Tag Archive for: Retention Management

If you want your business to grow and compete with the bigger names in your industry, then it is vital that you are able to keep hold of your top performers. It can be frustrating when you have talented, hard-working, and passionate staff but lose them to another company as this can have such an enormous impact on many areas of the company. It is hard to retain your top performers particularly if you cannot match the wages that they could command elsewhere, but there are a few effective strategies to try which can encourage staff loyalty – here are a few ideas:

Create An Enjoyable Working Environment

Although it is a major influencer, money is not everything when it comes to working. People spend so much of their time at work, which means that this needs to be somewhere that they feel happy and content. You can do this by creating an enjoyable working environment in the office so that people enjoy working together and come to work each morning feeling happy and content.

Provide Progression Opportunities

The top performers are also the ones that are the most driven, so you need to make sure that you are providing them space to grow and progress within the company. Otherwise, they could have their head turned when they have gone as far as they can within the business. Look to promote from within and offer higher salaries to keep hold of your top performers.

Work Perks

You might not be able to match the wages that the command elsewhere but you can offer a range of benefits to staying with your company. This might include flexible working, employee discounts, benefits, gym membership, and various other perks.

Employee Awards

Nobody wants to stay in a job where they do not feel valued, especially if they are a top performer. It is for this reason why you must recognize and celebrate their hard work, and one excellent way to do this is with employee awards ceremonies. You can have engraved/glass awards produced and hand these out in a fun social event which can recognize hard work as well as bring the team closer together.

Challenge Them

Those that perform best in the workplace are the ones that are smart, driven, and ambitious. This means that you need to keep them challenged so that they do not get bored with their role. In addition to progression opportunities, you can also do this with new projects, setting them targets, giving them under-performers to mentor and any new task to keep them engaged. In addition to keeping them motivated and interested, this can lighten your own workload and help the company to succeed.

Keeping hold of your top performers is something that most business owners have to worry about particular if they are a smaller company that cannot offer huge salaries. Although it is hard to compete with larger salaries, there are strategies that you can use to retain your top performers with the above being a few of the more effective methods to try.