Employers must do all they can to retain top talent and attract great people.
There’s been a lot of talk about strategies for keeping employees around. Making their work more financially lucrative by giving them more money and better benefits is one obvious solution. But it’s only one part of a bigger picture: although some people are motivated purely by money, most people seek something more from their jobs. And unless a company succeeds in meeting those “something more” expectations, it will have a hard time with retention.
As organizations struggle to deal with the Great Resignation, the thirst for business growth has led some of them to engage in talent poaching and to offer massive incentives for employees to leave their current employers. Those employers must be doing something right if their competition sees value in their workers, but now they need to step up their game to keep those good employees around. Retaining top-performing staff is certainly a much better business strategy than trying to convince them to come back after they’ve left: not only does it keep top talent on board, but it also saves the time and money involved in backfilling roles. Fortunately, there are some tried-and-true strategies companies can use to help cultivate and retain a thriving workforce.
No single strategy can guarantee that employees will choose to stay longer with the organization. But combining modern leadership principles with focused drivers of retention will not only help reduce the turnover rate, but also increase the organization's productivity.