Retaining top talent is a primary motivation for employers right now as the job market continues to improve and employees look to better their circumstances.
According to a June 2017 study published by the Society for Human Resource Management, employers should launch pre-emptive efforts to keep their best staff rather than risk them jumping ship in a bullish employment market.
How can this be done? The study suggests employers take over a dozen strategic measures to ensure a productive work environment thereby reducing the frequency of employee turnover.
Chief among these include paying a competitive salary, link a bonus culture to both individual and company performance and to celebrate the successes whilst also learning from failure.
Here are a few other measures the study suggests:
Involve employees in decisions that affect their jobs provides empowerment and a greater sense of being valued
Nurture and celebrate organisation traditions to help build a company culture staff want to be a part of
Provide opportunities within the company for cross-training and career progression will help keep employees motivated and willing to learn and succeed
Enable employees to balance work and life demonstrates awareness of obligations beyond work
Not surprisingly good communication underpins all of the above and makes employees feel like they are part of the in-crowd.
With Australia’s unemployment rate at a low since October 2016 and some 14,000 jobs added to the economy over this time, employers ought to take stock of their practices to retain their best talent.
