In a competitive economy where businesses compete mainly on innovation and service delivery, retaining talents is crucial. A good employee retention rate can result in better productivity, improved quality of output and service, lower costs, and higher employee morale.
From a financial perspective, firms offering professional account services agree that talent recognition gives you a better chance of weathering storms such as COVID-19. It is an important contributor to the overall success of the organisation.
Here are a few ways you can achieve excellent talent retention rates and keep your best employees.
1. Start At Recruitment
Great retention starts at recruitment. From screening the applicants to the interview process and the on-boarding process. You should be clear about the candidates you pick, with the desired values, skills and personality that best fits your company. If you are not sure, here are a few questions to help you through:
- Has the candidate spent considerable time with previous employers or is she/he a job hopper?
- Can the candidate demonstrate values that resonate with your organisation’s?
- How have they handled working with teams?
The longer a talented employee is with your company, the more dedicated and productive they become. But you should also play your part for the long-term. Investing in your team ensures that your employees are engaged with their work, and feel as though they are a part of the company’s success.
2. Offer Opportunities for Professional Development & Continue Education
One great way to indicate to your employees that you care about their development and growth is promoting from within. For the team, in-house promotions can create a path to better earnings and increased responsibilities. Plus, they will feel more valued and be a part of the company’s success.
Promotions go hand-in-hand with talent development and education, which can help in talent retention and nurtures a learning culture. Create opportunities for staffers to enrol for certification, training and education options that are vital to their growth. Work with a firm that provides outsourced professional accounting services to help you explore the viability of sponsoring employees for further skills upgrade.
3. Communicate Often
Just like any other relationship, open and honest communication is key to its sustenance. Within the organisation’s hierarchy, create and encourage two-way communication. It fosters a sense of community and a shared purpose between each employee.
However, vertical communication can be easily complicated. Therefore, make the effort to have one-on-one conversations with your staffers. Creating opportunities, such as employee forums, can allow team members to work out issues without necessarily involving management.
4. Offering the Right Pay & Benefits
Competitive pay and the right employee benefits should be central to your talent retention strategy. Well-compensated staffers will feel much more valued and greatly appreciated in your company. Start by offering real-time recognition such as a thank you note for a job well done. The occasional monetary reward or a gift can also leave a bigger impact.
Nurturing a tradition in the company of recognising accomplishments can offer great performance with salary raises and bonuses. It is a great motivator to employees and is a significant contributor to talent retention. And to figure out the right amount, check your financials first. You can seek for outsourced accounting and bookkeeping services to ensure that you have all the financial information you need to reward your best talent. Not only that, but our accounting experts can help you plan, prepare and make the right monetary decisions when it comes to keeping your company’s best talents.
If you require any assistance on accounting services, feel free to drop us an email.