Give your best employees their own projects, and don’t micromanage. Let them take ownership over what they do.
Then, when they do well, reward them. Do so immediately, and let the employees know exactly why they are being rewarded. Make sure the reward is personal, sincere, and positive.
Don’t give the reward privately, either. Make a public show of rewarding your employees, incentivizing others to step up their game.
Have Options for Upward Mobility
Who wants to work somewhere where they can’t move up? The ceiling for the tech industry is high, so there should always be a chance to ascend, take on more responsibly, and make more money. If there is no room for upward mobility, retaining top performers will be all but impossible.
Make sure your employees know about the opportunities available at your company. Give them something to work toward. That will allow you to get the most out of your top talent.
Encourage Work-Life Balance
Your corporate culture is critical to retention. When you hire an amazing employee, it’s normal to want to keep that employee working at all times. You might call the employee on the weekends to ask for some help with a project, and you might ask that person to stay late from time to time.
As tempting as it is, it’s important to break this bad habit It doesn’t matter if that employee says they don’t mind. They do, or they will eventually.
Create a corporate culture that encourages work-life balance. This is necessary if you’re going to keep your top employees. When employees feel like you respect them enough to want them to enjoy their homelife, they’ll be more apt to stay. This is one of the most important things you can do as a leader.
Once you manage to retain your best employees, you will create a solid team. At that point, you will jump over one of the hurdles that small businesses face. Employees truly make small businesses great, and if you can keep your best ones, your company will succeed. This will ultimately make it easier and easier for you to keep your top talent.
Learn more about how to get more out of your one-on-one time with staff and boost the factors that most influence retention. Download our guide to better communication through active listening: