News

How to Retain Staff, When Your Top Talent Quits

  • June 20, 2022
How to Retain Staff, When Your Top Talent Quits

Retaining the best staff is much harder than finding them in the first place and key employee retention is crucial for a business. But, sometimes due to changes in the top management or when leaders of the organisation retire or quit the firm, the staff tend to follow suit. There can be a changing on the guard. And guess what? Rival firms are in a war with you to get their hands on your best performers. So, how do you retain your staff when ‘rockstar employee’ poaching by your competitors has begun?

Here are a few tips to retain your best people:

Communicate With Everyone
Have a positive interaction with your team. Sometimes, in order to counter the benefits offered by the competitor, offering financial incentives will do the trick. In other cases, the staff might be of the mind to quit due to conflicts with their co-workers. Don’t let a bad apple ruin the party. Identify issues and tackle them early. Open communication can resolve any such issues and create a satisfactory work environment.

Praise and Recognition
Do not just focus on the top few employees in the hierarchy. Work with the HR team to identify the key players in all the departments. If proper praise and recognition for an employee is long overdue, here is your chance to set it right. Giving employees the opportunity to voice their own opinions will reassure them that their voices are being listened to, and that you recognise they are an important part of your team.

Provide Development Opportunities
Constant training by a competent mentor and regular training programs conducted for the development of the employee play a huge role in the success of your business. A clear roadmap to their future designation and advancement opportunities in the company can motivate the staff more than other incentives.

Diversify Their Talent
Engage your employees in more than one department. Making them learn the core aspects of your business makes their jobs more challenging. By learning the ropes of the trade, employees get a true sense of belongingness. Another way to ensure that your staff sticks around for a long time is to offer them a chance to continue their education. This way, you can demonstrate your loyalty and commitment towards your employees.

Improve Company Culture
Personal life tends to take a back seat when things are heated up on the work front. Things like flexible schedules or a work-from-home option at least once a week can brighten the atmosphere in the office. Casual Fridays, spontaneous fun activities to showcase or improve the hobbies of the employees foster a positive company culture.

Most business owners and CEOs attribute their success to a strong team of employees. Losing even one key player can be devastating to the morale of the team. It could start a domino effect for the rest and you’ll be left to start the whole process of finding new talent yet again. Moreover, excruciating amounts of energy would be spent on hiring new employees, training them and bringing them up to speed. Needless to say, more money has to be invested. To avoid all that, be proactive and retain your staff. The tips mentioned here are very straightforward and can guide you in retaining the talented team you’ve put together and trained over the years.

 

REFRESHINGLY DIFFERENT   |    RECRUITMENT IN REAL ESTATE