As a business leader, you understand the importance of adding talented professionals to your team. Your employees are a direct reflection of your business and play a huge role in shaping the culture of your business. There’s no better feeling than finding the perfect candidate to fill your job opening; the hard part is determining how to attract and retain top talent.
While there’s no magic formula for attracting and retaining the best employees, a large portion of retention does revolve around company culture. Here are some tips to keep in mind when developing or improving your retention strategy:
Keep culture in mind: The culture of your business has a huge impact on employee job satisfaction and productivity. When hiring an employee, assess their skillset and experience but don’t forget to look at how their personality will add to the business culture. Look for employees who will mesh well with the team and the overall culture of the business.
- Focus on the mission and purpose: Today’s employees, especially younger generations, need to know the purpose behind their work — the “why” behind what they’re doing — and they need to believe in the mission of the company. They want to know their work matters and is making a difference. This has to come from the top down. Business leaders must live the mission and be consistent. At BIC Alliance, our mission is “to connect others for the betterment of all.” This mission permeates all of our businesses. We know we are making a difference in the lives of others.
- Encourage and promote personal development: You don’t need to dedicate a huge budget to this. There are a lot of great, free webinars and networking events. Lunch-and-learns are a great idea as well, and they have the added benefit of team building. The important thing is to encourage your employees to continue advancing themselves professionally by offering time to attend webinars, conferences or online courses.
- If retention is a challenge for your business, consider this statistic: 78 percent of employees would stay longer at a company if they saw a career path within the organization. High-achieving, ambitious candidates are attracted to employers who can demonstrate a proven track record of development and career advancement for those who perform well. Sharing examples of employees who’ve been promoted and have taken advantage of professional development opportunities can really help to attract top talent.
- Focus on your team: Promote team-building activities that encourage employees to communicate, work through problems and get to know each other outside of the office. Team building increases morale and creates a sense of unity. Don’t think of team building as being limited to specific activities; it should be ingrained in all aspects of the company culture. Look at things such as where employees sit, how meetings are structured and how you interact with your customers. All of these things can help build a strong culture of teamwork that improves employee performance and retention. Research has shown that friendship at work increase employee engagement and helps to retain the best personnel.
- Give employees the option of flexibility: Businesses with an inflexible work schedule tend to have lower employee retention. Look for ways you can build flexibility into the day for your employees, whether it’s adjusting work hours to accommodate children’s school schedules, offering the option to work from home some days, or just being less rigid about arrival and departure times. Doing this will alleviate stress for employees and, along with open communication and trust, help build a strong company culture and increase employee job satisfaction.
Top talent is hard to attract and even harder to retain. The most important thing to remember as you recruit for your next role is to make sure you are bringing in employees who will build on your company culture, share your sense of purpose, and believe in your mission and values.