Most business owners have been there! A key employee whom you thought was happy in the job resigns (for whatever reason) and you’re left with a gap in your organisation which is going to be tough to replace. Losing this key employee can also expose your business to certain risks which is why it’s so important to have a strategy in place to reduce this risk.
It sounds sensible, yet many employers don’t take employee retention seriously enough. So, to help you to get started, the team at HCHR has come up with some easy-to-follow guidelines designed to make your employees feel valued within your organisation – after all, they are your most important asset.
Guide to Retaining Key Employees
If you integrate this strategy into your employee recruitment and performance management strategy, you’ll find retention is no longer the headache it used to be:
- Recruit in haste, repent in misery. You should never take on a new employee just because you’re desperate to fill the post. This could easily result in the wrong person in the wrong role. You’d be better of employing temporary staff and ensuring you’re recruitment and assessment/interviewing process Is robust and well planned. If you don’t have a dedicated HR department with a recruitment specialist, the most cost-effective option is to use the services of an outsourced HR company like HCHR. This generally costs less than a recruitment agency and they will have the expertise and experience to sift out the best candidates for the role.
- Test the competencies of your current employees, especially those who are looking to climb up the career ladder within the business or those who have worked for you for a good few years. Ensure they have the skills to do the job they have been employed to do as roles can change and move on, particularly if any type of technology is involved. Be encouraging when carrying out these tests, making sure that the employees understand that it is for their benefit and if necessary they can undergo training to bring them up to scratch.
- Review the behaviours of your key employees and make sure that what motivated them when they joined still motivates them today. Are they encouraging of younger staff members? Are they team players, or do they prefer to work in isolation? Again, if additional training is required, offer this as a tool to further motivate your prized personnel.
- Ensure your rates of pay are competitive. You’ll probably find that the main reason that most people change jobs is for more money! This is particularly important if you’ve invested time and effort in the recruitment process. Not only do you want them to accept the job on offer, but you want to make sure they stay with you for a good number of years. Again, an experienced HR company can help you to benchmark similar jobs and advise on appropriate salary bands.
- Recognise your employees’ contribution to your business; open and honest communication with your staff will make them feel more involved and appreciated. It’s very easy to say thank you to employees who go the extra mile and to recognise that they consistently do a good job. You can also give them a voice by carrying out performance reviews which can also help to identify opportunities for development.
- Understand why a member of staff is leaving your organisation. By conducting an exit interview will not only give you a clear picture of why the employee is leaving but will also help you to identify and address any problems within your business. You can then address
what problems to address, and taking action on them, will eventually reduce turnover.
A Final Word of Advice from HCHR
At HCHR, we advise clients to use a strategic approach when it comes to aligning employees with their business goals and objectives. We can help by:
- Identifying the best behaviors for engagement.
- Weighing the gaps between talent capabilities and business goals
- Addressing your selection and staffing process and the compensation and incentives paid.
In short, we can help you to put strategies in place to help you to retain your key employees and reduce staff turnover. Call us today on the number below for a free, half hour consultation: