The tech industry has the highest turnover rate out of all other business sectors at 13.2%. If you work in tech, this might not surprise you at all. Still, it’s getting more and more difficult to retain top level employees at any business and within any industry. On average, employees switch jobs every 4 ½ years.
But creating a strategy to keep top talent is a must if you hope to maximize your company’s success. Employees are your company’s best asset. Building genuine personal connections with your employees can help them envision a long-term career path at your business.
Empty promises and meaningless employee resources aren’t enough for your most talented employees. By focusing on communication and Personal Connection®, you can create an authentic retention strategy that truly works. VP Legacies creates courses around the value of Personal Connection® in the workplace. With this ideal in mind, here’s our guide to retaining top level employees.
Interviewing and On-boarding to Retain Top Level Employees
Applying and interviewing can be an employee’s first impression of a company, so it’s important to get this stage right. The recruiting and application process allows you to show off your company culture. You can then find attributes in your candidates that are well-aligned with those of your company, making both the hiring and retention process easier.
A person’s resume is also a good opportunity to see if they often switch jobs and to ask them why. Maybe they’re looking for the perfect role and your company has that to offer them. But if they seem to be bouncing from one place to another, this may indicate that they don’t have a strong sense of loyalty or follow-through.
Another one of the first impressions of a company is its onboarding program. A positive onboarding experience will stick with an employee and give them a clue in to the kinds of professional development you have to offer.
Increasing Engagement Opportunities
Retaining these employees also means increasing engagement. When employees feel disengaged, the company may start to see them leaving in large numbers.
Employee engagement goes beyond the initial weeks of on-boarding. If you’re first starting with creating an engagement strategy, you can rely on the opinions of employees.
Gather information from your employees with a survey of intelligent questions. This will give you a pulse-check on their feelings and help you think about ways to improve workplace culture.
Anonymous surveys can be a great way to allow employees to be open and honest without fear of repercussions. Use the information in these surveys to create an engagement strategy that will work for both the company and employees.
Only 33 percent of new employees feel engaged. To beat this statistic, companies will need to have a strategic approach to engagement. This is an important stage in retaining top-level employees within their first year.
To keep up with engagement, it’s essential to check-in with employees beyond their initial onboarding. Pair your engagement plan with an internal communication strategy to guarantee success.
Once you’ve gained an employee’s loyalty and engagement, they will expect to be paid based on industry standards.
Related: 9 Ways to Reduce Employee Turnover
Fair and Competitive Compensation
With sites like Glassdoor, employees are more informed than ever about industry standards for pay. If you’re not meeting these and making competitive offers, employees will know.
Revenue-sharing can be key here, as you’re tying a part of the employee’s wages to the company’s performance. This can help align their productivity with the company’s revenue and profit. So the incentive to stay with the company as it grows is tied to their compensation.
Another important aspect of compensation is an employee’s benefits package. This also helps to entice top talent during the hiring stage. A competitive benefits package is second to salary but can help to make an employee feel valued.
But an important aspect to keep top of mind is that the benefits program should not be so general that it could be applied to any employee. Targeted benefits packages create a more effective strategy for improving engagement and retention because they show that upper-level management has taken the time to connect with employees as individuals.
The rewards you give to employees should also stretch beyond financial compensation. All employees want to feel valued in ways that are not just monetary.
Genuine Employee Recognition
Employees appreciate the recognition that feels genuine and tied to their hard work. Giving awards in front of a large company audience can go a long way by making a top-level employee feel appreciated.
You can increase engagement by having department or company parties, along with other special events. Lunches with executives, free clothing with the company logo, and volunteer outings are all great options. All these efforts build good employee morale and provide a chance for them to connect with other top employees.
To remain competitive with hiring and retention, flexible schedules and paid time off will be considered.
Flexible Schedules and Generous Time Off
Today’s workforce wants flexibility in their schedules that allow them to be remote. When employees can work from home, you’re showing them that you’re willing to adapt to their home life and help them maintain a healthy work-life balance. Flexible hours and having the option to work from home (at least occasionally) keep employees happier and more productive. That’s because employees tend to be highly productive for 3 hours in an 8 hour day. Flexible schedules can allow them to take breaks when they need to, creating efficiency when they’re actually working.
It’s also important to set work from home expectations and a clear policy ahead of time so that there’s no ambiguity. An employee will want to be set up for success while having a flexible schedule so that they can continue to enjoy this perk.
Employees also want generous time off for both vacation and sick days. Having breaks from work can be beneficial to an employee’s productivity and the relationship with their company.
It’s unreasonable to expect employees to keep operating at 100 percent efficiency without having time off to relax. Having breaks and relaxation time is important even on a day-to-day basis. Pacing work can be key to keeping employees efficient so they don’t easily burn out and become resentful.
No matter your work-from-home and vacation policy, it’s important to communicate clearly. You’ll run into fewer issues with your top level employees if you set guidelines in a way that’s easy to understand.
Invest in a Professional Development Program
After you’ve hired top talent, you know they’ll be great at what they do. But it’s important to allow them to keep growing and enhancing their skills.
You can devote some of your resources to providing ongoing training, whether they are short eLearning modules, longer lectures and media courses, or a combination of all of the above. Companies have a great opportunity to provide online courses to their employees. This can help them improve their skills.
A mentorship program also helps employees grow. This can create a new pool of potential leaders by pairing more senior employees with newer ones. This type of training program can be a cost-effective strategy for building a positive company culture.
Once employees have loyalty for their company and a desire to build on their skills, they should also be allowed to grow from within.
If you continue to hire outside talent, the best employees will receive the message that their career path will be short-lived. Create paths to promotion and employees will want to stay put.
Employees Remember How You Make Them Feel
Beyond having opportunities to advance, employees want to feel seen and respected. Indeed, people will always remember how you made them feel. Focusing on employee happiness creates an intangible sense of company loyalty within employees.
Having solid support systems from the highest level will allow managers to be respectful and help to grow a positive workspace. The managers will then take the support they’re given and help to support their contributors. Remember that an overworked and stressed employee will likely feel demoralized and disconnected from your team.
Also, if you want employees to be self-sufficient and productive, even while working from home, you want to show that you trust them to do so.
Giving employees new responsibilities shows that you value their abilities and know they are hard workers. It will also encourage them to continue to grow.
Retaining Top Level Employees Will Help Your Company Succeed
It’s important to keep in mind that all this effort will go both ways. When you show employees respect, they will feel more enthusiastic about staying at your company. If you continue to create opportunities for advancement and give employees fair pay, they’ll remain engaged.
About 1200 CEOs left their jobs in 2019. To avoid your top talent leaving, it’s important to take the time to invest in the right strategies that will keep employees engaged and invested in your company. That means creating a strong recruitment plan that clearly shows your company’s identity and providing plenty of opportunities for employee feedback, recognition, and learning every year. Get started with VP Legacies to build an effective employee branding strategy. We’ll help you develop an actionable plan that reaches current and prospective employees on an emotional level.Connect with us to find ways to improve relationships at your company and retain top level employees.