How to Retain your Best People as Unemployment Drops

Unemployment is nearing record lows as it recently dropped to 3.9%, providing further proof that the market for talent continues to become even more competitive. Organizations everywhere are struggling to identify and attain qualified candidates, but finding good people is proving to be only half the challenge.  In order to build and sustain a strong workforce in today’s competitive landscape, talent retention is likely just as big of an issue.

If you want to avoid struggling to find new talent, here are three keys to retaining your organization’s current top performers:

1) Give your employees honest and frequent feedback

Communication is essential in developing strong relationships with employees. When people feel like they can approach leadership, they are more likely to stay motivated and engaged. By providing consistent feedback, employees feel acknowledged, know what areas they are excelling in, and have a better understanding of what they can do to improve.  Not only does this increase productivity, it can also boost morale and trust within an organization.

2) Be transparent about opportunities for growth

The most talented employees usually strive to advance in their organizations. Often advancement opportunities into different roles may not be available in the foreseeable future.  If this is the case in your organization, it’s important to provide different growth opportunities. This keeps motivated employees incentivized to continue developing and preparing themselves for opportunities within the company as opposed to looking elsewhere. In today’s employment landscape, it doesn’t take long for the best employees to be picked off by competitors with flashy offers.  So, in order to properly prepare your top performers for growth within your company, the skills and competencies needed to be successful in that next role need to be made clear. This gives employees direction on which specific areas to make improvements and ultimately expedites the preparation process.

3) Give them what they need to be successful

While coaches, mentors, and simply working on-the-job all contribute to employee learning, that may not always be enough. When an employee needs training in a specific subject, sometimes an eLearning course or workshop is the best option. Giving employees additional developmental tools encourages them to spend time investing in themselves and their future, which is a vital investment for any organization.

While retaining top talent may be a priority for many organizations today, consistently executing on all the practices needed to do so can be challenging. Sometimes you just need the right tools for the job. If your organization is looking for new and better ways to attract and retain top talent, contact us.  We can help.

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